Bonus section – How to save money while looking for your first job
(1) Don’t pay your speeding fine. Ask for exemption for any speeding fine received below 10 km/h if you have no other infringements over the past two to three years. Rules may differ from State to State in Australia.
(2) Reduce your gas and electricity bills by shopping around and get the cheapest rate and discounts. Note that discounts apply to the whole bill or just usage. Compute the total cost of the bill when you do your comparison. Call your current supplier and tell them that you are shopping around for better deals. They might give your further discounts.
(3) Reduce your car insurance by comparison shopping. Shop around at each renewal time.
(4) Get the cheapest hotel, car and flights by using comparison websites such as Hotels Combined or Skyscanner respectively instead of going directly to a particular website.
(5) Pay cash to pay less. Don’t be shy to ask for discounts especially when you are buying white goods or TV.
(6) Free meeting rooms available at Officeworks if you want to promote your services. Call to book.
(7) Buy a second car instead of new.
(8) Shop at opportunity (OP) shops – Savers, Savos (Salvation Army), etc.
(9) Go to the library for free events and activities.
(10) Ask for a cash sale from a tradie (trades person) or contractor, especially if work is done on a Saturday or over the weekends. A lot of these people freelance over the weekend.
(11) Don’t claim on your insurance if the amount of claim is small. Your premium may go through the roof over the next couple of years.
(12) First home owner scheme offered by same States in Australia can reduce some of your down payment for a house. It varies from State to State.
(13) Buy home and contents insurance if you are renting. If you are a homeowner, buy insurance that covers for cost of removal of debris and professional fees. I use Budget Direct.
(14) By a RACV car insurance if you have a learner child using your family car. There is no young driver excess payment in addition to your normal insurance excess.
(15) Meet with a financial planner or adviser to come up with a long-term financial plan. It protects your financial security into your old age. With the current average life expectancy, if you retire at age 65, you can be expected to live for another two decades.
(16) Recruit a family member, partner or friend to be your financial accountability partner where they work with you to regularly check your spending, saving and budgeting.
(17) Improve your financial literacy. Know how to read your bank statements.
(18) Start saving as soon as you can. It’s never too late to start saving. When you start working and continue to add to your investment portfolio, the benefits of compound interest will accrue year after year.
(19) Do your research to ensure that you are selecting the best type of bank accounts. Many people just simply deposit their cash in any account or set up their savings accounts with the bank that manages their loan account.
(20) Diversify your savings strategy. This ensures that you safely work your money as hard as you can.
(21) Spread your savings across high-yield savings accounts and money market accounts.
(22) Automate your savings where only part of your pay is deposited directly into a savings account and the bulk of it into your investment accounts.
(23) Save any cash windfalls especially when you get a tax refund, bonus or other cash. Avoid the temptation to spend it all.
(24) Keep loose change that is in your pockets. Consider depositing them into a good old-fashioned piggy bank.
(25) Create a visual representation of your savings that will make you proud and achieve your financial goals.
(26) Build an emergency fund that is separate from your savings account with three to six months of expenses saved for unexpected expenses.
(27) Regularly track your spending. Seeing where your money is going will help you make better decisions with your money.
(28) Spend less than you earn. It’s the fundamental truth for good financial management and stress-free living.
(29) Create a monthly budget and stick to it. Know exactly how much money you have coming in and how much you have going out.
(30) Staying within a reasonable range of your budget as it allows you to save and invest a portion of your income every month.
(31) Make savings a part of your budget and a priority in life. It should not be the last thing you do when everything else is paid for.
(32) Cut back extras that you don’t need so you can save for future expenses.
(33) Create a 50/20/30 budget (or similar percentages that work for you) under a budgeting rule. 50% of your net income is for fixed expenses like mortgage repayments, car payments and utilities. 20% is for your savings goals including short- or long-term goals such as an emergency fund, vacations, home or retirement. 30% is for variable expenses or the ‘fun stuff’ like shopping, gifts, clothes, etc.
(34) Cut back on your spending in certain areas or get creative on how to bring in more money so that the breakdown works for you.
(35) Use credit cards as little as possible. If you do use a credit card, use a cash-back card.
