How do you save or be thrifty with money?

Corza000 on 30/06/2020 - 20:19
Last edited 30/06/2020 - 21:05

I thought I’d put out a list of things I do to help save money and see what other people out there do too:

  • ask for a better deal on service providers once per year (NBN, electricity, gas, phone)
  • use the energy compare website when considering other providers (receive the $50 bonus)
  • ask for a reduced interest rate from my bank at least once a year
  • refinance with banks willing to be more competitive or offer cashback incentives
  • use prepaid mobile as they provide better conditions for a lower price in most cases
  • participate in focus groups
  • purchase only on sale items in grocery shop and let that decide what I’ll cook
  • buy generics. use things like ‘disposable’ razors instead of ‘non disposable’. The only main difference I notice is price
  • load up on non expiry items when they are on sale eg deodorant
  • put everything on my loan offset or redraw. Put some extra in ETF and super
  • bargain and use coupons/promo codes whenever possible
  • use this website

There’s probably others but this is what I can think of at the moment.
Interested to hear any other ideas or to hear if anyone else is weird like me.

General Discussion

Comments

    • CheapCheap0 on 04/07/2020 - 14:22

      Not everyone has a Job like that where you get facilities like shower and car etc

      • Trying2SaveABuck on 04/07/2020 - 15:39
        +1

        Well im assuming everyone has a toilet at work….

  • The Wololo Wombat on 30/06/2020 - 21:58
    +2

    Sometimes spending more is better in the long term… if the product lasts longer.

    Ultimately it comes down to thinking long term - how much money (per annum, in 10 years) will I save if this becomes a strategy.

  • MrFrugalSpend on 30/06/2020 - 22:17
    +58

    I'm glad you asked - here's my rules that have helped me always:

    "Look after the cents and the dollars will follow" - take-out coffee/food regularly (particularly a habit during the work week), extra drinks when out, smoking, the $35 steak instead of the $18 special, they all add up to a lot. A regular eating out / take-out habit could cost $$$$$$s…. at retirement, could be the difference between owning own home/debt-free vs scraping together money for bread from your pension - I'm not kidding…particularly if the savings are coupled with:…

    "Save / invest" - doesn't have to be anything risky / radical, just start young and be persistent at adding to it every paycheck with a long-term view.

    "Be mindful of recurring costs" - even if small, cut them where you can - how many streaming subscription sites do you pay for, how often do you take the route that requires tolls or pay for parking, how much is your (a) rent/living costs (b) phone/internet bills (c) insurances etc - how can you save? have you shopped around? can you share (e.g. housemate? or shared subscription)… habitual repetitive costs are a killer.

    "No add-ons" - this applies to everything from "would you like fries with that?" to "extended warranties", to "this game has in-app purchases" to "you really need this gold plated HDMI cable and Super Surge Protector Power filter to go with that TV sir", to optional extra leather seat upgrades in that car…. no, I would not like fries and just a glass of water is fine.

    "Live within your means / No Bad Finance" - Bad Finance = Credit Card Debt, Car Loan, "x months interest free" deals on furniture etc: I have never racked up credit card debt (even though I have one and use it regularly for the points!), never had a car loan - only bought what I could save for even when it was a bucket of …. - now I can afford a good one, yay :) Good Finance: Property Loan, Investment Leverage (if safe).

    "Good Value. Not necessarily Cheap" - Its okay to buy nice, durable things, provided they are good value and you will get good use from them. Don't just buy cheap crap you need that will break, particularly tools (but mid range not premium). Plus I use Royal Doulton crockery and expensive cutlery because they were on massive sales - and I can't stand them being "saved for special occasions", I eat with them every day and its great. I also indulge on good value bucket-list life experiences/travel because you only live once and you need to save your money for something… I'd rather have seen the world then fed a pack-a-day cigarette habit.

    "Buy things you need on Sale, almost exclusively" - particularly tech, clothes, furniture, groceries - stock up when non-perishable items you use regularly are on sale, I mean like trolley-full stock. It's an investment.

    "…or Buy in Bulk" - If not on sale, I'll buy based on best value/quantity for money - yay for unit pricing - If that means a 5kg bag of rice, I will use it eventually so a 5KG bag of rice it is.

    "Buy at the sweet spot" - As much as I love flash new tech… no, I won't have an iPhone 11 Pro / latest Samsung Galaxy 5G whatever, or absolute fastest graphics card for my PC… yet - I'll have something at the 'sweet spot' of best bang for buck (after the early adopters have wasted their money and ironed out the bugs).

    "DIY and Borrow stuff" - avoid paying for costly services you can do yourself like cleaning your car or mowing, and borrow things you don't need on hand regularly.

    "Discount Codes, Coupons, Clearance Items, and Deals, Deals, Deals, Deals" - Welcome to OzBargain, you are in the right place… whilst you are here, check out Couponese, Cashrewards / Cashback and hunt down every discount code and check every sale item for something you NEED and pretty much don't buy it if its ever been offered or likely to be offered at a lower price.

