What Are Your Best Saving Tips?

DealWatcher27 on 29/06/2019 - 19:04

Hi all, I am compiling a list of Australian saving tips. I think no community better than the Ozbargainers in this! Please tell us what are your best saving tips? Below are mine

  1. Compare energy suppliers to make sure I am getting the best deal. Visit the Australian Government's Energy Made Easy website, or the Victorian Energy Compare website if you live in Victoria.
  2. Track the desired flight price with Google Flights. Receive the alert and buy when the price drop.
  3. Transfer spare funds to a robo investment account like Raiz
  4. Set up auto transfers to a high interest savings account
  5. Shop via cashback sites like Cashrewards and Shopback
  6. Shop with discounted gift cards
  7. Visit Ozbargain for good deals every day

Please share your ideas

Financial

Comments

      • brad1-8tsi on 02/07/2019 - 14:47
        +1

        fair comment.

        I was a smoker once and managed to give it up. Like many reformed smokers, I'm a bit unbearable on the subject.
        I really doubt i could give up the booze.
        I've never done any party drugs because I'm pretty sure i'd like them too much. :-)

        Thinking about it, the thing that really saved me money was giving up motor racing and sailing boats. If you want to burn through some cash they are the hobbies to choose.

    • Scorpex on 03/07/2019 - 09:31

      Agree (a lot) with 21 above - DIY skills. I could not count the amount I have saved over the years by being handy.

  • Danstar on 02/07/2019 - 12:21

    Visit Ozbargain for good deals every day

    I probably have spent much more money being on OzB compared to if I wasn't….or is that just me ? :D

  • Seraphin7 on 02/07/2019 - 13:18

    Spend less than you earn.

    The single easiest way to do this is to deduct your savings from your income every week/month BEFORE you start spending. Only spend what is left over.

  • hongas on 02/07/2019 - 14:32

    eat less and poop less.

  • Some Guy on 02/07/2019 - 14:36
    +4

    Discarded pizza boxes are an inexpensive source of cheese.

  • JuryWheel on 02/07/2019 - 14:56

    Anyone got any suggestions as to where to put kids savings? My kids all get a little money for birthdays/Christmas from relatives and at the moment it just sits in my offset which I know is the smart decision, however my wife wants them to have their own accounts with their own account numbers etc. Any suggestions?

    • Hunter14 on 02/07/2019 - 17:05
      +1

      Create multiple offset accounts (if it's free) and link them to your home loan. Nickname each account with the names of your kids so you know how much is owed to them when they are at the age to receive the money.

      • JuryWheel on 02/07/2019 - 17:14

        ANZ don't do this (for free anyway)

  • Yoo05 on 02/07/2019 - 15:09
    +1

    The best savings tip is - Invest first spend second.

  • DarthAntz on 02/07/2019 - 15:53

    Never buy bottled water, soft drink or alcohol. Take your own water everywhere. Saves the environment and your health.

    And before you buy something new, sell something old. Learn to sell (i.e. TV, clothes, furniture)

  • [Deactivated] on 02/07/2019 - 16:04
    +1

    The 5 & 2 diet is great for multiple health reasons and as an added benefit you'll get a noticeably lower grocery bill!

    • JuryWheel on 02/07/2019 - 17:14

      And suggested meal/recipe plans?

      • [Deactivated] on 02/07/2019 - 17:44

        Not really, its more about what you don't eat. For 2 days a week (not in a row) limit your calorie intake to 500-600 and on the other days eat/drink what you want, but not to any crazy excess. Aside from keeping lean there are lots of health benefits to introducing intermittent fasting in your routine.

  • bmerigan on 02/07/2019 - 17:53
    +3

    Get rid of Foxtel.
    Get a cheaper mobile phone provider.

  • [Deactivated] on 02/07/2019 - 18:09

    I certainly find it helps to keep my funds in separate accounts (same bank though) .
    Eg.
    Walking round money type account for daily use.
    Account where my pay goes into.
    Then if I am saving for something in particular, an account for that.
    It's all easily viewed in app.
    I try to keep very little cash on hand ($50 max usually) .
    Only move accross about $30-$100 at a time into the spending money account (from the account my pay goes into usually) .
    If I am saving up for something, whatever is left at end of each fortnight (in acc my pay goes into) , this gets moved over into the saving up account . Then fortnight kind of resets, and I try my best to have a good amount left over the next fortnight :) .
    Works well for me.
    Note Im not sure of your bank fees. I'm on concessions so don't pay any bank fees for extra accounts.
    Btw. It is also handy IMO, to have the extra accounts, for online use. I usually have 2 accounts with no funds in them, and I rotate/cycle between using 1 card for a while (then leaving that account empty) , then using another card/account for a while. I figure if any fraudsters did havw my card info, after 6 months of trying an account with zero balance, they have probably given up by then (and it's reasonably safe for me to go back to using that account)

  • AlanHB on 03/07/2019 - 09:01

    For me:

    1. If you smoke, swap to vaping.
    2. Opt for instant coffee during working day, rather than 2-3 cafe coffees each day.
    3. Bring lunch to work, prep it all on Sunday before the week starts.
  • Duram on 03/07/2019 - 11:04
    +5

    Biggest tip is to never spend your payrises / bonuses / tax refund / anything. Learn to live on your lowest wage possible and then invest anything that ever comes in after that.

