I will willingly throw my hand up and admit I’m not fit – financially, or otherwise. I try, and have gotten a lot better at managing my weekly spending, but there is still plenty of room for improvement. AKA I end up scrimping towards the end of my pay cycle. And as much as I’ve loved living off tuna and rice, I no longer want to be the office tuna girl, y’know? It’s time to grow up.
So, I decided to turn to one of my more put-together friends, Jess. She’s uber-organised, budgets hard and yet, doesn’t seem to deprive herself of anything either. How in the hell?
Having heard whispers of grocery spreadsheets over the years, I’d always wondered what her tricks were. But spoiler alert: there was no magic fix. She just works towards a financial goal (that’s actually achievable), finds herself a good deal when she can and takes advantage of her banking setup.
So, when it boils down to it, she’s basically just worked on her actions until they turned into habits. Righto. With that in mind, I’m going to start making some changes and doing ‘em on repeat until I start to reap the rewards of my habits, too.
If you’re also keen to stick to some solid money habits, try adopting the below bad boys.
Track your spending
Track that spending, baby. It’s simple to budget but oh, so effective. And it’ll help with actually recognising some of your lousier money habits. Once you know what they are you can get to working on them.
It’s worth sussing out if your bank has an app that can help you budget and keep track of all your spending. If you’re with Virgin Money, its digital banking app has a tool that lets you see what you’re forking out for the most across all of your accounts. Eek.
You can even see the top five brands you spend on and tag transactions to see a total of how much you’ve spent on something that month. So, if you want to face the truth about whether or not you’re blowing too much on groceries, a simple search of your supermarket tag will solve that puzzle.
Set savings goals
If you’re not saving towards something, you’re more likely to be willy nilly with that cash. So, stop chucking it everywhere and send it straight towards some goals instead. Whether it’s putting money aside so you can eventually peace out and move to Canada, or just aiming for a certain number of zeros in your account, whatever it is, set a few goals to work towards and it can help you stay motivated.
Be on top of your bills
This is a big one. You’ve gotta get on top of those bills and know when they’re all coming out. Many of my tuna and rice ‘moments’ came hot on the heels of forgetting a mammoth energy bill was about to annihilate what was left in my spending account. Track your bills and plan ahead for them so you know you have dosh leftover to live on afterwards.
Score some rewards
If you want to purchase something online, it’s literally always worth a check to see if you can get a partial reimbursement. You’re going to buy it anyway, so why not get something back for it?
If you’re also into rewards, Virgin Money has an account that is big on giving you something back. The Virgin Money Go Account rewards you for spending on your debit card – whether it’s on a new ‘fit or a boring bill. If you meet the monthly criteria of funds to deposit and transactions to make for your age, every single purchase will earn you Virgin Money Points. Once you earn ‘em, you can transfer them to cash in your spending or linked savings account to keep building up your funds in the right direction.
Right now, if you spend $25 or more on a Menulog feast, it’d earn you 2,000 Virgin Money Points in the Virgin Money Rewards program. Or, if you wanted to get a facial at endota spa, you’d rack up 14 Virgin Money Points for every dollar spent on zenning out. Those are all points you can sling back into your savings as dosh. Not bad ey? Offers must be purchased from the app from your Go Account and can change, so make sure to check out the latest updates.
Take advantage of round-ups
Check out if you have the option to switch on round-ups in your account. Ooft, if you do, that can do some extra work for you in the background. Usually, round-ups mean you can up your purchases to the nearest dollar. So, if that coffee sets you back $4.50, the remaining 50 cents is on its way back to your savings account. Would you even notice that 50 cents otherwise? Bet not, and all the while it’s squirrelling a bit more money away for future you. We love to see it.
Virgin Money allows you to switch on round-ups, create up to nine personalised savings goals and track your recurring bills if you wanna switch up your banking to support your sweet new habits.
I’ll be giving these money habits a whirl and actually sticking to them for once. Catch you in 12 months and let’s see how much better our money situation looks by then, hey?
If you take out a new Virgin Money Go Account before 10 April 2022, you can receive 20,000 bonus Virgin Money Points when you spend $100 in your first 30 days. That’s enough for a $100 Gift Card with loads of partners!
Check out the T&Cs relating to the 20K bonus point offer, Virgin Money Rewards, partner offers and the Virgin Money Go Account, here. Rewards values mentioned in this article are correct as at 1 March 2022 and subject to change. Virgin Money Australia, a division of Bank of Queensland Limited ABN 32 009 656 740 Australian Credit Licence AFSL 244616, the issuer of the transaction and savings accounts.
*Information provided is of general nature only and you should consider whether or not the product is appropriate for yourself. For full terms and conditions, including information on eligibility criteria and fees and charges click here.