    • ihbh on 30/06/2020 - 22:57
      +5

      Borrow stuff

      … coming from someone who owns many thousands of books… but is mostly a changed person now.

      Think of it as you being the current custodian of the item - it's much more sustainable this way. Related to this is buying second hand from op shops and donating it back to them when you've finished using it.

      • purplelady on 03/07/2020 - 09:15
        +2

        Yeah and it's good for the environment too!

    • nikey2k27 on 02/07/2020 - 19:58

      Love Love You total sound like me

    • PoKGuy on 02/07/2020 - 22:15
      +1

      ^^^ yep, that's me.

      Gotta keep your eye on the prize (goal) and not get distracted by (too many) discretionary purchases.

      My weaknesses are tools at Bunnings, stuff from Supercheap auto and misc. purchases from OzB. 😅

      "I swear I use them…"

      • MrFrugalSpend on 05/07/2020 - 21:44

        I must admit, Bunnings always adds up to more than I expect and I come out with more than I went there for… however that's usually because there are good deals to be had / clearance shelves etc. At the end of the day, I'd rather buy a tool that helps me DIY then pay exy bills per hour that cost more than the tool for a contractor to do it for me etc.

    • nickj on 03/07/2020 - 14:46

      Agree with everything apart from "If that means a 5kg bag of rice, I will use it eventually so a 5KG bag of rice it is". Last time I bought a large bag of rice from Coles, it had rice weevils in it ( https://en.wikipedia.org/wiki/Rice_weevil ) after the first use, so I had to throw it out. The large bag was too large even for the largest zip lock bags. Now I buy 1 kg packs from Aldi, and put them in zip lock bags straight after opening, and no more weevils. So the cost per unit may technically be higher, but the elimination of wastage actually makes it much cheaper.

      • JetBombat on 03/07/2020 - 20:16
        +2

        That's extra protein wasted! On a serious note you can freeze the rice for few days and there will be no weevils unless they get it from other food.

  • bdl on 30/06/2020 - 22:20
    +17

    I use one letter answers to stop my keyboard from wearing out prematurely.

    F

    • MrFrugalSpend on 30/06/2020 - 22:31
      +2

      lol - I do the exact opposite because I'm worried about not getting good value from my investment… see comment above

  • ihbh on 30/06/2020 - 22:51

    load up on … deodorant

    is it necessary if you're thrifty?

    maybe shower at work as suggested above?

    • abuch47 on 02/07/2020 - 21:25

      Depends. I didnt need it for years but as my metabolism slowed and became more sedentary/fat I sweat much more. I still often forget till it's too late.

  • Simoneee on 30/06/2020 - 22:55
    +12

    Ozbargain makes me spend on things I don't even need

  • lordezekiel on 30/06/2020 - 22:59
    +7

    Get off ozbargain asap.

  • thriftysach on 01/07/2020 - 00:32
    +2

    I didn't come from the richest of backgrounds, kinda just got conditioned to save money all the time.

    I'm kind of a person who has next to no spending impulse. I learnt long ago that competing with other people with products is not the way to go about in this life. I have very niche interests, that I'd be willing to spend my money.

    ask for a better deal on service providers once per year (NBN, electricity, gas, phone)

    Yes do this, don't just focus on the price but what you are getting out of it, particularly for NBN and Phone bills.
    For electricity and gas bills, you may be allowed to get some kind of rebates, definitely look into those.

    use the energy compare website when considering other providers (receive the $50 bonus)

    This is a good idea, also ask around with your close friends who seem to be thrifty. Sometimes, you can quote heresay and get a better deal.

    ask for a reduced interest rate from my bank at least once a year

    No knowledge of this

    refinance with banks willing to be more competitive or offer cashback incentives

    Again no knowledge

    use prepaid mobile as they provide better conditions for a lower price in most cases

    Well this depends on your profession and usage habits.
    For me, I spend around $50-$60 a year on my mobile plan. It involves alternating between Kogan 90 day and Catch 90 day 4 times a year. I get 20gb out of it, pretty shit service in some areas, otherwise its allright. I get this because I cannot afford the more expensive plans with the same amount of data, the prepaid plans with this much data and 12month periods are also kinda overpriced. I also do not like the idea of being obligated to a 12month prepaid plan,

    participate in focus groups
    I don't know how old you are, but doing these isn't a good way to make money.

    Tips to make easy cash on the side without any skills:

    • Uber/Ola/DiDI Driver
    • Uber Eats
    • Get a security license and do shifts when you're free on the weekend (Initial investment of around $1000 required) but its worth it if you need the cash desperately.

    purchase only on sale items in grocery shop and let that decide what I’ll cook

    —> Maybe try visiting ethnic food stores, you'll find stuff cheaper over there. Take an ethnic friend with you if you aren't ethnic so you know what to buy.

