Are you looking for ways to save money today? Are you saving for your next holiday, a deposit for a house, or to finally pay off your credit card debt? Here are a few actions that you can take TODAY to get started.
1. Automate your savings
Create a system where you have your savings automatically going into a separate account each time your salary is deposited into your account.
2. Negotiate your interest
Do you have a home loan, personal loan or even a credit card? CALL your bank to see if they can give you a more competitive rate. Make sure you arm yourself with details of what their competitors are offering, the risk of losing you as a customer is usually a pretty good incentive for them.
3. Do a review of your paid apps
Do you need both Bumble and Hinge? Did you accidentally forget to cancel a subscription before the free trial period ended? Can you get by with the free version of Spotify, or whichever apps you are currently paying for?
4. Review your TV subscriptions
Similar to the above, do you have multiple entertainment packages? Can choose either Netflix or Stan for a couple of months and then switch when you get sick of one, rather than paying for two at once?
5. Shop around for phone & internet
If you’ve been with your provider for a while, you may not be on the most economical package. Have a look at a few competitors and compare to what you are currently paying and switch if they can’t give you a better deal.
6. Unsubscribe from marketing emails
This is a big one for me, if I just see the next collection from a brand I love, I am sure to automatically go and buy something. But if I’m not receiving their emails then I can go months without needing another item of clothing.
7. Don’t go shopping without a plan
Similar to the above, it’s better to make purchasing decisions from an intentional place, rather than seeing all the things you love and being super tempted. Deciding what you want ahead of time and committing to it is powerful.
8. Do your grocery shopping once a week
For some reason, most of us tend to spend more when we do multiple smaller shops than if we make a meal plan, write a list and do it all in one fell swoop.
9. Pay off your credit card as soon as possible
The compound interest on a savings account is your friend but for a credit card, it’s only the banks who benefit. The quicker you can pay down your credit card debt the more and more you will save over time.
10. Decide ahead of time who you want to buy gifts for
It can be easy to spend on meaningless gifts for people just because of what we think is expected of us. If we create a rule for ourselves that we only buy for immediate family and best friend then when Wendy from the yoga studio has a birthday party there is no negotiation about “should I or shouldn’t I?”
11. Give yourself an allowance each fortnight/month
Whenever you get paid, give yourself a certain amount of money to spend on the (discretionary) things that are most important to you. If buying clothes and cosmetics is your thing, great. If you’d rather spend on social events or magazines, books, etc then make sure you give yourself the freedom to do so, but within a limit – feeling deprived will only backfire.
12. Set up direct debits for gas and electricity
Most gas and electricity providers give you a discount for paying via direct debit and/or paying on time. Setting up a direct debit does both. Win-win! Call them and I bet you can easily save money today.
13. Track your spending
Whether you use a fancy app or a good old fashioned spreadsheet, knowing where you are spending your money and making sure that it’s aligned to your values and priorities is a good way to ensure you’re not “leaking” money.
14. Take your lunch to work
You don’t have to do it every day, but reducing the amount of money you spend on work lunches will save you heaps. I challenge you to find a yummier way to save money today than this.
15. Don’t go grocery shopping when hungry
Your waistline AND your bank balance will thank you.
16. Buy quality over quantity
In the long run, you’re better spending a little more upfront and investing in something that is made well and will last you longer than buying something cheap that will only last a short time. This isn’t just good for you, but also for the environment. Just don’t confuse expensive with quality, sometimes more expensive items won’t necessarily last longer just because they’re expensive.
17. Plan travel ahead of time
Taxi’s and Uber can be a massive cash drain, planning ahead will allow you to either share a ride with someone or work out public transport routes. You may even be able to save money today on your commute by biking, walking or carpooling.
18. Take holidays outside of peak times
I can tell you from experience that travelling during Christmas or school holidays is not only hectic but exorbitant. Travelling outside of those times can get you some great bargains (and a lot fewer crowds).
19. Book group accommodation
No, I don’t mean slumming it in a hostel! But if you’re travelling with friends, think about staying in AirBnB’s or similar accommodation. It ends up costing a lot less per person than everyone staying in a hotel, and usually, it’s a more unique and comfortable experience.
20. Get to know yourself
Ok, so this isn’t exactly a quick fix, but you can, starting from today, set an intention to understand yourself better; to know how you tick, what drives you in life, and what drives you to purchases. What are your money stories, what are your financial habits and are they serving you to live a full and happy life? Sign up to receive my free worksheet on the 20 Questions to Improve your Money Mindset.
Were these tips useful? I hope so. Let me know what you think in the comments below or come join me over on Instagram. I hang out there pretty often (ok, maybe a bit too often) and share loads more tips and tricks on there for improving your finances and your money mindset.