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17 Jan Simple money-saving tips to start the new year

Posted at 16:19h in Financial Tips, Uncategorized by
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A fresh year is a perfect time to refresh your finances, and we’ve got some helpful money-saving tips to get you started:

Budgeting and Tracking:
  • Know where your money goes: Track your expenses for a week, fortnight, or month to understand your spending habits. Use a budgeting app, spreadsheet, or even a notebook. Analysing this data will reveal areas for potential cuts.
  • Create a realistic budget: Allocate your income towards necessities, savings goals, and some fun. The 50/30/20 rule (50% needs, 30% wants, 20% savings) is a good starting point, but adjust it to your situation.
  • Automate savings: Set up automatic transfers from your bank account to savings, making it painless to build a financial cushion.

Spending Hacks:
  • Embrace the kitchen: Cooking at home saves significantly compared to eating out. Plan meals, use leftovers, and explore budget-friendly recipes.
  • Beware of impulse buys: Implement a “cooling-off period” before buying non-essentials. Ask yourself if you really need it and wait a few days to avoid impulse purchases you might regret later.
  • Challenge subscriptions: Review your recurring subscriptions and cancel any you don’t use regularly. Consider sharing subscriptions with friends or family.
  • Seek free entertainment: Explore free or low-cost activities like visiting museums on free days, attending local events, or playing board games with friends.
  • Embrace the library: Libraries offer a wealth of resources, from books and audiobooks to movies and music, all for free. Borrow what you need instead of buying.

Smart Shopping:
  • Make a list and stick to it: Planning your grocery shopping reduces impulse purchases and food waste.
  • Compare prices: Check online for deals and coupons before buying anything. Consider store brands and generic options, which are often just as good as name brands but cheaper.
  • Second-hand treasures: Thrift stores and online marketplaces offer great deals on clothes, furniture, and other items. Give pre-loved goods a second life and save money.

Bonus Tips:
  • Reduce energy costs: Unplug unused electronics, switch to LED lights, and adjust your air conditioner for optimal temperature. Every little bit adds up.
  • Negotiate bills: Call your providers (electricity, internet, phone) and negotiate for a better deal. Sometimes threatening to cancel can prompt better offers.
  • DIY whenever possible: Learn basic repairs and maintenance to avoid paying professionals for small tasks.

Remember, progress is key. Start with small changes, find what works for you, and gradually build your financial strength throughout the year. Happy saving!

Disclaimer: This information is general in nature and does not take into account your personal and individual situation.