Please note the following article is general advice only and may not reflect your current financial situation. Please refer to the Disclaimer on our website for more information – http://www.financialservicespartners.com.au/information/disclaimer
Christmas only comes once a year but when it does our bank accounts certainly feel the wrath of the season. With many of us using our credit cards for our gift purchases, wining & dining we all too soon feel the New Year sting with the silly season bill. So how do we go from serious spending to serious saving?
Here are our top 10 tips:
1. Have a goal – Without an end goal you will always get lost. For best results set an achievable savings goal and a date in which you would like to reach it.
2. Pay off the plastic – Be sure to pay off the credit card before the interest rate kicks in. You only want to pay back what you actually spent.
3. Give it up – Consider giving up an expensive habit like smoking, the extra glass of wine with dinner every night or the morning coffee at your favourite café. If we take smoking as an example and we assume you smoke a pack of cigarettes a week at $17 a pack but you made your New Year’s Resolution to quit, you would be saving yourself approximately $816 per annum. That is worth thinking about!
4. Write a grocery list – Do you ever go to your local supermarket with the intention of buying bread and milk and walk away $60 poorer? This may be because you didn’t have a written grocery list. Write your shopping list and then commit to walking out of the store only with what is on the list.
5. Fill up midweek – With the cost of petrol on the up and up this is one place you can save a little money. From observation, it would seem the cheapest fuel prices are in the middle of the week so try and get in the habit of fuelling up on a Wednesday or Thursday.
6. Cheap Tuesdays – Everyone loves cheap Tuesday because we can nab a bargain! If you love a night of take away pizza and a movie rental then why not splurge on a Tuesday?! You are allowing yourself a treat and your wallet will thank you for it!
7. Pack lunch – You would be surprised just how much you can save by not buying the $7 deli sandwich or getting takeout each day. All it takes is for you to set your alarm a little earlier in the morning or go to bed a little later so you can prepare your packed lunch. Maybe a new lunch bag is on your Christmas wish list?!
8. Don’t eat out, eat in – Why not invite your friends over for a casual dinner party instead of going out and then hope the favour is returned!
9. Shop online – Shopping online has a lot of benefits, including the ability to compare prices, ease of access and you can also find some great bargains. You may be less inclined to make some impulse purchases!
1o. Befriend Ebay and Gumtree – Every Christmas we all get one present that has us scratching our heads as to why someone would choose that gift for you. Instead of throwing it out with the wrapping paper it came in why not sell it online? After all, one man’s trash is another mans’ treasure.
If you would like to discuss how you can start to become a serious saver and work towards a financial goal, then speak to one of our Financial Advisers, we would love to hear from you!