    • umoddbro on 12/07/2019 - 15:26
      +1

      This. Alot of people treat their tax refund as a reward to spend it on useless junk, better to invest it and reap the benefits in the future.

  • godofpizza on 03/07/2019 - 12:55
    1. don't buy a new car. by demo or used. stick with Japanese made cars.
    2. don't spend more than $100 on a mobile phone.
    3. video games , buy used or AAA titles or wait 6 month after release or a year. the price drop is exponential.
  • frewer on 03/07/2019 - 13:47

    Learn how to invest in bitcoin.

  • lsk on 03/07/2019 - 14:46
    +1

    1) Look up Mr Money Mustache, Dave Ramsey etc. Although i'm not where as extreme as MMM, i do take away bits and pieces from his Blog (his 'Hedonic adaption' and 'Luxury is just another weakness' articles have saved me a lot of money in purchases i otherwise would've made).

    2) If you are a fitness junkie and space permits, invest in a home gym. I put one together 2 years ago, it's just paid itself off and will continue to (factoring in mine and partners fortnightly payments). Along with the short term costs, the long term benefits you get exercising can pay off later in life.

    3) I know it's not for everyone, but tracking your expenses and outgoings, on an app or excel spreadsheet.

    4) Only buying things when on special. I load up on Moconna coffee pods when they're half price (normally $6). They're just as good as the Nespresso ones.

    5) Don't buy expensive cars! (I'm a car guy, i've spent ALOT of money since my late teens to late 20's and that i wish i didn't). Especially if financing one, a lot of people look at the finance repayments and think 'yeah i can pay $400 a month', what they don't consider are the long term ongoing costs (interest, fuel, maintenance, VicRoad registration, insurance, depreciation). I wish they taught this in school.

  • nekro on 03/07/2019 - 15:07
    -2

    Charge various electronic devices at work.
    Go to gas hot water service - turn down thermostat so water is hot enough but not boiling.
    See if you can get 8 cups of tea out of the 1 bag like steptoe and son used to do.
    Revisit mobile phone plans - get a cheaper plan with less data

  • voiletmay on 03/07/2019 - 15:26

    Pets are also really expensive!! Vet bills, food, initial cost, rego, constant anti allergy medication, etc. Limit yourself to one pet. I am doing this now (just one dog) and it is hard. I've told my husband we can only have a cat if one comes to the front door looking for a home. I'm sure I live in the only area with no stray cats at all (sigh).

    All I have to do is drive past the vet to rememeber all the horrendous vet bills I had to pay as my previous cat got old and sick.

    • [Deactivated] on 04/07/2019 - 23:18

      But - they're worth it.

  • azngamer on 03/07/2019 - 16:12

    1) pay yourself first. I learnt this from my parents by setting aside money after you get paid and pay bills and expenses with the remainder. Found out later that people call it pay yourself first. I set aside more than 50% of my income to save and I don't earn much nor live with my parents.

    2) saying no to my wants. It's very tempting to buy things or splurge on desserts and food. I started with not buying drinks when I go out for food and stick with tap water. Max of two desserts outside a month. What helps me is to rationalise how much money goes into all these. The more you do it, the easier it gets.

    3) cook at home and bring food to work and friend's house if you hanging out (they are likely to eat outside). Cooking is done in batches and I don't mind eating the same meal in a row. I still eat out, but a lot less frequent (3-6 times a month) and I enjoy eating out more compared to times when I was eating out all the time.

    4) narrow down your hobby. If you are trying to save money, understand that there are some hobbies that are too expensive to get into. Pick and choose wisely on things that makes you happy, not things that people expect you to do to be cool (i.e. guys must love cars and then splurge on something you don't actually enjoy)

    5) doing your budgeting manually. It's nice that there are so many apps and tools to do it automatically, but nothing shames you for spending like calculating where every single cent goes each month. Great feedback loop to points 2,3 and 4.

