Where does your money go every week? Spending has become so easy most of us don’t even realise how often or on what we spend our money. While spending small amounts may not appear to have much bearing over time, it can end up costing you more than you realise. Paying more attention to your spending and making small changes here and there can make so much difference. Here are five everyday tips to help you save more.
Tip 1: Make your first cup of coffee at home
A coffee can cost between $3 and $5 a cup, so the cost of getting your morning caffeine hit can add up extremely quickly. By simply giving yourself an extra 10 minutes in the morning to enjoy your coffee at home, you’ll stand to save around $100 every month. That’s $1200 per year in just coffee!
Tip 2: Check your bank statements
Unfortunately, many people don’t keep track of their spending or check their bank statements each month. It’s easy to assume your bank is looking after your money properly, but there’s a small chance that you could be being charged in error by companies who are known to tack on excess or unknown fees. For example, did you realise that Uber tacks on an minor service fee on top of your travel cost? Also, lookout for bank fees and charges from services (such as that gym membership) you thought you’d cancelled. Another reason to check your statements is to see where your money is going. You might not even realise how much money you spend on those little day-to-day things and seeing them listed can be a real eye opener.
Tip 3: Track your spending with a budgeting app
With a multitude of great budgeting apps available to download on your smartphone, you can manage and track your spending with ease. Most apps will allow you to connect all of your bank accounts so you can see exactly where your money is going, giving you an accurate reading of your financial status and helping you understand your day-to-day and long-term spending habits.
Tip 4: Hit the ATM
Don’t credit and debit cards make spending so much easier? In fact, in some cases it’s even easier to spend, especially when you don’t even need a card in order to make purchases – because in many places you can now spend money by simply scanning your phone! This is where budgeting and using cash will save you. To avoid excess spending, hit the ATM at the start of the week and withdraw the amount you’ll need, adding a small buffer for emergencies. Carrying cash will force you to spend your money more wisely – when the cash ends, so does your spending.
Tip 5: Plan before you shop
Before you do the weekly shop, plan ahead by writing a list of exactly what you’ll need to buy. To grab the best deals, before you shop, look through catalogues to find out whether supermarkets are running specials on the groceries you need. It also pays to do your research and know which groceries and supermarkets carry particular items at a cheaper cost – a little more running round will be worth the cash you save in the long run. Finally, be sure to have a snack before you shop – there’s nothing like shopping on an empty stomach to encourage excess spending.
What tricks do you use to help save you money?