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Do you know that feeling when you have just saved a little bit of money by not buying something, buying on special, or reducing your purchase quantity? It is a good feeling, right? It was last year that I decided to cut back on my café coffee purchases. I used to buy, on average, two a day {yes, please don’t judge me}. That was, $7 a day, $49 a week and over a year, $2548. When you calculate it like that, that is a lot.
A lot.
We are at that point in our lives where we are starting to think about some ‘big’ purchases and what we need to do to save and budget better. Saving over $2500 a year while children are young is a massive deal when needing to consider school feels, renovations, house building, holidays and other things when the kids get older.
I am a big believer in saving money when and where I can. We moved house last month, which gave me the opportunity to de-clutter, clean out and sell my unwanted goods. It was fabulous! Let’s just say I have nearly got enough money for my future dining table.
However, being in a situation where you have to deal with a ‘big ticket item’ then and there and struggling to consider how to pay it off, is something no one ever wants to be in. But, by planning ahead and thinking wisely, there are a few little things you can do to start saving.
Now, obviously these are not going to suit everyone, but doing just one thing differently could make a huge difference:
1. Stop collecting and start selling
All those collectable items that you may be accumulating can be worth something big to others.
2. Get into the DIY spirit and make your own gifts
You will often see us on the kitchen table, crafting and painting to prepare for Mothers Day, Fathers Day, birthdays and more
3. Stick to your shopping list
Yes, we have all done the ‘isle shopping’. I need to send my husband to the supermarket as I know he will ALWAYS stick to the list {unless there are maltesers on sale, ha!}Switch off the lights
4. Switch off the lights
You will be surprised how much energy you can save in a year by switching off the lights.
5. Do price comparisons
Where possible, compare prices and deals on items you want to buy. It is competitive market out there and a little bargaining between retailers goes a long way.
No matter where you are in your financial journey, you need to know that it is possible to turn your life around with a few money saving tips and tricks.
However, we all have times where the unexpected happens or our circumstances or lifestyle change; like needing to buy a new car or renovate the family home. It is at these times that having ‘rainy day’ savings can really come in handy and take some of the pressure off.
By paying closer attention to your finances and taking charge of your savings, if you do need additional financial assistance, like a personal loan or credit card, you’ll have a better understanding of how much you can afford to borrow, if and when the time comes.
To find out more about savings accounts, personal loans or credit cards, visit People’s Choice Credit Union.
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What are your best money saving tips?
{image via Something Turquoise}
