We would all like to save money, but it’s not as easy as you’d think. With shopping at our fingertips, subscription services coming out of our ears and house prices rising, it’s harder and harder trying to save money. Here are seven ways you can increase your savings, long-term.
Pay Yourself First
When you get paid, whether it be weekly, fortnightly or monthly, put a portion of your paycheck into your savings. It doesn’t matter if it’s $1,000 or $100, just as long as you put something aside. Putting yourself in the habit of setting aside a bit of money each time you get paid is a great way to train yourself into saving. You can even talk to your bank, and organise an automatic transfer every time you get paid. That way, you can sit back and let your account rack up coins. Leonie Fitzgerald from Wealthology shares her wisdom for saving money. "George S. Clason, author of Richest Man of Babylon says it best:
1. Save - (10% at least)
2. Control your spending - ‘necessary expenses’ will always grow to equal our income unless we protest to the contrary. Confuse not the necessary expenses with your desires." Find out more about Wealthology by following them on Facebook.
Invest In Quality Furniture
If you live out of home, it’s a struggle to keep on top of your rent, bills, groceries and general living expenses. However, if you live off cheap and nasty furniture, you may spend less money upfront, but you’re going to spend more in the long term, as you’ll have to replace your furniture every few years. Find quality sofas at MyDeal, and enjoy a comfortable and stylish piece of furniture that won’t collapse on you when you sit. Sure, it may cost a little more, but in the long run, you’ll save a tonne.
Freeze Your Herbs
Veronica McDermott from Words My Way offers her number one tip for saving. “While it might seem like a small save, my favourite tip for saving money will save you hundreds throughout a year. While it is always preferable to grow your own herbs, if you don’t have any green thumbs, there is another solution...FREEZE your herbs! If you're sick of seeing (or smelling!) slimy-stemmed herbs sitting on your counter, just days after you paid three bucks (or more!) for them, freeze them while they are fresh. The process is simple - chop or cut and spread some herbs into the bottom of an ice cube tray. Next, pour olive or vegetable oil into each of the compartments. Cover the tray with alfoil or GladWrap and pop it into the freezer. Once frozen, transfer the cubes into a ziplock bag and store for up to two weeks. Next time you need herbs but your plant is not looking so fresh, head to your freezer and pop a couple of herb cubes into your pan. They are perfect for soups, stews and pan sauces.” Find out more about Words My Way by following them on Facebook and Instagram.
Expert Tips For Millennials
Robert Snell from Life Values offers his expert tips for millennials. “1. Start saving today – don’t put it off. Ask yourself if it is possible to save like you were paying off a mortgage even if you don’t have one.
2. Learn to be a good cook and entertain at home. Eating out with friends is more expensive than cooking at home.
3. Set reasonable expectations. For most people, their first home is not a forever home. It might be a rental property that pays itself off.
4. Staying in the family home can help you save money.
5. Make a spending plan - If you’re living too frugally, you’re more likely to give up because it’s all too hard.
6. Don’t be afraid to seek the support of parents. It is not a sign of failure if you ask for help from parents or grandparents.
7. It’s a big decision so do it right – get financial advice & coaching.
8. And if you think housing affordability is unfair, lobby government.” Find out more about Life Values by following them on Facebook and Instagram.
Reduce Unnecessary Spending
Daniel Cohen from First Home Buyers Australia shares his wisdom for saving money. “Specifically, the key to increase your long term savings is cutting back your expenses. By shopping around different savings accounts for better interest rates, your returns can vary from 0 - 3.5%. By investing in other mainstream investments such as property and shares your returns can vary greatly from a potential negative return to as high as 20% p.a.. On average though, the return of these other asset classes is usually just a touch below 10%. But by cutting back on expenses, you can save more than 10% p.a., risk free. What expenses do you pay that you don't need or utilize? subscription fees? Could you carpool to save on transport costs? Could you go to less luxurious places for nights out (or even do less paid entertainment and more hosting or free entertainment).” Find out more about FHBA by following them on Facebook and Instagram. A great way to reduce any unnecessary spending is by going through your subscription services. Do you really need to pay $60 a month for that gym membership that you don’t go to? Unsubscribe from costly things that aren’t being used or that don’t benefit you. Even cutting a subscription that costs $10 a month can make an impact.
Make Sure All Your Taps Don’t Leak
A way to save money in the long term is by making sure your homewares aren’t faulty, and that they are in perfect working order. Double check that all of your taps and water fixtures are working, as any faulty items can end up costing you more than you bargained for. Upgrade your old faucets with a modern kitchen tap, one that doesn’t leak and that flatters your kitchen. The same goes with your bathroom tap and the laundry. Ensure that your toilet doesn’t leak, as if it is, you may end up paying more for your water bill than you’d expect.
Victoria Weatherlake from I Love To Op Shop shares her wisdom. “Make op shopping a habit. You can save on retail prices by sourcing quality clothing, homewares and furniture at a fraction of the price. You'll also be creating a more unique and personal home or look whilst choosing an environmentally kinder and charitable option.
- Shop for all seasons. The leather boots will be more in demand in winter so if you see them in Spring take advantage of the opportunity.
- Get friendly. Talk to the staff at the op shop if you are hunting for something special, they may be able to help.
-Look out for sales. Many rotate stock, have fill a bag days or seasonal specials” Find out more about I Love To Op Shop by following them on Facebook and Instagram.
When you stop unnecessary spending and start necessary saving, you can rack up enough money to put down a deposit on a house, buy a new car or even take that trip around the world that you’ve been planning since you were eighteen.