    —> Perhaps buying items on sale only isnt the best option, have a shopping budget for every week, take advantage of bonus flybuys points/$10 off shopping. Ask a friend if they want to be a Costco Member, go to costco with that friend, put one address, make one card in their name and one in your name and split the cost of the membership. My mum has been doing this with her friend since costco came and it works well. If you have a partner, make sure the one who does most of the shopping is the one whose name the card is in. Costco Eggs/Milk can help you save if the costco is very close to you. As for WISH giftcards, I wouldnt say its the best method to save. You will only be saving $5 or less, remembering giftcards can be tedious and a bit of a hassle.

    —> Buy ingredients in bulk too, you'll save.

    buy generics. use things like ‘disposable’ razors instead of ‘non disposable’. The only main difference I notice is price

    Do not compromise on your personal hygiene to save a few dollars mate, not worth it. Disposable Razors can give you skin problems if you have sensitive skin. The creams that dermatologists prescribe are not the cheapest. If you have been using a particular razor brand for a few years, might be worthwhile to stick to it. Maybe check the internet to buy those online if they are cheaper.

    load up on non expiry items when they are on sale eg deodorant

    Thats not a bad idea, but make sure you stocking up on products doesnt lead you to use more of that said product.

    put everything on my loan offset or redraw. Put some extra in ETF and super
    No knowledge about these

    bargain and use coupons/promo codes whenever possible

    Yes whenever possible, unless its an immediate emergency. Be crafty with your bargains if allowed to. Example, for Mcdonalds/Hungry Jacks download negotiator coupons/hj vouchers on your phone if ordering for a family or something.
    use this website

    • Corza000 on 01/07/2020 - 10:34
      +3

      Tbh I have not noticed a difference in the blades of ‘non disposable’ to ‘disposable’ of some of the main supermarket brands. They tend to last the same time and a blade is a blade.

      • thriftysach on 02/07/2020 - 01:00
        +1

        If the cheaper version works for you and you feel good using those, its a good idea to change to those.

        However, Beard + one slightly expensive beard trimmer = overall much cheaper than using razors.

    • Koipanda on 01/07/2020 - 18:47

      Can you give tips for the first one?

  • Flowerbomb on 01/07/2020 - 01:02
    +1

    Making a budget before you get paid. That’s how you will know how much you are allocating to savings first.

  • [Deactivated] on 01/07/2020 - 01:14
    +3

    I only buy what I need. I shop around around for the best Term Deposit deal to invest my cash. I overlook loads of sales if they are unnecessary. I load up on essentials (anti-perspirant, detergents, coolant, engine oil, etc.). I purchase on sale and reduced items which dictate my eating habits (when possible). I use coupons fastidiously because I value the meaning of a dollar. I don't follow thankless and witless trends (my tastes are minimal and thus, timeless). I don't use credit at all (that's a bottomless pit of despair once the endorphin rush wears off). I buy second hand (quality) furniture to avoid chemicals as much as possible. I bought a very nice second-hand car, very cheaply from a wealthy old school-friend, which I maintain. And I'm very patient when it comes to sales.

    I also spent ~$2K on a new 36" top and bottom Toolpro tool chest (which I adore) and filled it with tools with plans of learning to fix my own car, and I'm learning about how to use power tools for odd jobs in order to become more self-reliant (where legal, although I did chance on a heap of new tradie TAFE books recently for a song!).

    Neat trick: Next time your mechanic tells you they've tried everything to get your left headlight (or whatever) to work, check the fuse box, ha! I also bought a top notch Autel ODB scanner to avoid being scammed as much as possible! I lend it to little old ladies in my neighbourhood for the same reason.

    Additionally, I have a Thinkware dashcam (hardwired, front and back) to protect my car insurance rating and potential costs there, especially being a safe driver. Waiting for a good deal on a proper home security system… besides my axes and cheap knives. :)

    It's a recipe for success. Especially when you're saving to buy a home. I sacrifice a lot, and you have to otherwise you just get stuck in a slump which can be a very self-destructive vicious cycle. As of today, I have practically everything I need. Manchester, clothes to last ten, fifteen years, crockery, etc., most new and stored waiting for the day I move into my own home. So, when I have my mortgage (which will be heavily leveraged by equity from careful saving), I can pump maximum funds into it to pay it off faster. Win-win.

    tl;dr: I don't waste money.

    • PissLUR on 01/07/2020 - 10:00

      You don't waste money except for anti-perspirant.

    • inherentchoice on 02/07/2020 - 05:44

      You load up on coolant? How much could you possibly want to stockpile!? Coolant is usually good for 2 years at least, and on some cars the manufacturer says 15 years! Unless you have a coolant leak?

    • [Deactivated] on 02/07/2020 - 12:50

      I also RARELY drink (one Aldi Rivet, haha, over two days, about once a week - don't like the feeling of being drunk or even tipsy so half a can is perfect) and I don't smoke.

  • Emerald Owl on 01/07/2020 - 01:33
    +3

    Don't buy an expensive car. Stay a generation behind in video games and basically play for free. Spirits are taxed the highest in Australia, so drink other stuff here and spirits overseas. Walk an hour over getting an Uber.

    • inherentchoice on 02/07/2020 - 05:53

      Walk an hour over getting an Uber.

      I like this idea. That's up to 6 km if you walk at a pace slightly above average.

      In warmer months and climates you will work up a sweat though. Maybe that also depends on body size and fitness. Skinny people have less of a warm core.

      Outside of the big cities most people just take their own car everywhere which is much cheaper than an Uber and in many cases it's actually much cheaper even than public transport.

    • abuch47 on 02/07/2020 - 21:26
      +4

      Dont drink or smoke is a much better option for longterm cost savings. Alcohol, smokes and health are expensive.

      • Emerald Owl on 02/07/2020 - 22:12
        +1

        Goon, vape and Medicare.

  • screensaver on 01/07/2020 - 02:06
    -1

    Does your state have bottle recycling? Since the first day I have been a recycler and have made extra money from this. There is 3 bin nights in my area and I do all 3 per fortnight, I do 3 streets a time and spend about 2 hours. I also have places I get cans from and stop there several times a week. I did some tonight on my way back from the supermarket.

    • thriftysach on 02/07/2020 - 01:05

      So how much would you say you make out of this?

      I hope you do it walking and get some exercise in tbh. I'd do it if I lived alone.

      • screensaver on 02/07/2020 - 03:08
        +2

        a good bin night would be around $20, but thats 3 streets. I do have enough time to do another street. Winter is okay too. Last night I made $5 on my way home, stopping at a small round of 2 sets of shops street bins. I also have a beer drinking neighbour that had 29 cans on Sat nite. This year I was given 2 lots of nearly $100 worth by 2 different ladies that saw me collecting and invited me to their houses to pickup. I could make more, there are 2 other daily places I could do. Tonight I had a bonus, I found cooked fish and prawns that I dropped off to the homeless cats.

        • thriftysach on 02/07/2020 - 17:56

          Mad Respect Mate.

        • [Deactivated] on 03/07/2020 - 14:14

          Wow, we are only doing it from our house and the first time we made $18 and the second $10 also the third time another $10. This money comes in handy for e.g. a Bunnings run. Betther than throwing them for free money, and giving it to the garbage truck…

          • screensaver on 04/07/2020 - 18:56

            @[Deactivated]: tonight I went to my local takeaway to order their $5 special meal deal and the owner said You collect bottles? I said yes and he gave me a bag and told me to come back for more. I said I like burgers so I wil go back for a burger soon. But I want to work out a deal because its 6.50 for a burger but extras are $1 each. ie beetroot, egg, pineapple, cheese. I can skip the meat pattie if they will agree on a slightly bheaper price

            • [Deactivated] on 04/07/2020 - 19:26
              +1

              @screensaver: That's nice of him.

    • DemocracyManifest on 03/07/2020 - 12:08

      Its worth doing it, especially if its nearby, it became too hard for us to do and the money made would have been lost in fuel.

  • Scorpex on 01/07/2020 - 08:16
    +6
    1. If you drink beer, home brew. The costs of packaged product are inflated enormously by alcohol excise that you don't pay on kits. 2. DIY - thousands to be saved with some basic skills.
      • kingsville on 02/07/2020 - 17:05

        …but home brewing beer is legal!

    • Flowerbomb on 02/07/2020 - 21:29

      Interesting. I don’t drink enough to make it worthwhile, but how’s the taste? Can you make pear ciders as well?

    • DemocracyManifest on 03/07/2020 - 12:09

      I second this

  • Mokr on 01/07/2020 - 10:48
    +7

    Need to account for all your costs

    For example a mobile phone is like 300 dollars for me, but it lasts 2 years on avg.

    So thats 150 dollars a year on mobile phones.

    Once you do that for all your stuff you get a more true allocation of costs.

    And then you can budget.

  • AH on 01/07/2020 - 22:33
    +3

    Earn more by asking for a raise

  • inherentchoice on 02/07/2020 - 06:00

    Personally I don't play video games or drink alcohol or coffee. Alcohol/caffeine are literally drugs lol!

    I average about $7 when eating out. Mainly thanks to Maccas and HJs vouchers, especially shake and win items under $4, then can add $1 chips. GYG $3 burritos are alright.

    Credit cards
    Phone bank before credit card fee is due. Ask when fee is due. Ask if fee can be avoided by cancelling. Get offered a fee waiver to keep card. Accept.

    Or otherwise just keep churning through cards and claim the bonuses for new sign ups. Heaps of those deals get posted here on OzB.

    Vehicle
    Depreciation on brand new cars is HUGE.

    Let someone else take the hit by getting an older car, and learn to do some DIY. You will still need a mechanic for bigger things though.

    Insurance
    Use the free travel insurance that comes with many credit cards. But as mentioned avoid the annual fees. NEVER buy travel insurance from a travel agent. Get your own online if you need.

    Personally I don't actually bother with insurance except CTP. (Car insurance is necessary if your car was bought on finance but I don't see anything wrong with having a cheap car.) If you have savings to pay for an accident anyway, then arguably you are self insured and you can cut out the middle man and avoid the chore of going through a claims process.

    Extended warranties
    Almost always a huge rip off. Don't bother.

    • Mattylicious on 02/07/2020 - 11:50
      +4

      Agree with everything except the car insurance - at least have third party property insurance in case of an accident as the savings may not be enough..

      • inherentchoice on 02/07/2020 - 11:52

        Any deals? Last I checked cheapest was about $130 with AAMI. Still couldn't really justify in my head as I barely drive.

        • screensaver on 02/07/2020 - 12:26

          yes 10 a month with NRMA

        • Hunter14 on 02/07/2020 - 17:15
          +2

          If you barely drive then maybe it's justified. However, I would at least get third party insurance. You may be able to fix your own car with ease but that Bugatti you hit may not be so easy to fix.

          $130 per year is very cheap for peace of mind.

          • BobLim on 03/07/2020 - 09:16

            @Hunter14: I've usually thought of it more as protection against the costs for perhaps shutting down a rail line for 3 days because you hit the bridge footings, or structurally damaging a building or its services by hitting them. Other vehicles are nice and the $5000 "uninsured other party at-fault" has been useful for someone I know

        • OzzyOzbourne on 03/07/2020 - 12:46

          Each time you go out in your car you have the same chance of having an accident whether you use it once a year or every day

          • inherentchoice on 03/07/2020 - 12:48

            @OzzyOzbourne: Wrong. Each minute spent driving you have a risk of having an accident, and the risk increases depending on the traffic, roads and conditions.

            If I spend wayyy less minutes driving = wayyyy less risk.

    • djoz on 02/07/2020 - 12:33

      $3 GYG burritos? How?

      • inherentchoice on 02/07/2020 - 18:37

        Tacos. My bad.

        There's another chain called Burrito Bar and some stores have $5 burritos on certain days.

        • djoz on 02/07/2020 - 20:47

          Yup, I follow em at my local, and do have $5 burritos. But I prefer bowl. Whats the cheapest to get a bowl, excluding Birthday offers?

    • cashless on 02/07/2020 - 15:15

      Extended warranties
      Almost always a huge rip off. Don't bother.

      Hmm, not always…
      Bought a $h1tbox washing machine (NEC) from Hardly Normal 10 years back.
      As it was crap, I decided to buy extra warranty (1+4 years).
      Sure enough, with 2 years it went wrong and was fixed.
      Then again at 3 years and 4 years.
      On that last occasion HN warranty called me telling me that the machine was uneconomical to repair.
      So they'd offered me an "equivalent price" new one for nothing!
      I managed to get a basic model Bosch and then they offered me the extended warranty, which I took for about $150.
      Warranty was then 2+4 years.
      Sure enough about 4 years later the machine went wrong and needed new pump etc.
      It was fixed, but then went wrong again later and HN told me the cost to repair exceeded my cover, so offered me the same replacement machine deal again.
      I now have another Bosch with about 3 years warranty left from the 2+4 years.

      In the last 10 years I have had 3 new washing machines and only paid for one.
      But I have bought 3 extended warranties - seems to work nicely:)

      As an extra bonus bit of info - it is worth paying for big ticket items with a c/card that has extra warranty.
      If you buy phone/tv/washing machine, the c/card insurance will often cover additional 12 or 24 month warranty for nothing.
      Just make sure you keep the receipt!

      • Hunter14 on 02/07/2020 - 17:17
        +4

        Congratulations for the winning the warranty lotto!

        Btw, what are you washing in those machines??

      • inherentchoice on 02/07/2020 - 18:39

        $150 for 4 extra years. Was the machine worth about $500?

      • THICKnSLOW on 02/07/2020 - 23:15

        Do you work in a mine or do you wrestle crocodiles everyday for your washing machine to konk out yearly?

        • cashless on 02/07/2020 - 23:57

          Just raise a big, clothes hungry family;)

    • Zephyrus on 02/07/2020 - 20:05
      +3

      Car insurance is worth it, not having to deal with whatever dip shit you've had a crash with is worth it.

    • abuch47 on 02/07/2020 - 21:30

      Coffee is much much cheaper than alcohol especially from home.

    • Flowerbomb on 02/07/2020 - 21:34

      All your suggestions sound good! $7 on fast food? Too bad this doesn’t apply to Nandos, kfc and grilled.

    • ChemicalMan on 03/07/2020 - 10:06
      +3

      Mate, eating fast food to save money is a terrible idea. Fat, salt, sugar and simple carbs… I'd rather spend more and invest in my health.

      • inherentchoice on 03/07/2020 - 11:03

        I said that was average for eating out in general, mostly thanks to fast food deals.

        $4 to $5 of fast food at Hungry Jack's is less calories than a $15 Grill'd burger.

    • spaceflight on 03/07/2020 - 23:14
      +1

      If you have savings to pay for an accident anyway, then arguably you are self insured and you can cut out the middle man and avoid the chore of going through a claims process.

      My friend thought that until she drove into the back of a Bentley.

      It cost her several lifetimes of car insurance to play only a small percent of the total repair bill, being taken to court etc.

  • aspirepranesh on 02/07/2020 - 11:53
    +2

    Spreadsheets:

    • I love them, but some of my so called "happy go lucky" friends call me crazy and anal.
    • We log all of our below expenditures by date and review it fortnightly and by the end of the month.
    • Make a list of everything that is non-negotiables (rent, bills,etc.) to allocate money towards every month. No excuses on that. This is the priority for us.
    • I discuss with my partner on what is a negotiable amount for us to spend on groceries and buy 5% discounted Woolies E gift cards.
    • We agree on a set amount to eat out every month, which includes the ever expensive coffee which my wife can't stay off and try and spend within that limit. We use Eatclub and vouchers wherever possible.
    • We agree on how much each one of us spend on items like clothes, shoes, etc. and try to stick to it. Again, we never buy anything at full price. We use Amex offers, cashrewards and shopback combined.
    • I buy non perishable items in bulk when they are on sale on Amazon/Ebay/Woolies and store them. I cannot pay full price for a few items ever.

    Since Covid started, we did cut back on items 3 and 4, and we have realized we were really overspending in those 2 areas. We have cut back on almost 20% in our monthly overall spend since March once we reworked on areas where we were spending unnecessarily.

    Savings:

    • I make it a habit of splitting our savings into 2 accounts.
    • Mine is mainly 20-30% of our income every month towards purchase of a property. This is a priority for us.
    • Her savings account is roughly 10-15% of our income towards travel and any big purchases (which we have been avoiding). Worst case scenario, if we had to dip into our savings, this would be our go to.
    • My spreadsheet has a projection for our savings every month generally going towards the end of the year and I have a separate line to see how much we hit or don't hit our projections. We try out best to match the projections or better it.

    Credit Cards:

    • We have 3 between the 2 of us.
    • Use it mainly for points and I have never ever paid credit card interest. Call me dumb, I don't understand it and I tend to pay it off by the end of the week.

    Don't get me wrong, I do have expensive tastes and I am into Tech/Video games, etc. But I generally scout for prices, budget for it well in advance and generally avoid any big ticket impulse buys.

    • screensaver on 02/07/2020 - 12:29
      +1

      There are coffee loyalty cards such as The Coffee Club, (2 for 1), Muffin Break etc

      • aspirepranesh on 02/07/2020 - 12:30

        Yes, they certainly do. I know nothing about coffees, but the wife has those loyalty cards and use them to get a free coffee once in a while. Thank heavens, she has cut down on her coffees now and makes them at home mostly :)

    • Hunter14 on 02/07/2020 - 17:20
      +1

      For the credit card, the first thing you should do is set an automatic direct debit on each due date.

      That way, you keep the money in your offset account for as long as possible.

    • boostpak on 03/07/2020 - 10:44
      +1

      are you planning on living by a spreadsheet your entire life or just during the time to save for a house? Once kids come into the picture and a much busier life it seems a bit much to always live via spreadsheets for everything. It's good for bills and general, but to have it that anal for your entire life seems baffling to me

      • aspirepranesh on 03/07/2020 - 10:55

        I dont spend hours on it every week or month.

        We simply log everything in just to keep us in check.

        The surprising thing was, we were able to identify how much we were spending on stuff we didnt need. Dont blame ozbargain, but rather my self control as I used to impulse buy a lot of things here.

        I am a planner :) I like to calculate risks and possibilities and plan for a worst case scenario as well when I am working towards my goal. maybe that doesn't work well with everyone

        • boostpak on 03/07/2020 - 11:00

          you still didn't answer my question

        • boostpak on 03/07/2020 - 11:00
          -2

          instead trying to justify your anal way of living

          • aspirepranesh on 03/07/2020 - 11:02

            @boostpak: Didnt mean ignore your question, but rather say where I was coming from.

            I think I will continue with it. Been doing it for years. Been with my partner for 5years and she has no issues with it.

            So why not.

            Again, the only people that tell me that it is anal are 2 of my friends who go month to month living on credit cards with no savings and spending all their money om travel and food. Good for them.

            Also, as far as time and life being busy, I wake up at 4am and there is always enough time for things of importance in life. Our lives have had ups and downs and we haven't found this to be an issue in between all those.

            • boostpak on 03/07/2020 - 11:06
              -1

              @aspirepranesh: I think you're looking at two bad examples. The general person can still have things in place and save a lot, whilst also being able to enjoy much more than you and not having to live by some ridiculous spreadsheet lifestyle.

              • aspirepranesh on 03/07/2020 - 11:08
                +2

                @boostpak: Maybe.

                Again, 10 minutes a month is not a big deal for us. It took me about 30 minutes to put together the spreadsheet with the formulas and stuff 7-8 years ago and have had slight modifications since then.

                We still buy expensive/quality items, go on holidays, like to eat out, none of which have been impacted by my spreadsheets.

                To give you an example, I own 9 pairs of adidas UB's, thanks to ozb.

                Can I afford them?.. Hell yea..

                Do I need that many? Honestly.. No.

                Do I need more? Definitely No.

                The excuse I had was : it is not going to break the bank!

                But now I have cut back thanks to my spreadsheet where I have realized I have spent close to $1000 on them. They all do add up.

                My wife, when she was working was spending about $100 a month on coffee, which was a big part of our eating out expenses. When Covid hit and she had reduced hours and stuff, it was very easy to see what are the things we could cut back on.

                Some people I know use apps to log and track expenses. Some use a financial planner. Sreadsheets are my thing. Each to their own I guess.

                At the end of the day, I was simply sharing what is working for us and why.

                I like to learn new things and I have learnt a lot from this community. If someone finds my ways useful for them, I can only be happy.

      • Autonomic on 03/07/2020 - 11:27
        +1

        Life is always going to be a compromise between what you want and what you can afford - a spreadsheet is just a tool to help you decide on what you compromise on. Much better than just winging it.

      • Flowerbomb on 04/07/2020 - 20:28

        Hmmm I would still do a spreadsheet with a family. But probably more leeway with expenses. First I would allocate savings, then investments, then essential expenses like mortgage school fees and internet, then a lump sum of miscellaneous expenses (therefore less planning and detail).

    • PAOK11 on 03/07/2020 - 23:17
      +1

      What your doing is amazing and I applaud you for it. I tried the whole track your expenses via spreadsheet once. I'm not sure where you are supposed to find the time. I spent my lunch break (30 min) completing the task. Setting up the spreadsheet and filling it in for one or two months took a fortnight and it requires an ongoing commitment of roughly 1 a week. It was good to see where I could cut back but the thought of tracking every dollar for the rest of my life? Yeh I'll pass on that. Also on a side note, walking up at 4am is also incredible but that makes next to no difference. Unless you have a special gene (does exist) that allows you to live productively off less sleep, you are going to bed at 8pm or absolute latest 9pm so waking up early does not magically give you more time to complete tasks.

      • aspirepranesh on 04/07/2020 - 03:37
        +1

        Haha.. You're absolutely right. I am in bed asleep at 8.30pm most nights. I find that waking up early in the morning has been more productive for me over the last 15 yrs. Again, each to their own. For me, I like to get going before most people are up. Gym, dog, day to day tasks wll before I stwrt work at 8.30am. There is certainly no magic pill.

        • PAOK11 on 04/07/2020 - 13:18

          Can you give me some tips on waking up early? I was doing really well for a little while but now I've fallen back into my old routine. I also noticed that I was crashing at 3pm for up to an hour and a half when I was waking up early. Clearly defeats the purpose of waking up early if I need to nap during the day. Did you experience this yourself? Thanks for your help.

          • aspirepranesh on 04/07/2020 - 13:29

            @PAOK11: Below is what works for me. You can try a few of these to see if they help you.

            • use eye comfort mode or something on your phone from 7pm.helps me relax my eyes before I go to bed.
            • I train in the mornings which gives me a good head start for the day. I feel I have less energy if I don't train in the mornings.
            • I dont drink coffee, but about 4 cups of green tea through the day. Just about enough caffeine. I dont have tea after 4.30pm.
            • I take a berocca everyday when I feel tired in the arvo. This gives me a good kick wihhout caffeine.
            • I have vitamin D deficiency because of my dark skin. So I do take 5000iu vitamin d3 everyday and it makes a lot of difference. If I do miss taking it, I certainly do feel tired.
            • I try and get into a pattern. 21 days is generally my rule of thumb. Standard sleep time of 8.30pm.wake up time of 4am. Whatever changes you make, try and stick it out for 3 weeks with no excuses. It would be hard, but once you get into a pattern, it will be easy for you.
            • I was addicted to Red bull, which made me an insomniac for years. I have managed to get off it. If you do take energy drinks, try not to consume it after 4pm.
            • I try not to sleep during the day. If I feel tired or sleepy, I get up and drink water and go for a little walk.
            • PAOK11 on 06/07/2020 - 07:42
              +1

              @aspirepranesh: Thanks. Can't get away from the morning coffee at this stage but I'll sub the afternoon coffee with green tea. I'll try the 21 days & see how I go.

  • sarahlump on 02/07/2020 - 13:10
    +5

    I have a congenital issue that means I have a life expectancy of 30-40. Savings, retirement, meh. I'd rather have fun while im healthy then when im decrepid. Isn't this why you have children? so you can mooch off of them when you're old??

