Money Saving Recap – What are you forgetting?

Many of us go around each day thinking about ways to save money here and there, but over time it’s the consistent saving methods that will keep the most amounts in your pocket. Money saving pursuits such as rushing into the shopping centre so you don’t incur a bigger parking ticket bill in the grand scheme of things isn’t going to change your life too much, unless you go every day.

The famous saying goes, “don’t sweat the small stuff”, and this can relieve money saving related stress when it comes to avoiding expenses. Therefore today we are going to recap on the best techniques you can use, to ensure you are saving money on the bigger costs in life and how maintaining them can potentially save thousands each year. The best part is that they only take minutes to initiate.


Avoid paying bank fees and chargesPay Bills Online

Avoiding late payment fees and charges can save you up to $2,500 per year. The best way to avoid these late charges that banks and other organisations like to make us pay can be dodged by doing everything online. Going a step further and setting up recurring monthly payments for a bill or other expense can automate the entire process and potentially save you roughly $30 per bill.


Increase Super Contribution

Keep calm and pay less tax through salary sacrificeIncreasing your super contribution by as little as 1% can make a big difference to your pot whilst only affecting your take home pay by a small amount. Looking at an example, if David earns $90,000 before tax, excluding his employers super contribution, then by deciding to sacrifice some salary he can reduce his tax bill and increase his take home pay.

If David decides to redirect $10,000 into the salary sacrifice super contributions, he will save $2,400 in tax per year, which goes into his super fund. The table below will explain in more detail.


Does Nothing

Salary Sacrifices $10,000

Take-home pay






Extra money into super



Net benefit


$69,353 ($2,400 more)



Home Cooking

Eating three times a day means there is a daily commitment to spending money, but those of you who choose to eat out more regularly than cooking at home need to seriously consider the amount of money that could be saved.

If you bought yourself lunch every single workday (264 days) for one year at roughly $10 per day it would cost you $2,640 per annum. The likelihood that you manage to only spend $10 per day is very low. Therefore by choosing to save money by cooking quick prep meals and combining this with the superannuation tip above you could have an extra $5,000 per year in your pocket.


Literally Take a Breather

Take a breather and think before you spend moneyMoney saving blogs and websites across the planet all say things such as; “stop and think before you buy something” to curb impulse purchases, but this is such ‘wish washy’ advice I’m not surprised if 100% of the people ignore it. Instead, when speaking with a friend of mine who teaches smoking cessation classes, he told me about an effective technique that can reduce a smoker’s cravings naturally.

He teaches his class members that in order to reward themselves with a cigarette, each time they have a craving they should take deep breaths in for one entire minute and time it. The technique leaves many smokers without the craving after that minute.

Try a similar technique when impulse buying an item by saving this list of questions below onto your smartphone to refer to, for example:

  • Do I already have one at home?
  • Do I love this item?
  • How often and what occasions will I use it?
  • What will I discard in order to have this?
  • Will I still use this in 3 months time?

You might find that looking at the bigger picture on all purchases could save you thousands over the course of a year.


Finally, if you think about it seriously, if we collectively as a nation spent the same amount of time thinking about our finances as we do avoiding them, our national debt level would be half of what it is today.


TOPICS:   Money

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