Learning a few new money saving tips and tricks might be on your agenda for 2017 and if it is then we have exactly what you are looking. Did you know that making only a few minor adjustments to your spending habits could save you as much as $9,000 this year?
Reducing our excessive spending is usually a topic on our minds around new years resolutions time, but for many it can seem too big a task at face value. That’s why today we are going to look at expenses that generally sneak under the radar and how to eradicate these hidden costs that we do not need.
The most common ‘money leak’ that the Australian nation have, comes in the form of a subscription and other monthly payments that we have forgotten about or not got around to cancelling. Unused subscriptions and apps on average add up to roughly $144 per person in wasted money each year. This is enough money to make scouring through your emails for forgotten sign ups worthwhile.
Our advice would be to start with movie, television, music and phone apps that are being charged to your credit card for example. That $12 per month you are spending will be a much uglier number at the end of this year if you don’t do something about it now.
If you haven’t guessed it, the second largest money sucker we have are credit cards, with the average Australian balance sitting at $4,300, and some of us own more than one of these plastic black holes. To save money try switching to a card with a balance transfer period and the result could save you roughly $2,500 over the course of the year.
Beauty is also a contender with hairdresser expenses also pushing up our annual costs each year. Personally, I like having short hair with minimal maintenance, meaning I am happy to visit cheaper barber training colleges for a haircut. Choosing to use this cost effective solution means that on average I save myself $480 per year compared to someone visiting a professional hairdresser.
Wireless Internet is becoming more powerful and as a result our online demands are growing too. This growth in demand means that we feel the need to buy the more expensive plans to have the most amount of data, but a great money saving hack for apartment livers would be to share one internet connection. Those friendly with neighbours could save an extra $30 each per month or $360 per year if you got over the initial barrier of sharing.
Gym members have great money saving opportunities if they only use the gym for cardio based activities and not classes or heavy weights. In efforts to save money those members spending $70 or more for a monthly membership could easily find other ways to workout without a gym and save close to $884 per year. It only requires a quick search on Google for a suitable workout plan that doesn’t require a gym.
Take-away food is a big money hole, but with it being so easy today it’s difficult not to use these time saving services. However, don’t try to completely stop, instead cut out one $50 family takeaway from your fortnightly budget and the result could save you $1,300 over the course of 2017. If this isn’t possible, try meeting with friends for a coffee catch up rather than a brunch or dinner catch up and the results will save you up to $1,000 based on a $60 spend at 18 meetings.
As I have mentioned many times before, a daily coffee or two can also add huge expenses to your budget in little increments. A good money saving coffee tip would be to get the ‘best value for money by maximising your caffeine hit’ or choose refillable capsules that ‘cost a tenth of standard Nespresso pods’.
Ultimately the amount that you save is down to the habits you manage to curb. Maximising all of the above money saving strategies can save you thousands per year and we believe we have covered the key areas. If there is anything you think we have missed, please add to our list by using the comments section below.