Saving money can be a tough slog by any measure, but that doesn’t mean it’s impossible. Even if you’re only putting away a little bit each week, it’s always better than nothing at all.
We recently asked you, the fine people of the internet, to give us your best savings tips in 25 words or less and by dog, y’all really came through with the goods.
In fact, we thought we’d share our favourite ones with all of you so you can get up in the glory of putting money away for something cool like a holiday or a house or whatever.
First up, Emily – aka Savings Gurl – wants you to know the true power of shift work; extra money when you need it most.
“Shift work means, if there is something I really want out of the ordinary, I pick up an extra shift to pay for it. It doesn’t come out of my regular income. ex oh ex oh savings gurl,” she wrote.
Naomi has an interesting approach she calls ‘saving cramming’.
“Saving last minute – saving cramming. Leave it to the last minute to save for a holiday and you’ll be savvier than you have ever been.” Dangerous, but ballsy. I like it.
But sometimes you just need to allow yourself to be happy, like Courtney, who says some concessions for happiness often help her save on other things.
“Allowing myself to spend the money on what I want (travel) makes it easier to save on things I don’t need (clothes).. most days.”
Glenis reckons knowing exactly how hard you have to work for that money is the key to sensible spending.
“Know your hourly pay rate and when spending work out how many hours you spent working for it and if it’s worth it.”
Savvy spender Hannah has a handy little trick up her sleeve for saving, but it may not gel with a lot of you.
“Get your mum to open your bank statements… No guilty spending is worth a mum lecture….” Ooft, nice one.
Or perhaps you just need a little encouragement from someone who’s good at saving, just like Monica, who looks to her brother for a hand.
“A picture of my brother, the stingiest person I know, is inside my wallet. His birthday is also my pin to remind myself to ask ‘do I really need this?’”
Your boy Steve is all about savings through diet, but let’s be honest, this particular diet may not be for everyone.
“Sardines and Mi Goreng Noodles washed down with a sack of wine.” Appetising.
And lastly, think about those notes you’re breaking when you’re out having a good time.
“Take cash out when you hit the clubs and only spend the notes. Chuck all the coins into a box. Those $2 babies add up.”
There you have it folks, all it takes is a little bit of original thinking and a heap of willpower. Even if you think you’re hopeless with money, start making an effort today for results tomorrow. You can also check out some sage advice from Bankwest right here.
The above article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.