Posted July 2019 by NZCU Baywide
Our best ideas for healthier looking savings...
Everyone knows all about the common bits of saving advice..
...spend less than you earn, shop with a grocery list, save 20% of your wages, and so on.
It all gets a little boring, right? But it just so happens there are a few more savings tips you likely haven’t heard about that can make all the difference to your bank balance and your budget at the end of the month.
To help you out, we’ve compiled a list of these 10 little known tips. We think they’re a great way to save a little more every month, encourage you to become more money-savvy, and achieve your savings goals.
- Saving the change, because it all adds up.
- Sharing your savings dreams. Really, it works!
- Perfecting the 10 second rule, and we’re not talking about food.
Let’s get cracking…
1. Saving the change
Imagine that each time you spent money, you had to round up to the nearest $5 or $10.
How would that influence your spending decisions?
It just so happens a great way to increase the amount you’re saving each month is to do just that! Simply round the total to the nearest $5 or $10 each time you make a purchase, and put the difference away for a rainy day.
This is a great way to encourage you to save money with every purchase.
2. Combine your debts and save on interest
Rolling all of your debts into one doesn’t just make repaying your debts a whole lot simpler (it does!). It also allows you to achieve a lower interest rate than you might have otherwise been paying on a bunch of standalone loans to different providers.
Oh, and did we mention you’ll only have one repayment to make?
Cheaper interest rates and less paperwork sounds like a win-win to us.
3. Learn how to mend
Clothing is pretty essential, so we can’t cut this from the budget.
However, small tears, holey socks, and broken straps can all be fixed with a needle and thread.
If you know someone with a sewing machine, even better! Either way, get a little crafty and save a fortune on forking out on new clothes when a little DiY could have your current wardrobe looking good-as-new.
4. Stay hydrated
So, you know that staying hydrated is great for your health.
But did you know it can also help you save a little money every month?
It may sound strange, but it’s true! By investing in a reusable drink bottle, you’ll be able to refill anywhere without having to pay for bottled water or other tempting beverages. Coffee, anyone?
5. Give your car a birthday
When was the last time you gave your car a once-over?
So ensure you’re running optimum tire pressure, change the oil, check the spark plugs, and clean out the air filter. With a YouTube video or two they’re simple things you can do at home yourself to save money on fuel and mechanic fees.
Remember, prevention is better - and far cheaper - than a cure.
6. Share your dreams
Okay, this might sound a little cheesy…
Start by setting SMART goals. It’s a great way to set attainable goals and to keep track of your progress. Sharing your savings goals and ambitions with friends and family will help keep you accountable and their encouragement will make the journey that much easier.
7. Eat breakfast
We told you these tips were simple!
Taking just 10 minutes to sit down and eat breakfast before leaving home is a healthy, non-expensive, and quick way to help keep you fueled and energised throughout the day. It’ll also deter you from forking out on snacks and expensive lunches that quite literally eat into your monthly wages.
If you’re short on ideas, try making a wholesome breakfast like oats.
They’re quick, filling, and perfect for the winter months.
8. Buy versatile clothing
We’ve all been guilty of buying an item of clothing for a special event or occasion only to have it sit in the closet never to be worn again. What a waste!
Instead, aim to buy clothes that mix and match well.
Being able to dress up or down adds loads of variety to your wardrobe, requires less items of clothing, and won’t cost you the earth.
9. Give the gift of labour
Birthdays, Christmases, and other events can be a little pricey.
Instead of grabbing something off the shelf, consider giving the gift of labour instead. Giving doesn’t need to be about money. This could be as simple as mowing the lawn, or helping someone tick something off their to-do list.
It’s a great way to save money all while showing you care.
10. Perfect the 10 second rule
Have you ever been tempted by a delicious treat or special at the grocery store?
And then before you know it, it’s in your shopping trolley?
Next time you pick something up off the shelf, stop for 10 seconds and ask yourself ‘Why am I buying this?’ and ‘Do I actually need it?’. If you can’t come up with a good answer, chances are you don’t. Pop it back on the shelf and save yourself a few dollars. They all add up!
Saving doesn’t have to be hard
Making small adjustments to your spending habits doesn’t have to be difficult, nor should it ruin your fun. With a few of the tips we’ve mentioned above, you can save a little extra, work towards your financial goals, and ensure you have a safe place to fall back on when sudden bills arise.