Simple ways to keep money in your pocket (so you can use it to create wealth)
Increasing your savings/ mortgage repayments can be easy for lots of people yet painstakingly difficult for many too. This usually has very little to do with how much we earn but rather the habits we have around money.
Realistically most of us buy far too many things we don’t need and often waste thousands of dollars per year… (think of all those shoes/outfits/magazines/books/cosmetics/food items you don’t use)
This article is for anyone who is at the stage where they need to cut back some bad habits and keep more money in their pocket- here are some ideas.
- Shop once a week and in a supermarket or even better a low price one (many of these are brilliant quality). This can reduce your bill by up to 50%.
- Plan your weekly meals to avoid having to go back to the shops or buying take out.
- For food, clothes or any type of shopping write a list first and only buy what you need.
- Don’t buy something just because its on sale! This is false savings unless you purposely set out to buy it!
- Shop around to see if you can get a better deal on your phone, electricity, interest rates etc.
- Turn off your water heating system during the day or at times when it wont be used.
- Learn to do your own nails, hair etc.
- Go on holidays low or mid season.
- Put loose change into a money jar until its full.
- Cancel any subscriptions you don’t use- gym, magazines, tv.
- Go to the cinema on cheap Tuesdays.
- Use money off vouchers.
- Buy your petrol during the week or on the days when its lowest.
- Plan your money in advance so you avoid having to use another banks atm and the $2-$5 charge.
- Change your mortgage repayments to weekly or fortnightly.
- If you cant afford something, save for it- don’t put it on the credit card.
- Join the library instead of buying books.
- Don’t open a new packet or box of an item if you still have some left in another box/packet. Ie use your bread, sauces, food items, cosmetics until they run out.
- Invite friends over for dinner/drinks instead of going out.
- Fill your water bottle before leaving the house so you avoid having to buy one.
- When you get a pay rise, instead of upgrading your debt by upgrading your car/house etc- upgrade your savings!!
- Shop around for the best insurance for your home, car etc. Don’t cut necessities but make sure you’re getting the best deal.
- Instead of buying a new outfit, mix n match accessories or buy new accessories instead of a new outfit.
The important thing we must learn about money is that its not how much you make but how much you keep. Like health and anything in life there’s a discipline and consciousness required regarding money that needs to be learned in order for it to work for you rather than the other way around.