(36) “Do I really need this?” Ask this question regularly.
(37) Differentiate between ‘want’ and ‘need’. Keep the big picture in mind – you are saving for your future.
(38) Get clear with yourself on the things you need to be happy and save the rest.
(39) Think about purchases in terms of hours worked. If you want to buy a $100 pair of designer jeans and you make $20 an hour, consider whether those jeans are worth five hours of your work, or if there’s a better way to spend that hard-earned cash.
(40) Live cheaply. Life is about the experiences. It is not about material possessions.
(41) Focus on the big items in your monthly budget like your house and car choices. They make a bigger impact on how long your money will last. For example, drive a slightly older but reliable used car which will keep a lot more money in your pocket than a brand-new leased car.
(42) Skip those daily coffees especially while at work. Saving $4 or more per day on buying take-away coffees is $120 per month saved, at least.
(43) Bring your own lunch from home. Cook more for dinner and bring the left-over to work rather than buying takeaways.
(44) Stop buying bottled water and invest in a water filter and a reusable bottle.
(45) Bring your own food to places like zoo or parks that offer overpriced food and drinks.
(46) Packing meals for the family when you go for a family outing.
(47) Stick to plain water when you do go out to eat. Drinks ordered in restaurants are greatly marked up.
(48) Go to a ‘happy hour’ cafes or restaurants where they serve discounted drinks during designated periods.
(49) Cancel subscriptions that you don’t need especially those auto-pay monthly subscription like streaming services and magazines.
(50) Renegotiate cable and phone bills or switch to lower-tier plans or other cheaper providers.
(51) Buy generic items over name-brand items at supermarkets and pharmacies.
(52) Buy refurbished goods especially refurbished electronics.
(53) Comparison shop for medication prescriptions at different pharmacies.
(54) Comparison shop for petrol or diesel at different petrol stations. Use apps to compare prices and cycles for the cheapest price.
(55) Keep your car tires well inflated to improve your fuel utilisation.
(56) Use discount coupons before paying full price for anything.
(57) Sign up for email offers from retailers.
(58) Shop around for holiday decors after the holiday as they go on sale immediately following the holiday.
(59) Shop ahead for next year’s Christmas especially immediately after a Christmas holiday.
(60) Shop using retailer or fast food apps that offer discounts through their apps.
(61) Take advantage of new customer specials especially for personal care and wellness services like hair salons and chiropractors.
(62) Don’t make impulse purchases but reassess what is in the shopping cart and remove items that are not a need.
(63) When shopping online, don’t purchase in the moment. Leave the items in the online cart, wait a day and reassess.
(64) Remove all online payment information like your credit card details to avoid blowing money on useless items.
(65) Keep your credit card in your bedroom when browsing the Internet to avoid impulse buying.
(66) Remove your credit card details from your PayPal account as it is convenient to make online payments.
(67) Avoid shipping fees by using free shipping instead.
(68) Take advantage of tax-free arrangements especially if you are traveling overseas.
(69) Buy and use discounted gift cards for the retailers you shop at most.
(70) Don’t use out-of-network cash or automated teller machines (ATMs) as there are additional fees charged.
(72) Avoid other banking fees like maintaining an account minimum or not keeping a minimum balance.
(73) Unplug any appliances when they are not in use.
(74) Get creative with family activities and entertainment to reduce spending and bring the family together.
(75) Spend more time at the library to save money on books and movie rentals.
(76) Designate a ‘no spend day’ once a week where you don’t spend any money.
(78) Use your free time for making more money or finding ways to save money.
(79) Create multiple income streams.
(80) Turn hobbies into a side gig that makes money for you.
(81) Find ways to reduce spending while increasing what you put in the bank.
(82) Start and build a business that can generate passive income that will last you long after you have retired.
(83) Create some type of guaranteed income for life that includes renting a spare room, your bike or car; or real estate investing.
(84) Sell stuff you don’t need in your house.
(85) Pay off high interest debts or loans as soon as possible.
(86) Don’t use pay-day loans to sustain your daily cash flow.
(87) Find a job that offers subsidised healthcare as healthcare costs are high and will become more expensive as you grow older.
(88) Set aside money in a health savings account to help with the costs of healthcare later.
