There are a variety of tips and tricks out there that can help you save more.
Some of these hacks include:
- Pack your lunch
- Stop buying takeaway coffee
- Get rid of memberships you no longer use
However, recommendations from the Australian Securities and Investments Commission say that you should look to plug the “spending leaks” in your budget.
These can be anything from spending too much on entertainment to going to the cinema once a week instead of two.
It’s important to note that ASIC recommends only fixing one or two of these “spending leaks” instead of removing all of the “fun money” from your budget. This is to keep you focused on saving instead of being so miserable that you overspend.
As Australia rapidly moves towards a cashless society, it’s been easier than ever to see where the financial leaks are in your budget.
These can be anything from an underutilised gym membership or a magazine subscription you’ve gotten tired of.
Examining one to three months of your average spending can make it easier to see where cuts can be made.
Saving up to $20 a week is worth more than $1,000 a year. That’s a lot for most people.
Do you have any saving tips? Let us know in the comment.