How to Save more money
Here are 3 simple but significant ways you can save more each week and reach your financial goals sooner (but don't forget you can't just save you have to invest too!). It seems that while some are brought up frugally and develop good saving habits from this, many do not. So today I share some great tips on how to make sure you save (and hopefully invest) the most of your income each week.
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It is important to note as always, while all the information is provided in faith that it is accurate and reliable. It is to be noted I am NOT a financial adviser and information given is purely my opinion on discussed matters. It is always recommended you speak to a financial adviser before making any financial decisions you may not be sure of.
Shop Around (For everything)
The first one is simple yet so many seem to miss doing it. I also think this one piece of advice encompasses a huge amount of guidance often given when it comes to saving. This one point alone is made into ten when the simple lesson is to...Shop around! This goes for grocery shopping, clothes shopping, electricity, internet and phone bills, bank accounts, insurance, fuel and so much more. For example, don't just shop at your local Coles because you always have or because it's 5 minutes closer. Aldi in Australia is known to have significantly lower prices, in fact up to 60%!! That could mean massive savings over a few weeks. Avoid IGA at all costs they are even more expensive than Coles and Woolworths.
Imagine the power of doing this with everything, then over a year or more. The savings would be phenomenal. The lesson here is making sure that you get the best value for your money and don't pay more for something when you don't have to.
Take Advantage of Government Incentives
There are various government and sometimes private incentives when it comes to saving. I have come across quite a few myself and utilised all that I can. Unfortunately, a lot are unheard of and therefore go unused. So, my unconventional second tip is to look out for and take advantage of any government incentives you may be eligible for.
These incentives include schemes that involve the government contributing a certain amount for each dollar you save or put into your super (e.g. $1 for 1$ or 50 c for $1) up to a certain cap, savings on groceries, energy, utilities, public transport, health, recreation and leisure, education, saving for a home and more.
Here are a few I have found myself, but I encourage you to look for more: https://www.service.nsw.gov.au/campaign/cost-living (For those from NSW this contains over 50 possible savings)
https://www.ato.gov.au/Individuals/Super/Growing-your-super/Adding-to-my-super/Government-super-contributions/ (There is two here one for the 'low-income tax offset' and one for 'super co-contributions'.)
https://www.bsl.org.au/services/money-matters/saver-plus/ (This one is private but still great!)
I hope you all get some use from these because there are some really great savings that are being missed by many.
Automate your finances
This allows you do to several things but most of all it completely skips the need for you to fight your urges and use willpower. Automating your finances means you don't have to worry as a set amount or % will come out of your everyday transaction account and into somewhere slightly harder to access. This also means you will be spending what is left after saving rather than saving what is left after spending. This is an important rule shared by the oracle of Oklahoma, Warren Buffett, someone whose financial advice I often refer to.
You can do this easily yourself online or even by going to your local bank branch and asking for this to be set up there. I have done both myself and can say both are simple and pay off (pun not intended).
Simply set this up and you will force yourself to save money. And if you have taken the first piece of advice and started shopping around/budgeting you will have even more to put away safely at the end of each week.
-Look around for better value on everything
-Find and take advantage of government incentives
-Automate your accounts
As the saying goes there is a limit on the amount you can save but no such limit on how much you can earn. Therefore, I concentrate on earning in lieu of saving, however, it is important to save too! See some great ways to make more here.
Note: this is a video version
Here is a fun info-graphic from the Australian Security and Investment Commission on how Australians save their money: