It’s hard to know where your money goes to sometimes. At Christmas time it can be even harder!
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Here are some money tips and advice I tend to live by when it comes to saving and money:
1) I always like to know exactly where my money has gone. That’s why I only use my ATM card with every purchase I make. If I want to budget or look back I can check my statement and see exactly what I’ve spent my money on.
If you just have cash and coins lying around and you take out cash at the register or ATM machines that you don’t really need it tends to be spent on things you could do without.
2) Have a separate account to where your income goes into and make your everyday account transfer about $40 a week into it. Start with $40 but if you have fewer bills one month and less spending commitments make it $50 or $60. If you open a term deposit this could also go towards the term deposit. Having a term deposit is great because it gives you initiative to save and makes you not want to take money out because if you do there can be a high fee and this can discourage you.
3) When you have to buy presents for Christmas or friends or families birthdays check out sales around your area, there are usually toys, clothes, fashion, makeup, beauty bargains. These items are usually half price or more. So lets say you want to spend $100 on someone you can still buy things that retail at $100 but they could be on sale for $50.
I also find it much easier if I can to buy presents in advance and stock up.
This is great website to buy from, click here.
To find out if there is a sale near you (in Melbourne) visit here:
4) Do not buy big things that you can’t afford and put on credit cards or high interest payment plans.
This just causes you to be in debt and every month you will owe more and more. I’ve never had a credit card in my life and I intend never to have one.
5) Have a budget planner, I got one from Kmart and it’s helped me a lot.
I budget what I spend on food shopping, how much I need to spent for my child’s party, car essentials like a service and petrol. Or there are apps you can download and write all your expenses and bills etc.
6) Op shops, I love going op shopping. Sometimes I find brand new items for less than half the price. Sometimes shops donate to op shops especially the Salvation Army and Vinnies. I found a Fisher and Price brand new Giraffe activity centre for $15 and in the toy shops it was $100. That statement necklace you need could be there for a fraction of the price.
7) When saving for something big like a car, a deposit or furniture, I find it easier to make a separate stash of money and add to it rather than having it with your income. I either have it separate or if my term deposit is nearly over I add it to that and still watch it grow.
Try not to make impulsive buys, when I see something I like, I make a wish list in my phone. So I know I can go back to it and one day when it’s a special occasion or someone asks what to buy me I can refer to it.
8) I love buying summer things in winter and winter things in summer I put them away for the next season. It doesn’t bother me if they are last season’s stock or fashion because usually the same sort of fashion comes out again and again. Provided you choose looks that will be around for more than one season.
9) I love having an offset account if you have a home loan mortgage an offset account can save you a lot on interest. And if you need to use the money sitting in your offset account for an emergency you won’t have to pay fees or anything.
I hope these tips help you out. Feel free to share them with your children and family. Happy saving!
Do you have any other tips to add to the list? Please share in the comments below.