When it comes to giving your savings an extra boost, a few small changes can equal big savings. Here are some tips to help you save those extra dollars.
Have a 30-day rule
To avoid next-day regrets after an impulse buy or big purchase, have a 30-day waiting rule before you splash out. Write down the item you want to buy and put the details away. Often, after 30 days, the urge to purchase the item will have passed. This will help you to prioritise and align your spending with what you actually need.
Reduce your daily treats
Reducing or eliminating your daily coffee purchases, chocolates from a vending machine and takeaway lunch can add up to big savings. Instead of purchasing a coffee everyday, why not try to reduce it to only once or twice a week?
Write a shopping list and stick to it
One easy way to save on your grocery bill is to do a weekly meal plan and write out a shopping list before you hit the shops. This will eliminate any impulse buys and ensure meals are planned for the week ahead.
Visualise your saving goal
Put your saving goal into terms that you connect with and make a progress chart with meaningful milestones. For example, saving $1,000 could cover the cost of flights for next year’s holidays. Each time you add to your savings, track the progress on your chart.
Tip: Keep your savings chart in a place where you see it regularly as a daily reminder of your goal.
Take a different route to work
When it comes to getting to and from work, it’s easy to fall into autopilot and disregard the possibility of a cheaper transport alternative. Try walking or riding to work, or travel within one zone less if taking public transport. Over time, this could save you quite a lot of money, not to mention the additional health benefits.
Meet up for coffee or dessert
Next time you organise a catch up with your friends, try going for a coffee or a dessert date at your favorite hotspot instead of dinner. This cuts out the expense of a main course and a few glasses of wine, as you can have dinner at home beforehand.
Implementing one or two of the above tips could give your savings an extra boost. Once you are in a new savings routine, what you do with the money can be tricky. There are unlimited options when it comes to investing or spending your savings including savings accounts, paying off debts, term deposits, super, shares, managed funds, property, or a nice holiday… This is where you should seek the help of a qualified financial planner to ensure your savings are working as hard as you. A good financial planner will compare all your available options and forecast the long term benefits to give you extra motivation to maintain your savings.
So don’t delay, start saving today!