Looking to make your money work harder for you?

Our blog is here to guide you through the art of saving and achieving your financial goals.

There are many ways that come to mind whenever we talk about saving money, however, the reality is this can be harder to do than we think, especially these days with rising inflation which has struck worldwide not just in Australia….  Funny isn’t it that the word inflation came on the news and the next day everything in the shops became more expensive –  I did not know that you could plough, plant, fertilize, grow, and harvest vegetables in 24 hours to cover the increase in costs!!!!!

Does this mean that we should be worried? Is this an indication of something much bigger, or is this merely a wake-up call for us to be more strategic and think of ways to save and stop to think about how and where we are spending our money? It is so easy to spend money with a card vs cash in your wallet which makes it more tangible to your brain.

Saving money doesn’t mean that you need to sacrifice the weekly catch-up with friends or that favorite drink you buy every payday. There are a lot of alternatives to uncontrolled spending, so a little preparation may be one of your money-saving solutions.

Separate your accounts

Separate your money into multiple accounts for expenses like mortgage payments and savings. This helps you understand your spending and avoid unnecessary expenses. Set up automatic direct debits from your pay to your savings accounts, ensuring you don’t miss any payments and you have allocated them aside in your budget

Undertake savings challenges

Money is frequently spent on tiny pleasures such as new clothes, sneakers, or maybe going to the movies. However, even the most insignificant wants can soon add up and cost hundreds of dollars per year. Set reasonable savings objectives, or maybe try to take money saving challenges, or do activities such as making coffee at home for a week, not buying clothes for a month, or buying used instead of new to save money.  Remember however, to put the money that you would have been spending in a jar and deposit the money into your savings account….. otherwise you are not saving money but spending it more slowly!!!!

Give yourself an allowance

To save money, set a budget and commit to it, but remember to factor in some ‘treat money’ to reward yourself or your family for going without for other items but make sure it is less that you would have been spending. This will help you stay motivated and save effectively.

Setting aside your money for essentials like rent, groceries, and bills, as well as personal expenses, can help you create a budget that allows you to get clarity on where and how you spend your money when temptation is not right in front of you, but rather you are looking at reaching your money saving goal – this keeps you focused and motivated.

Evaluate your insurance or investments

To build your pension and ensure you have more in retirement, it’s critical for you to evaluate the foundations of your account, such as fees, insurance, and investing possibilities, as this allows you to compare funds and select those that offer the best value. Monthly payments should be considered, and insurance coverage should be carefully considered to what is absolutely necessary for your family to recover & be protected in the event of an emergency.  

Adjusting the investments you make to meet your financial goals and tolerance for risk, can result in improved long-term results. Choosing the right investment option at the right time might have a big impact on your financial standing.  Most funds have professionals on hand to assist you in making the best pension choices, but do retain your responsibility by educating yourself about investing and keep an eye on the market for adjustments to minimize risk and the performance – sit and forget is not a good idea because the market outlook changes and you may need to take preventative action.

Plan grocery shopping in advanceed

Have you ever gone to the grocery store to get some household items and come home with a tub of ice cream? To avoid impulse purchases, make a list & be disciplined so you are spending to your budget for the week or shop online. Meal planning helps maintain a budget by using budget-friendly recipes and choosing meals with similar components. Minimizing unnecessary purchases while offering a healthy diet saves waste and increases savings.  The less times you go to the grocery store the less you will be tempted to buy on impulse.

Check your pantry and fridge for fresh supplies while creating a shopping list of what you’ll need. Avoid doubling up on goods and go to the supermarket at the end of the day for meat and bread discounts. This will help you save money on unnecessary purchases.  If you have a large panty or storage buying by the carton or multiple items when the food items you regularly use are on special will also save money in the long run as well.

Borrow or rent

Garage sales and Market Place local suburb pages on Facebook can provide good quality items at bargain prices or even free from people downsizing and these items can be kitchen utensils, pans or appliances,  or tools like drills and ladders.  Second hand stores are also good places to go shopping for quality clothes in good areas, books and a wide assortment of items including toys.

Rent various products like campervans, tents, bicycles, children’s equipment, lawnmowers, computers, and apparel from online platforms like Facebook Marketplace, instead of purchasing them.

Get energy smart

Starting basic home routines and replacing fixtures and fittings with sustainable options is a great opportunity to save money and improve the environment.

Lower your environmental impact and save money by turning off appliances, using energy-saving LED bulbs, washing clothes in cold water, and stocking up on door snakes and seals. Use government websites to get the best energy and gas discounts, and consider turning off appliances at the wall and using cold water instead of hot water for better indoor air quality.

Once you become determined to save money to meet a target, you will be surprised where you find you can save dollars here and there – the trick is if you save yourself $5.00 by not having a coffee then put that $5.00 in a jar; you will be surprised how quickly, cents become dollars and dollars become fifty dollars and fifty dollars become hundreds.