Money Saving Tips

By Zoe Taylor

Money saving can be difficult, especially in certain events such as Christmas time, moving house, lack of shifts at work, etc. We’ve got some great tips for you to start saving this year, whether your New Year’s Resolution was to handle your money better or not!

Put the money you ‘don’t need’ away.
If you’ve seen a pair of shoes or a video game that you want, stop for a moment and consider putting that money into your savings instead. You have already justified spending the $60-odd, so you won’t miss it anyway. This way, you’re feeding your savings and building on it bit by bit, rather than losing money all together on little things you don’t necessarily need.

Australian_banknotes_in_wallet

Create a weekly budget with your savings in mind.
Write out a list of all your necessary expenses week to week, such as rent, phone bills, food, groceries etc. Add an amount that you can put away into your savings, it doesn’t have to be large amount, just a constant amount so that your savings are constantly growing. That way, you’ll be able to see how much you have left over as daily spending money, without the fear hanging over you that you aren’t saving any money at all.

The Mason Jar Money Method
This is a great way to ease into saving a certain amount of money per week. You do it over a 52-week period (one year) and start by putting $1 into your savings in week 1, then $2 in week two, then $3 in week 3 and so on until you get to week 52, put $52 into your savings and you have over $1300! By the time you reach this point, you may well be able to continue putting away $50 a week, which adds up considerably without eating into the money you need to live.

Cancel unnecessary subscriptions
Have you got a subscription to a magazine that you don’t read as often as you thought you would? Or maybe to a cable or online television service that you signed up for because at the time you were certain you’d use it every single day? If you’re not getting your moneys worth, cancel your subscription right away! There’s an extra $5, $10, $15 a week that you could put into your savings.

Eat leftovers for lunch
If you usually eat out for lunch, whether you’re at work, school or home, leftovers are a great money-saving option. Then you can put that $10 you would have been spending on lunch into your savings, and could end up saving an extra $60-$70 per week!

For help in finding the right career path for you, or for useful tips on areas including studying and finding success, call 1800 143 080 or visit www2.collegesonline.com.au/mycareer to contact one of our friendly career advisors!

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