In recent months Australians have been forced to be more strategic in how they spend their money due to the rise in the cost of living.
Here are some examples of some unique ways that you can reduce your spending.
Put Less Petrol In Your Car
A unique way to spend less money would be to drive as little as possible. You might not be able to cut kilometres, but equally, this is no longer an appealing time to take that driving holiday.
Another thing to take into consideration is about how you drive. Brake and accelerate, and change gears if relevant, like there are eggshells under the pedals. It will significantly reduce your consumption.
Furthermore, using an app like PetrolSpy to source the best price at the pump.
Read Your Recent Bank Statements And Figure Out What Can Be Reduced
By taking a look at your expenses to see where you can make quick savings. It may surprise you how little things add up.
Look through your bank or credit card statements for the last two months. Identify anything that isn’t essential. This could be things like subscriptions or memberships
Have A Savings Plan and Develop a Strict Budget
The secret to saving is to start early and save often. It is vital to create a savings plan so you can manage your money and stick to your goal.
Have a clear picture of your regular expenses and spending habits. This helps you see where you can cut back and save.
Once you know how you are spending your money, you can set a realistic budget. Your budget will help you to stay on track, review your progress and reach your money goals sooner.
Furthermore, it is a good idea to develop a savings goal to help you stay focused. It doesn’t matter how big or small your goal is, work out how much money you need to save and start working towards achieving your goals.
Spend Less Money On Clothes By Going To An Opshop
Going to an Opshop will give you plenty of opportunities to find high quality clothes for a ridiculously cheap price.
There is also often surprise designer bargains on Instagram and Facebook Marketplace. You can also find some great deals by searching via using hashtags like #shopmywardrobe and #resalenotretail too.
If you have children opshops are highly valuable since kids often outgrow items perhaps as often as every three months.
Don’t forget to pay it forward as well, donating not just back to the op shops themselves but to specific families and children who could use it.
Avoid Impulsive Buying
Retailers are very skilled at enticing customers to make impulsive purchases with end-of-aisle products, two for the price of one deals and other add on specials. Online you are likely to see adverts for items you have purchased previously, wherever you go online. Marketers and merchandisers make it very easy to fall into bad habits and get caught up in a cycle of making impulsive purchases that are hard to stop. To save money efficiently, you need to try your best to commit to no longer making anymore impulsive purchases. Here are a few changes and tips that can help:
When you go out, leave your credit card at home. This reduces the temptation to make sudden purchase and it gives you some “cooling off time” to think more carefully about whether you really need to buy a product.
Before you go shopping, first write a list of what you need to buy and don’t buy anything that’s not on that list. It would also be wise to give yourself a ‘play money’ limit. A limit for all non-essential purchases or expenses. It doesn’t need to mean you can’t do fun stuff that you like, all it simply means is that fun spending is not a daily random habit and it must have limits.
Don’t visit a shopping centre unless you really need to. This can really cut down impulse spending and after a couple weeks, you might not even notice the lifestyle change. It would also be wise to eat a meal at home before you go to the supermarket. When you are shopping for food, a full stomach means much less temptation to buy extra treats.