Bills. Groceries. Gym. Money. Money. Money.
Expenses are part of everyday life. While we all wish we could save more money, the problem is trying to work out how. Saving money isn’t only achieved by setting a budget and sticking to it. This week we decided to look at how you could free up some extra cash, and what things you don’t have to spend on.
Pay off your debt
While saving money is strongly encouraged, we recommend paying off any debts you may have first. Whatever the debt may be (credit card, vehicle loan, education fees), tackle your debt as soon as possible. Pay off what you have owing, before adding any more debt. Free up your disposable income.
TIP: As a home-owner be cautious not to overdo your home loan repayments.
Gym – Are you a One-Year Jim/Jane?
Did you know that unused gym memberships vastly outnumber active gym memberships? Gym memberships can be expensive. Gyms in Australia record the most amount of annual registrations in January – most likely people setting out to achieve their New Year Resolutions. However, many of these people quit or stop going to the gym soon after – what we like to call a One-Year Jim or Jane. The money spent for the annual gym membership seems like an unnecessary expense at this point.
If you aren’t going to use the gym frequently enough to justify an annual membership, you could purchase individual sessions or pay for shorter term memberships.
Ask yourself, “Do I need luxury home appliances?”
It’s a nice idea to furnish your house with new accessories your bank account will take a hit after purchasing a new dishwasher, dining table, lounge, new TV. Resources such as Gumtree and Facebook are full of clients seeking to sell various appliances. Many of the clients advertising are moving and consequently need to offload their appliances despite being in good condition. Shop around before you make a purchase. Are you getting the best deal for what you can afford?
Limit eating out and takeaway meals
We recommend bringing your own lunch to work for at least 4 days of the working week. Assuming you spend $10 on a meal and purchase lunch every working day for 48 weeks, it will end up costing $2,400. It may seem pointless at first, but in the long run you will be saving hundreds if not thousands on meals. There are many restaurants and cafes which offer deals “two for the price of one” or “children eat free Monday nights”, investigate those options before heading out for a meal.
If you need to save extra money, look at what you’re spending on. Keep a close eye on your bank account’s activity and be mindful on what you buy. What’s your favourite way to save? Share on our Facebook page on comment below.