Three Ways To Save Money This Week
When we think about saving money, daunting adult goals like buying a house or car, or travelling come to mind. These goals can be off-putting by their long-term nature or just by the scary amount of zeroes in each number. But there are ways to save money that aren’t so hard – starting with the decisions we make every day, and every small saving adds up in the end.
Here are three simple ways to save money and get closer to those goals.
#1 Stop buying lunch at work
It’s hard to resist the options, and it’s easy to go out to the nearest sushi joint rather than preparing something to eat in advance. In Australia’s cities, you’re lucky if you find a lunch for under $10. In a five-day work week that’s $50 you could be pocketing, or more than $2,500 in a year.
Of course, no one wants to be the loner at the work lunch drinking only water, muttering, ‘I have soup in the office fridge’. Live a little, but tweak your habits and you can work towards your savings goals every day.
#2 Check your automatic debits
You pay membership to stream music, you subscribe to Netflix, Stan and Hayu, and those travel magazine copies are still delivered to your old address. But how will you know if you don’t check?
Automatic debits make living life as an adult easier, but only if you keep on top of them. If you really do use all that on-demand video, that’s fine, but think about whether you really need them all and cancel the ones you use least.
Apply this thinking to all your debits and you could be on your way to that holiday to Japan.
#3 Have no-spend days
Another small way to keep your pay in your pocket, and make you think about the way you do spend it, is to designate one day each week a ‘no-spend day’.
Sometimes spending money is routine – the 11am coffee break ($3.50), the sushi lunch ($10) and the afternoon munchies ($8) pass with a beep of your contactless card and the money is gone. Making the decision to not spend money for one day will make you think about each purchase, and whether it’s truly necessary.
The best way to approach saving is to be aware of your cash, and be thoughtful about the way you spend it. This way, each day you will find ways to contribute to your end goals.
Bonus points for no-spend weeks. Here’s how.
Mitch is the Editor of The Cusp. Find him on Twitter @MitchBrook or on Instagram @Mitch_Brook.