Speculate to accumulate

As strange as it sounds, sometimes you have to spend a dollar to save two. We suggest five ways where an initial outlay can save you in the longer term.

Change your light bulbs

LED bulbs are more expensive than traditional fluorescent or halogen bulbs, however, when you add up the cumulative savings, you may be surprised just how much better off you could be. You can compare the cost of LED bulbs with more traditional options using this handy calculator at Spectrumlighting.com.au

Get your luggage right

If you travel frequently, ensuring you have the right size luggage can save you a fortune in excess baggage fees. While the initial outlay for a new suitcase may seem an unaffordable extra when booking a trip, getting it right can pay dividends.

Grow your own

Although the initial outlay of starting a veggie garden can be quite expensive, growing your own will not only save you in the long run, it will also mean you know from where exactly your food has come. Choosing the right plants to grow for your garden size and climate conditions will be key to your success, so choose wisely. For some ideas on how to get started, visit Homelife.com.au.

Clip those coupons

Although Australia hasn’t quite caught the couponing bug in the way America has, keeping notes of specials, downloading and printing coupons and planning your shopping trips are some of the best ways to save money. So while those catalogues may be junk mail to some, they could be a real treasure trove for you.

Membership pays

Open your purse or wallet and you’re sure to have several loyalty and membership cards. While most are free, it may be worth paying to become a member of certain programs. If you eat regularly at a particular chain of restaurants, or go regularly to the movies and attractions, becoming a member for an annual fee can reap rewards. And when it comes to loyalty cards, rather than simply swiping when you spend, take time to look at the store websites, as there are often specials on offer for members. And don’t simply let your points rack up. Use the points to buys gifts at Christmas or save money on your larger shopping trips.

Do you have suggestions for when it pays to speculate to accumulate? 

Written by Debbie McTaggart