I have compiled a short list of four of the best ways to save money in the year of 2014 to help even the most cash stripped individuals have enough residual cash to spend on themselves. A selection of these tips and tricks will hopefully give you an idea of how you can increase your spending power.
Its important to keep your goals of saving money and reducing debt at the forefront of your mind, however the task can be daunting and sometimes very easy to loose sight of the end goal. This post is designed to give you a quick boost in your money saving efforts, or help revitalise your tactics to save money as we approach Christmas. To find out more tips and tricks, and other ways to save money be sure to check out the Buckscoop deals page and blog.
Expensive Habits Vs Cheaper Habits
Christmas is getting closer and it’s becoming the most important time of year to save money to buy presents for those all important family members. So if you are a creature of habit like the majority of us, you can take little steps towards saving money on a daily basis. As the old saying goes, look after the pennies and the pounds will look after themselves.
For example, if you were to give up your daily coffee, this would be one healthy step in the right direction. Lets say your coffee costs roughly $3.50 and you drink one per day on your way to work. The total you would save over a 23 working day month of October for example would be. $3.50 x 23 = $80.50.
So if you were to save on your coffee for the rest of the year, you could potentially have an additional $240 in your pocket for the festive period.
Try Cancelling a Direct Debit
Have a look at your monthly expenses and what is going out of your account via the form of a direct debit. Its worth considering what you could do without, especially if you are not getting as much use out of your money as you had initially intended to, when you set it up. Things to consider cancelling could consist of your, gym membership, Foxtel membership or an expensive mobile phone plan that you don’t use all of your allowances on.
By removing a direct debit which may cost for example around $30 per month, you could end up saving over the course of a year; $30 x 12 months = $360.
Small deposits and High Interest Savers
Make the conscious effort to open up a high interest savings account which you can put small deposits in. When I say small, I mean if your account has a few spare cents or dollars left over, put those into the saving account. Over time these small amounts will add up. Plus the benefit of separating your money from your daily expenditure is a healthy exercise to do.
Getting into a habit of making a saving and then putting that into your separate savings account, is a healthy way of seeing your saving efforts in a monetary value over time.
Fuel Docket Method for saving Money
A sure fired way to save more money and get better value for your monthly income is to use fuel dockets. Try this little exercise starting from today to guarantee a monthly saving. Make it a rule of thumb that every time you fill up with fuel , you do so with either a Coles or Woolworths shop-a-docket, which will save you 4 cents per litre.
Using this tactic in conjunction with the previous tip, will help you save money you would have otherwise spent while enabling you to put money into your savings account monthly. Plus have a nice tidy little sum to look forward to at the end of every month. If you fill up with fuel once a week, you could save up to $5 per week which is a nice little saving of $20 per month.
I hope you have found these tips useful towards your saving efforts. If you have any other useful tips or tricks to saving money that you have found useful, please share them.