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Money savings tips

A penny saved is a penny earned, or so the saying goes. Here are some tips to help you on your way.

Find a cheaper option

Whether it’s your mobile phone, your broadband or a gym membership, take a good look at the plan your on and see if you can get a better deal. New plans are constantly being released onto the market, so if you’ve been on a plan for a while you could be surprised by how much you could save.

Another option might be to bundle your services together, such as your mobile phone and your broadband. Not only could you save yourself some cash, you’ll also cut down on the hassle of having to pay two bills.

Look at the small expenses

Finding ways to cut back on what you spend doesn’t have to be drastic – in fact there’s a chance if the changes are too dramatic you could be setting yourself up to fail.

Take coffee as an example. If you’re a coffee lover; giving it up completely is likely to be asking a lot. But if you’re in the habit of getting a takeaway coffee whenever the mood hits, maybe settle with the morning coffee to get a kick start, but go without the afternoon caffeine hit.

Get your menu sorted

There’s a reason why so many articles about cutting back on spending mention making your own lunch – it works. Let’s say you spend $12 a day buying lunch. Add that up over five days and you’re looking at $60. If you buy your lunch for 45 weeks of the year, that would add up to a cool $2,700. When you look at figures like that, making your own lunch could be worth making the effort.

Perhaps don’t just stop with lunch either. Try setting a menu for all your meals during the week, then making a shopping list and stick to it at the supermarket. If you have a plan for each meal; you’ll be less likely to splurge on takeaways.

Keep a spending diary

Where does your money go? It might seem like an obvious question; but why not stop and think about it – do you really know? One way to get a good idea is to keep a spending diary. Keeping track of everything you spend money on for a couple of weeks could be a real eye opener.

You can either buy a notebook and write down every purchase (that means every coffee, every drink and every takeaway meal); or you can download an app and track your spend on your phone. Once you’ve kept a spending diary for a couple of weeks you’ll likely be in a position to see where you could potentially make chances to your spending habits.

Check your accounts for any unnecessary fees

Take a look at any fees and charges you’re paying to make sure you’ve got accounts. Some accounts waive fees if you meet certain conditions, like having a minimum amount deposited into your account each month (such as your salary).

Made some savings? How about setting up a savings plan …

If you have something in mind you’re saving for (such as a holiday or a deposit on a home), you’ll be more likely to stick to your plan