(89) Take full advantage of employee benefits like subsidies for transportation, gym memberships and other common expenses.
(90) Contribute to a superannuation or retirement plan as soon as possible.
(91) Take full advantage of employer matching contributions into a superannuation or retirement fund.
(92) Aim to contribute at least 10% of your salary to retirement funds.
(93) Increase your retirement contributions yearly.
(94) Choose low-fee investments for your retirement accounts.
(95) Ask for what you deserve at work like a salary increase.
(96) Invest your salary increase instead of spending it when you do get a pay raise at work.
(97) Diversify your investment into stocks and other instruments like annuities.
(98) Invest in a rental property that will give you a steady stream of income through rent payments and the value of your property grows over time.
(99) Invest in money making websites.
(100) Don’t withdraw your money when the market is down.
(101) Live off the dividends of your investments.
(102) Invest in your physical and mental health. Prioritizing your mental and physical health is one of the best ways to keep fit and to fend off illnesses and associated expensive medical bills.
(103) Invest in your education to acquire new skills ready for the future of work.
(104) Invest in energy-efficient appliances. While the upfront costs might be high, you are sure to save money over the life of the appliance thanks to the decrease in your electric bill.
(105) Modify or purchase a home that’s aging friendly such as one with hallways wide enough to fit a wheelchair or modifying your home so that it can accommodate you in your golden years without the need to move out.
(106) Don’t dip into your retirement savings early to help your adult children, or perhaps to support aging parents.
(107) Avoid retiring too soon by delaying your official retirement just a bit longer than expected.
(108) Develop a retirement withdrawal strategy to str, etch your money.
(109) Buy food that is about to hit its ‘sell-by’ or ‘use-by’ date at a cheaper price.
(110) Write a shopping list before going to the supermarket.
(111) Don’t fall for the dirty tricks’ supermarkets pull to try and make you spend more money.
(112) Use budget supermarkets like Aldi.
(113) Shop at the right time of day as different supermarkets tend to reduce items at certain points of the day.
(114) Know your consumer rights when it comes to buying consumables and return any food that’s substandard.
(115) Take advantage of new customer discounts for online grocery delivery services.
(116) Buy in bulk (but only when it makes sense).
(117) Think seasonally when you shop. When certain foods are in season, they will be cheaper.
(118) Never go to the supermarket when you’re hungry.
(119) Never pay for plastic bags. Bring your own.
(120) Don’t throw food out as soon as its past it’s ‘best before’ date.
(121) Freeze everything that’s freezable. Freeze things in portions.
(122) Make sure you are using storage tricks to make food last.
(123) Learn to cook.
(124) Plan your meals for the week, shop accordingly and use the freezer when necessary.
(124) Grow your own food at home.
(125) Have frugal days to counteract days when you eat out or spend money going out drinking.
(126) Take stock of what you have before going to the supermarket.
(127) Reduce your intake of meat to save on cash.
(128) Sign up for freebies.
(129) Get a part-time job in a cafe or restaurant that feeds staff meals during breaks (and lets you take leftovers home).
(130) Don’t be embarrassed to ask for a doggy bag. Tomorrow night’s dinner is right there.
(131) Eat out on your birthday as there are places that will give you a free meal to celebrate.
(132) Follow all your favourite food brands, cafes and restaurants on social media so you’re first to hear about freebies and competitions
(133) Shop only once a week.
(134) Shop when you have energy and aren’t worn out from a busy day. It’s easier to focus and make wise choices when you’ve got energy and aren’t preoccupied.
(135) Return your used bottles and cans for the deposit that you paid.
(136) Plan meals so that you have leftovers for lunch the next day or freeze leftovers for a quick meal another day.
(137) Clean out your fridge and cupboards once a month.
(138) If you stock up, watch the expiry dates and package the food to preserve it if needed.
(139) If you buy large packages or meat, pre-cook or marinate it and then freeze it to speed up meal times.
(140) Don’t buy snacks on the run.
(141) Shop with a calculator and add things up as you put them in your cart.
(142) Only buy what you need and can afford. 3-for-1 is only a good deal if you can use three.
(143) Smaller sizes can sometimes be a good deal.
