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How To Save Money On Household Expenses
●June 1, 2017●4 minute read
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Wanting to save money but struggling to fit ‘savings’ into your budget? We take a look at some simple ways to save money and get yourself financially fit!
Changing a few habits and getting a little more organised can be easy first steps to get you on your way. Here’s how:
I need help with saving money!
One of the first steps in building a savings account is looking at your current budget, and where you want your budget to be. Track your expenses using a budget planner, this way you can see where your money is going and where you can save!
Minimise unnecessary daily expenses to save money:
- You may look into buying a coffee machine or french press for home. Making a cup of coffee before you leave the house instead of spending $3.50 or more on the way to work quickly adds up.
- Instead of hitting the food court, make lunch at home and bring it to work.
- Have friends over for dinner, instead of going out to a restaurant or bar. Bonus: if you ask everyone to bring a small dish you’ll be saving even more.
- Leave your credit card at home and only use it for emergencies. The danger with cards is, with a simple tap, we can spend a lot. You may not realise quite how much you’re putting on that piece of plastic until you check your statement.
- Check your bank statements and see what you’re spending and what you can do without.
Have a savings partner and work as a team:
Saving money can be hard. That’s why budgeting can be easier with a like-minded friend or partner. Make a pact with friends who are also trying to save at the moment. If you’re the competitive type, you might even want to see who can save the most each month as an incentive.
Avoid retail therapy:
When you’re trying to save, lashing out on fancy purchases or ‘retail therapy’ can be a massive step back. It may help you feel better for a time, but it won’t help you ultimately meet your financial goals.
Find a healthy alternative to shopping like going for a walk or visiting a friend. Your bank balance will thank you!
Avoid peer pressure traps:
Your social life shouldn’t stop completely just because you’re trying to save. With that being said, if you look at your bank statement and see a large chunk has gone to drinks, dinner out, movies or other social outings it may be one area you want to cut back on.
This can be especially hard if you feel you have to turn down friends or otherwise miss out.
If you’re really feeling under pressure to attend something try to keep your purchases under control, and for a night out offer to be the designated driver. This way you won’t be spending on drinks, and you can get home without paying for a cab. Plus, you’ll get plenty of brownie points for being DD!
How to save money on food:
Write a weekly meal plan and grocery list.
There are plenty of Apps you can get these days that help you plan your meals for the week and then put all the ingredients into a shopping list for you.
This will save you time and money. You won’t be buying things you don’t need, and you’ll have quick, easy meals to go to instead of splurging on lunch out or food delivery.
Try doing your grocery shopping online and don’t grocery shop if you’re hungry:
This will help you avoid impulse buying and save you time as it will be delivered to your door. You’ll also be reducing plastic bag waste.
If you do have to head to the grocery store, always make sure you eat beforehand. This will help you avoid making those impulse purchases we talked about. You are more likely to make rational and sensible decisions on a full stomach.
Make double portions for dinner and freeze the remainder for those nights where you don’t feel like cooking. This will help you avoid the Uber Eats app because you know you have meals prepared in the freezer.
Pay your bills on time:
Paying your bills on time will help you save money because it will help you avoid late fees and also allow you to take advantage of discounts offered for paying early or on time.
Ways to save money around the house:
There are lots of ways to save money around the house. Learning how to do things yourself can be a very valuable trait.
Being able to fix small problems like painting, clearing gutters, or fixing fences can save money.
You will find a lot of handyman workshops at your local Bunnings store and there are endless online tutorials for almost anything these days. It may take a bit of time to learn, but being able to do routine household maintenance can save you big.
What if I need money now?
Sometimes even with the best budgeting, you’ll find yourself in need of a cash injection, and quick! Whether you need emergency funds or want to finance your next holiday, car or anything else, Jacaranda Finance may be able to help.
If you apply online during AEST business hours you could have a response in as little as 60 minutes* and your cash in your bank account with 60 seconds* of accepting your contract. Have a look at our personal loans to see what options are available for you.
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Written by Jacaranda Team