Imagine if you could save $80 each week. Then imagine this balloons to $350 by the end of the month. Before you know it, a year has gone by and your bank account is healthier to the tune of $4,200.
Sound good? Now let’s make it happen. Here are 7 practical money-saving strategies that are easy to put in place and will get you to take notice of where your money goes.
1. Think bulk, not brands when grocery shopping
Check out the price savings of buying in bulk. Products that you use regularly like dishwashing detergent, toothbrushes and toilet paper are significantly cheaper when bought in jumbo sizes.
Buy products when they’re discounted, not when they run out. Don’t buy just one sale item, stock up with enough to keep you going for a few months.
Switch to cheaper brands or start shopping at a cheaper supermarket. Even if you’re attached to the regular name brands, there’s no reason a generic brand can’t be as good.
2.Put your electricity under the spotlight
Turn off lights when you leave a room and switch from incandescent globes to LEDs or compact fluorescents. You can reduce lighting costs by as much as 50% by switching to energy efficient lighting.
If you haven’t changed your electricity or gas provider in a while, now is the time to pull out your latest bill and find a cheaper plan. The free and independent comparison site Energy Made Easy will help you compare electricity and gas offers.
3. Switch to weekly home loan repayments
Pay your home loan weekly instead of monthly. Home loan interest is calculated on a daily basis so the more frequently you pay, the more you will save. This applies even if you are not actually paying any more than you used to.
Talk to a mortgage broker about other ways to make your home loan more competitive.