    • freemoneyhunter on 02/07/2020 - 17:25

      What congenital issue is that? Something with the heart?

      • abuch47 on 02/07/2020 - 21:31

        Cystic fibrosis is my guess

    • Mokr on 02/07/2020 - 17:47

      Kinda sucks having 9% mandated super

      • try2bhelpful on 03/07/2020 - 11:40
        +1

        Nope, enforced saving is brilliant. Good tax breaks. Who wants to depend on the pension? You will find people with “money” have a fair bit more than their minimum entitlement sitting in super. They top it up to give them the best retirement stream.

        • Mokr on 04/07/2020 - 09:55

          Wonder if dude can access it as he will die by 30

  • poopachu on 02/07/2020 - 13:59
    +5

    This one depends on your workplace and your comfort levels. Many industries and awards provide for a First Aid Allowance of between $11.00 and $16.00 a week if you are appointed as a designated First Aid Officer in your workplace. I put my hand up to be designated first aider and for the last few years I've earned a few extra $$ this way. Good skills to have as well

  • Bren20 on 02/07/2020 - 14:16

    I'm thinking of getting rid of my nbn. My data usage is maybe 40gb/month, but I pay 65/month for nbn and 15/month for mobile, plus another 15/month mobile for my partner = 1140/yr
    I think if we both switch to boost 240GB / $300 plans, we should have enough data for the year - saving 540/yr

    • fozzie on 02/07/2020 - 22:05

      Makes sense! Wow we have nbn at home (2 adults and 2 teens) and use about 800gb
      For mobiles we spend less than $40 for the 4 of us (using various sim offers and belong). So about $120 for pretty much unlimited data and phone calls 4 people. If I was in your shoes I would do the same

  • od810 on 02/07/2020 - 14:36

    There are few major things I do every year:
    - If you have your mortgage, look for better rates & cash back every year. It's literally free money. If you have of process to extract information, statements each year, it's relatively easy
    - Always check your the rate of your utility bills every year. Bonus, if you are in Vic and qualified for solar rebate, just install it, you make money back in 3 - 4 years.
    - If budget is allowed, maximize your super contribution via salary sacrifice or personal contribution because it's taxed lower rate AND your return is also taxed at lower rate. This is much better than invest on your own.

  • try2bhelpful on 02/07/2020 - 16:45
    +1

    When we bought our house one whole paypacket went into the loan and we lived off the other wage. It was a good way to, quickly, reduce the principal of the loan and forced us to live within the budget of one wage.
    Personally I would rather my daily hot chocolate than saving the money for a holiday. I really enjoy the drink and it is a little daily treat rather than a treat that only lasts a couple of weeks and I then have to deny myself the rest of the year.
    I’m a bit of an op shop hound, particularly for books. I also tend to wear pretty utilitarian clothes and I don’t wear make up.
    Overall my view is buy good quality, you have good things and you don’t have to buy replacements very often.

  • Jugganautx on 02/07/2020 - 16:47
    +2

    Don't buy stuff you don't actually need just because its a good price.

    I've made $3000 so far in the last month from selling heaps of small things around the house.

    You'd be surprised how much money you're wasting when you stop having a materialistic mindset.

    • truetypezk on 02/07/2020 - 21:09

      Shouldnt the take away actually be buying stuff you dont need because of it is a good price and resell for profit? Lol

  • funnysht on 02/07/2020 - 16:55
    +1

    Mortgage refinance is the main i thing- most ppl can save few grand a year on it

  • barenesscessities on 02/07/2020 - 16:57

    Many of the same already mentioned

    Some others:
    •I like to 'windows shop' every now and again. If only to be satisfied I'm not 'missing out' on anything (to me) worth buying. Also to negate the need for something at an inopportune time eg. I'll buy nice clothes on sale ready for an occasion rather than feel forced to need to find something for an occasion as whatever I might settle on may not suit or be on sale at the time.
    •I try to limit myself to the sale section when browsing. I'm otherwise quite thorough so helps me to not 'need' to check everything, if something I find on sale isn't the right size for example I leave it as 'it wasn't meant to be'
    •Realised overall what a consumer I am, will frequently not buy on the spot if am a bit iffy to gauge how much I really want/need it. If I do go back for it and it's sold out, also not meant to be. (Or I dedicate the rest of my life trying to find one to buy)
    •2nd hand shopping
    •Selling off no longer used stuff
    •If I need to buy something RRP, keeping the receipt and repurchasing if it goes on sale (within the eligible period) and returning the new, unused item on the high priced old receipt

    Having said all that, I do however recommend spending on experiences. I love concerts. Have been to many and in the current climate, am so glad I did.

    • freemoneyhunter on 02/07/2020 - 17:23
      -6

      Spending money on experiences is a waste, just close your eyes and imagine you flew to a tropical Island for the weekend then open your eyes and you have now done it, you can also tell your coworkers how great your weekend was and what you did.

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