    6) send ozbargain deals to friends so you get that "high" without spending money

  • tumsum on 03/07/2019 - 16:42
    +1

    u know when u have to confirm ur debit card and they credit you with a couple of cents? yea well i don't finish confirming. thanks paypal

    • DealWatcher27 on 04/07/2019 - 12:30

      How many cents they usually credit you? $0.01 to $0.03? And how many confirmations are you able to make in a week?

  • Scope on 04/07/2019 - 01:36
    -3

    Use a cloth to wipe butt. Wash it when done and you can reuse it. Never buy expensive toilet paper again!

    • RSmith on 04/07/2019 - 09:50
      -2

      Or get your dog to lick it clean. Don't even need to wash anything.

  • bohn on 04/07/2019 - 08:56

    Eat less meat. Big saving and better for your health.
    https://www.youtube.com/watch?v=lXXXygDRyBU

    • idonotknowwhy on 05/07/2019 - 10:02
      +2

      Yeah, spend the money on supplements and medical treatment when you're malnourished instead…

  • Ronthecrypto on 04/07/2019 - 10:24

    Cook at home and take lunch woh you.

  • PAOK11 on 04/07/2019 - 11:08
    +1

    Have you noticed how many guests are on ozbargain? These are the people that snap deals up deals in the first minute of being posted. I, like many others suffer from FOMO but it's something I'm always working on. People want everything now ! That's why I always take a step back and think do I actually need this product and will I use this product. Most of the time the answer is no. Fortunately i'm not a tech head (unlike many on OZB) and don't need the latest gadgets all the time. If you can only take one thing out of OZB it would be to avoid being sucked in to the vacuum of consumerism, even though that's not the purpose of this website.

    • AncientWisdom on 12/07/2019 - 14:42

      Yeah I have a buy list of things I'm after, if its not on the list I must sleep on it.

  • Tripnfelt on 04/07/2019 - 14:08

    You can use vanilla essence instead of extract, or use vanilla extract instead of vanilla beans/pods, or use vanilla beans/pods instead of beaver castoreum.

  • Cadic on 04/07/2019 - 15:11

    Earn more !!! that's best saving tip.

  • Magnastar on 04/07/2019 - 19:55
    +4

    Use your neighbours pool pump power socket and council park BBQs to make risotto and then get threatened with eviction and save on housing costs.

  • nignucial on 04/07/2019 - 20:56
    -1

    Don't pay your utility bills unless it's turned red twice

    • idonotknowwhy on 05/07/2019 - 08:50

      30% pay on time discount for electricity though…

      • nignucial on 06/07/2019 - 22:42

        Not if you're living in an apartment and sitting on a plan with no on-time discount…

        • idonotknowwhy on 06/07/2019 - 23:57

          Explain? I'm living in an apartment, and I change providers yearly, and always get pay on time discounts (a.k.a avoid late fees but with a positive spin on it)

          • nignucial on 07/07/2019 - 09:59

            @idonotknowwhy: Maybe I missed something… I'm on an embedded network which doesn't seem to allow me to switch providers. Would be glad to know if I actually could've changed!

    • PurpleClover on 12/07/2020 - 20:33

      How much do you save from delaying payment?
      Good luck to your credit score

  • AustriaBargain on 05/07/2019 - 01:35

    Quit smoking. Even if you have to buy a new vape pen every week you'd still save money.

  • Eeples on 11/07/2019 - 08:36

    Don’t get a bit of something on the side.

  • haru on 11/07/2019 - 10:49

    I DIY as much as possible.

  • suchis on 14/07/2019 - 20:31
    +1
    1. Imagine u have a glass of water on the passenger seat of ur car. Drive like it’s not going to get wet
    2. Double up on clothes hung from one clothes peg on the line. ;)
    3. Charge ur vacuum cleaner and other batteries after 10pm (even if doesn’t save u money, it spreads the load.
    4. Only wash clothes if they actual need washing.
      5, Hang clothes on the line, inside out, so less fading.
    5. If u r driving on open road and been rail gated by someone who is 0.3 seconds behind you…. let them pass. U will have to drop back 0.3 seconds to maintain a two second gap. But u have possibly saved yourself weeks in hospital from been rear ended.
    6. Travel the world. You will save been a boring old fart in later life.
    7. Live like your great grandma lived. Imagine u had to carry the water from the well…. now when u brush ur teeth do u let the tap run while brushing?
  • tinmancactus on 15/07/2020 - 16:38
    +1
    1. Move closer to your workplace.
    2. Sell car.
    3. Buy a bike / ebike + cargo trailer.
    4. Ride to work and shops.

    This saves me at least $3,500 each year and put $2,400 in the bank from the sale of the car.

    Living in a share house can also make a huge difference. I pay almost $10k less in rent compared to living without housemates.

    EDIT: Just realised I bumped a 1-year old thread. Oops.

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