7 Easy Money Saving Tips You Can Action Right Now

money saving tips

7 Easy Money Saving Tips You Can Action Right Now

When you’re paying off a personal loan, it’s important to make sure that you manage your money well and meet all your repayments in full and on time. Our money saving tips can help you along the way.

You also need to keep up with your other regular expenses, like utilities and groceries. With so many demands being made on your budget, sometimes it’s hard work to cover everything. With that in mind, here are seven great money-saving tips to help you pay your loan off quickly and easily.

Stick to your grocery shopping list: Money Saving Tips

Keep a running grocery list on your fridge door or kitchen bench, and make sure that you put everything on it that you need for the week (to avoid making several trips to the supermarket). Shop once a week and only buy the items on your list. Impulse buying can cost you hundreds of dollars a year. Try shopping at Aldi and using coupons where possible to pay less for everyday items.

Practice economical driving

Did you know that driving with your windows open uses more petrol? So does driving over 90 km/h, idling in heavy traffic, having under-inflated tyres, carrying extra weight in your boot and accelerating suddenly. Try to drive smoothly and carefully during less busy times of the day to make your tank last longer.

Talk to your bank about your account fees

You might find that the purpose for which you originally set your bank account up differs from the way you use it now. Did you intend to save in it, but now it’s your transactional account? Has your bank changed the fee structure recently or introduced a different type of account that has fewer transaction fees? Have a chat to your bank to see if you have the right accounts for the way that you’re currently using them. If you have a large credit card debt, see if you can switch to a low-interest rate credit card to save on the monthly repayments.

Never pay retail

If you’re buying a big-ticket item, always ask for a deal. Most shops have large markups on their goods and are prepared to reduce the price a little to secure the sale. Don’t just buy from the first shop you visit – repeat the process a few times until you find the one offering the best price. For smaller items, like children’s clothing, buying a year ahead in end-of-season sales can save you up to 50%. Many large department stores have several sales a year; make a note of the regular ones and make a shopping list in preparation.

Sell your things you don’t need

Most of us have bought items that seemed like a good idea at the time but have never been used. Try listing them on Ebay or Quicksales. See if there’s a local second-hand clothes shop that will sell good used clothing on your behalf (and where you can replenish your wardrobe cheaply). Or pop a few notices up around the neighbourhood and hold a garage sale.

Use less power

If you’re still using the old-style incandescent light bulbs, swapping them for energy-saving CFL bulbs could reduce your annual power bill by around $100. Cut down on standby power usage by turning appliances off at the wall to save up to $180 per year. Washing your clothes in cold water will save around $115 per year.

Review your fixed expenses

It pays to check your phone, internet, power and insurance costs once a year. Often you can bundle services (like landline and mobile phone) or insurance policies (like house, contents and motor) together to get a discount. You can compare different suppliers across a range of services at Compare The Market. Check with your current provider before you switch – sometimes they’ll match a competitor’s offer and save you the hassle of changing!

These tips could save you hundreds of dollars a year, and they barely scratch the surface of all the different ways you can save money. While not every option might be right for you, every little saving is a step in the right direction to being able to repay your personal loan successfully.