(144) Even if it’s “on sale,” it’s only a good buy if you will use it.
(145) Only buy meat when it’s on sale.
(146) Shop alone. Leave kids and over-spenders at home.
(147) Stoop, bend and look around for the best values. Smart merchants place the most profitable items at eye level and on end-caps.
(148) Weigh pre-weighed produce. For example, if you’re buying a 3-kg bag of potatoes, weigh them.
(149) Grate your items. You pay more to have someone else grate things for you – cutting up whole chickens, slicing your own pickles, slicing meat for cold cuts, and using a blender or rolling pin to make your own bread crumbs.
(150) Reduce the amount of sugar in your baking. Keep in mind that recipes will often “round up” ingredients to make them easier to measure.
(151) Investing in clever cookbooks can help you save money on food costs while also feeding you and your family.
(152) Shop at multiple stores. Not all stores are created equally and the same applies to product prices. By shopping at multiple stores, you’ll be able to find cheaper prices and deals that one store couldn’t give you.
(153) Use what you have up at home first. It helps you limit the risk of throwing out or wasting the older food in your kitchen.
(154) Bring only the cash you need for your budget. Bringing only a certain amount of cash will help you make the most of your grocery budget while keeping a very close eye on how much you’re spending.
(155) Buy bagged produce as they are typical cheaper then loose items, especially when it comes to fruits and vegetables.
(156) Select powdered, not liquid. By switching to powdered variations of some foods, you can cut costs significantly. You pay more for foods like jell cups because of the water and liquid that it contains, as well as the container/packaging.
(157) Don’t buy pre-cut food as you are likely to pay a huge premium.
(158) Watch the cash register during checkout as some cashiers and POS systems do make mistakes – getting overcharged or not getting that special deal pricing.
(159) Don’t buy anything at the checkout counters due to premium pricing that you’ll find at these checkout counters.
(160) Avoid individually wrapped items which are usually marked up.
(161) Price checking is the easiest way to ensure that you’re maximising your shopping savings.
(162) Check unit size and weight. If you’re comparing 2 or more products/brands, it’s always important to look at the individual unit size and weight so that you know if one has an advantage over the other when it comes to the amount of product you’re getting and how much it costs you.
(163) Check the individual unit price first. For example, if there’s a box of 3 air fresheners for $4, but an individual one only sells for $1.10, you’re paying an extra $0.23 more per unit.
(164) Stock up on great sales items. Stock up especially if it’s something you always use like toilet paper, soda, detergent, air fresheners, etc.
(165) Find the clearance items. Some stores will have a clearance section where you can find discounted products, both perishable and non-perishable.
(166) Get a raincheck for sales items. If a product is on sale but they’re all sold out, you can ask for a raincheck that will honour the sale pricing. That way, whenever the product is in-stock again, you can still purchase it at the sale price.
(167) Avoid the “professional” cakes. You can make a better one at home for a fraction of the cost. As delicious as homemade cakes and desserts made from scratch really are, it’s cheaper to go with the boxed cake mix.
(168) Buy certain “deli” cheeses in the dairy section. Some of the cheeses that you find in the Deli counter can be found in the dairy section, for a whole lot cheaper.
(169) Buy the frozen store food, not the one pre-cooked in the front.
(170) Go with frozen seafood instead of fresh seafood. Fresh fish is more expensive than frozen fish.
(171) Buy yesterday’s baked goods. Some baked goods like donuts and bread will be marked ridiculous low if you buy it one day later.
(172) If a bakery good is expiring tomorrow, ask for a price reduction. It never hurts to ask.
(173) Don’t get pre-washed salads. These pre-washed bagged salads serve one purpose – convenience. And with convenience comes higher costs.
(174) Don’t be afraid to ditch items last minute. Ditching items from your shopping cart is not a crime.
(175) Return food you don’t like or need. There is no shame in doing this. If you don’t want it, return it. Just make sure to look at your receipt and understand your stores return policy.
(176) Check your receipt. You will be surprised how many cashier overcharging mistakes are made on the daily.
(177) Join a store reward or loyalty program to get access to greater savings, promotions, and so much more.
(178) Use energy saving light bulbs at home.