Money-Smarts for Bigger Savings

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Tips and Advice

Money-Smarts for Bigger Savings

Making small changes in your lifestyle can help boost your savings and manage your budget. Here are some money-smarts for bigger savings and better budget.

Save on Groceries

Try these useful tips on your next trip at the supermarket:

  • Make a list and stick with what’s written on it. This helps you stick to your budget and to avoid impulsive buying.
  • Don’t bring extra cash or cards and put your grocery money in an envelope instead, so you can only spend what you have.
  • Buy in bulk. It is best to do grocery shopping once every fortnight and use all the food in your pantry first before buying more.
  • Eat before you go to the supermarket. When you are not hungry, you tend to buy less food.
Save on Electricity and Water

Not only can you save money but you can also do your bit for the environment by following these tips:

Saving Electricity

  • Buy energy efficient appliances and light bulbs
  • Switch off your appliances, heater, air conditioner and lights in rooms not in use
  • Keep your blinds or curtains drawn at night to keep the heat in
  • Use a door snake under the door
  • Turn off the heater and put on jumper
  • Turn off your electrical appliances at the powerpoint
  • Turn on the washing machine and the dishwasher only when they are full

Saving Water

  • Have 2 minute showers
  • Use grey water from your washing machine or shower to water your plants
  • Install water efficient shower head
  • Wash clothes with cold water
Save Money With a Buddy

It would be wonderful to find a buddy who also wants to save money. You can share tips, enjoy cheap nights out and borrow from each other rather than buy new things. Having a friendly competition to see who saves the most money over a set time is also a great strategy for the two of you.

Save on Clothes and Other Items

Fashion may change every season but you don’t really need to buy new clothes all the time.

  • If you are buying clothes, check if you can wash them to avoid dry cleaning bills.
  • Make sure you buy clothes that go with at least two other things in your wardrobe so you can get a few different outfits out of one item.
  • Check op-shops and local markets for bargains.
  • Ask your neighbours, friends, or family if you can borrow tools or gardening equipments rather than buying them.
Save on Bank Fees

Some financial institutions offer basic bank accounts with

  • No account keeping fees
  • Free monthly statements
  • No minimum deposit amounts
  • No overdrawn fees
Break One Habit and Save

Making small changes can make a big difference to your bank balance. In fact, you could save more by changing one thing you do regularly. Some examples are:

  • Give up drinking coffee or cut down on alcohol. This will not only save you money but can have health benefits for you
  • Cancel your gym membership and walk to work instead
  • Make your lunch at home
  • Have people over for dinner rather than going out and ask everyone to bring a plate of food
  • Borrow books and DVDs from the library
  • Lock up your credit card for a month and only pay for things with cash
  • Set a limit for birthday and Christmas presents or give homemade gifts

Try one or two of these money-smarts and watch your savings grow!

**This post originally appeared on ASIC’s MoneySmart. To read more, kindly see Simple Ways to Save Money

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