Top Tips to Save Money

Saving money need not be difficult and doesn’t necessarily have to stop you from having a great lifestyle.  Our financial planners have put together some easy daily money saving tips that could save you thousands without you even realising it:

General Money Saving Tips

  • try to pay for items in cash.  It might make you think twice before you break that $50 note.
  • Save for the future.  Take 10% of your gross income each pay day and set it aside in a savings account that is difficult for you to access.  The theory with this tip is “out of sight, out of mind” and that your savings balance should grow steadily without you realising it.
  • Get a piggy bank.  Every time you get home put any coins you have in your pocket or purse into a jar.  At the end of each month take this to the bank and depost it into your savings account.  You’ll be surprised how quickly all those coins can add up to a sizable fortune.
  • Is your credit card offering you the best deal?  Go to sites such as  to compare your credit card.  Not having the right credit card for your situation can cost you a fortune so it’s important to get it right.
  • Avoid late fees and penalties by setting up direct debits on your bills when you receive them.  This way you won’t forget to pay them by the due date and you maximise your interest by only paying bills when they’re due – not before.
  • Where you can, use a shopping basket instead of a trolley when visiting the supermarket.  This way you won’t be tempted to buy lots of items that you don’t really need.

Money Saving Tips for In The Home

  • With the internet and mobile phones, many of us don’t use our home phone line much these days.  Consider using VoIP or your mobile phone at home instead of paying for phone line rental.
  • Reduce your meat intake.  Meat is extremely expensive and is also very costly to the environment.  Try to “beef up” meat recipes with cheaper but very health legumes such as kidney beans.  Your wallet, your body, and the environment will thank you!
  • Make sure your fridge is running efficiently and all the seals are in good condition.  Check your thermostat.  Turning your fridge temperature down just a couple of degrees can make a huge difference to your electricity bill.
  • Never use your dishwashing machine until it is full and finish the cycle before it reaches the drying cycle.  Leave the door open instead to dry dishes.
  • Is it a sunny day?  Use clotheslines and drying racks instead of a dryer.  Australia is blessed with beautiful free sunshine – you should take advantage of it!

Money Saving Tips for Entertainment and Lifestyle

  • Instead of going to the cinema, stay home and hire a DVD.  If you still want to go to the movies, try going on a less popular day or time to take advantage of cheaper deals or buy a book of tickets in advance (these are much cheaper than single tickets!).
  • Skip dining out at restaurants or getting takeaway.  Cook at home instead.
  • Bring your lunch to work, don’t buy it!  If you spend $15 a day for 48 weeks a year, this is a saving of $3600!  That’s some expensive lunch!
  • Remove any unecessary items from the boot or back seat of your car.  These all add weight and can dramatically reduce the fuel efficiency of your car.  Also make sure that your tyre pressure is correct – flat tyres can cost you a lot of money in petrol.
  • Buy birthday and Christmas presents early.  Keep your eyes peeled during sales periods for a bargain gift.

For more help managing your finances, arrange a meeting with a Financial Planner in Sydney from Financial Spectrum.  Financial Spectrum are Independently Owned and offer Fee Based Financial Planning services in the Sydney CBD.