Start 2014 on the right financial footing by setting out a detailed savings plan that will help you achieve your financial goals both this year and in the future.
By drastically changing your lifestyle and spending habits you’ll be amazed how much money you could save. If you practice these habits regularly over time they will soon become second nature and you’ll wonder how you were ever so casual with money previously.
Follow our top five tips to help you start saving and then watch the cash roll in. All you have to do then is plan what you’ll spend all that hard earned cash on.
1. Recycle, recycle, recycle
Go through your house and dig out any old electrical items, mobile phones, DVDs, CDs, books and clothes. There are a number of websites such as Mazuma mobile who are prepared to pay good money for these items. You could also consider selling them through online auction sites or at car boot sales.
2. Use comparison sites
Search the worldwide web at the touch of a button for the best deals online. Sticking with the same insurance and credit card provider year after year could be one of the biggest financial mistakes you are making.
Using price comparison sites is the smart persons way to compare financial deals and find products you need. In addition, they help to make switching providers easy and hassle free.
Car insurance comparison sites like Captain Compare help to save you both time and money by providing you with a vast range of quotes in return for just a few basic details.
3. Bulk buy foods
Bulk buying means buying groceries in large quantities from supermarkets and big-box superstores. Typical foods to bulk buy include rice, pasta, cereals and canned goods as they have a long shelf life and can be stored easily until you need them.
Buying directly from wholesalers is another way to save money when buying groceries. Also, independent stores and wholefood shops should also be visited to see what deals they’re offering. We’re often fooled into thinking the big name supermarkets will be offering us the best deals, when this is often not the case.
4. Make your own drinks
For anyone who has taken the time to add up how much they spend during a week/month/year on coffees or smoothies, you’ll know how much cash you are wasting on this unnecessary luxury.
Making your own coffee or smoothies to take on the commute to work is quick, easy and more nutritious than wasting money on high street, big brand alternatives.
Invest in a good quality, insulated cup and put the expensive blender or coffee machine that has been gathering dust in the back of your cupboards to work.
5. Don’t waste food
It’s a little known fact that Australians waste around 20% of the food they buy each year. This equates to one in every 5 bags of groceries that are purchased. You might as well save the time and effort taken to buy them and throw your hard earned dollars in the bin instead!
Take a little time prior to the grocery shop each week to plan your meals by day and make a note of the exact ingredients you’ll need to prepare them. Avoid wasting leftovers and save even more money by taking a little of the previous nights dinner to work for lunch instead of buying from the canteen.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.