15 ways to save more money this year

If you were to do a quick mental scan of your ‘to do’ list, chances are “save more money” ranks pretty highly. As it stands, the average Australian puts around $427 into savings each month. It’s not bad, but there’s always room for improvement. A recent report by Choosi, there’s never been a better time to work on your saving skills, with nearly 70% of Australians believing it is trendy to be financially savvy.

With those saving stats in mind, read on for simple tricks that’ll help you squirrel away more money and set up a solid foundation for your financial future.

Save with a friend

While you may think your mates are bad for your bank balance – “Yeah sure, I’ll buy the next round” – turns out they can actually be helpful. Find a friend who is also hoping to save and motivate each other. Not only is it easier to save with someone else, but research by Choosi found that almost 40% of people had been provided with helpful financial advice from friends.

Save on bank fees

Avoidable bank fees are big business with Australians paying out more than $4 billion last year according to an analysis of Reserve Bank data. Use your savings mission as a moment to re-evaluate your accounts and shop around the market. With so many products available you’re guaranteed to find a banking option that offers cheaper fees.

Use saving apps

Smartphones are a sure fire way to start a good savings habit, with Choosi’s Dollar Report revealing that more than one third of Gen Y’ers will use apps to help them save. Find an application that helps you save while you spend, like Digit, Acorns and Tip Yourself.

Up in smoke

Cigarettes are bad for your body and budget, with the cost of smoking on the rise for Australians. The most recent budget saw the Government confirm a yearly 12.5% increase in cigarettes, which means by 2020 a pack will cost you $40! Time to quit while you’re ahead! We already spend billions of dollars on smoking a year, so by quitting or cutting back, you’re doing your wallet and your wellbeing a big favour.

Buy a coffee machine

We’ve got bad news, it’s time to break your barista’s heart. Rather than handing over four dollars a day, buy a coffee machine and get your caffeine fix at home. According to a recent Canstar Blue survey, 57% of coffee machine owners use their appliance every day and 57% preferring the taste of the cup they brew themselves.

Don’t go shopping when you’re hungry

This may sound like a strange one, but studies carried out by Choosi have found that one third of Australians will regret things they buy if they’re hungry at the time of purchase. This is especially important when doing the grocery shop. Have a snack before you hit the store and watch how much lower your bill is.

Banish the weekend brunch

For many weekend warriors there is no greater joy in life than a Saturday morning brunch featuring smashed avo, poached eggs and a green juice. However, our weekend brunch comes with a $6.7 billion bill annually! Limit your breakfast behaviour to one brunch a month and watch the money pile up.

Review your electricity contract

If you don’t ask, you don’t get and it’s always worth inquiring with your electricity provider to see if there are better contracts available. Meanwhile, research carried out by Canstar Blue found that switching from a standard contract to a market contract can save you up to $600 a year.

Learn to say no

Out of all the tips and tricks recommended by financial experts, the single most effective one is the word “no”. By learning to say no, you’re taking control of your cash flow. Whether it’s curbing back your nights out or pulling the purse strings when it comes to spoiling the kids, you’ll notice an immediate financial flow on.

Tame your take away appetite

Convenience is king these days, which means ordering food is easier than ever before. Australians are spending $9.2 billion on takeaway food a year, with 25 to 44-year-olds the worst offenders. If you spend an average of $40 on a takeout meal, even by cutting back on one of these sittings a week, you’re pocketing an extra $2,080 a year.

Review your credit card

It’s the piece of plastic that has probably helped you out of some sticky situations, but your credit card doesn’t have to be costing you so much. According to a study by MLC, Australians have an average balance of $4,300 on their credit card. But if you switch to a credit card with a balance transfer period you could save more than two thousand dollars a year.

Drop the gym membership

Research by investment service, Stockpot, found Australians spend $1.7 billion on gym memberships and personal training. However 60% of gym memberships go unused after the first few visits. Cancel the gym, keep the money, go for a run!

Shop online

Despite living in a digital age, most Australians still prefer to shop offline, according to figures by Galaxy Research. A staggering 94% of people said they preferred in store to online, but the reality is you’re far more likely to score savings, deals and discounts by shopping online.

Take your lunch to work

“I’m just going to duck out for lunch, does anyone want anything?” Most office workers know how tempting it is to buy lunch every day – hey, it’s only a ten dollar salad, right? Wrong! It doesn’t take long to become a part of your routine and suddenly you’re spending hundreds of dollars a month. Instead, pack your lunch the night before and take it outside of the office to eat – best of both worlds!

Be open to online advice

One quick conversation could be the difference between another year of scraping by or becoming a savings superstar. Some services allow you to ask for financial advice, before linking you up with an industry professional best placed to answer your question. Whether it’s day to day savings tips or long term budgeting, this online marketplace can help you save money.

While you're looking into saving money, why not look into protecting the source of it with Income Protection Insurance? Start comparing providers with Choosi today.

Posted: 19 Sep 2017

This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.

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