{"id":8169,"date":"2023-09-11T12:03:53","date_gmt":"2023-09-11T02:33:53","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/simple-ways-to-save-money\/"},"modified":"2023-09-11T12:03:53","modified_gmt":"2023-09-11T02:33:53","slug":"simple-ways-to-save-money","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/simple-ways-to-save-money\/","title":{"rendered":"Simple ways to save money"},"content":{"rendered":"<div>\n<p>Find out how to save money every day and make a savings plan to stay on track.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" alt=\"\" height=\"300\" src=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/wp-content\/uploads\/2023\/09\/Simple_ways_to_save_money.png\" width=\"570\"><\/p>\n<h3>Separate and automate your savings<\/h3>\n<p>An online\u00a0savings account\u00a0is a great way to grow your money faster. Unlike a transaction account, you can\u2019t spend money directly from a savings account, so it\u2019s harder to dip into your savings.<\/p>\n<p><strong>Automate your savings<\/strong><\/p>\n<p>Transfer part of your pay into your savings account. You can ask your employer to do this for you or you can\u00a0set up a direct debit. This way, you\u2019re saving without even having to think about it.<\/p>\n<p><strong>Round-up transactions<\/strong><\/p>\n<p>Some savings accounts or apps let you round-up your daily transactions to the nearest $1 or $5. The change then goes directly into your savings account.<\/p>\n<p>For example, James buys a coffee before work each morning:<\/p>\n<ul>\n<li>\n<p>The coffee costs $4.20.<\/p>\n<\/li>\n<li>\n<p>His account is debited $5.<\/p>\n<\/li>\n<li>\n<p>80 cents goes straight into his online savings account.<\/p>\n<\/li>\n<\/ul>\n<p>After a year, James will save more than $200.<\/p>\n<h3>Look for ways to reduce spending<\/h3>\n<p>Look at your expenses to see where you can make changes or get a better deal. It may surprise you how little things add up.<\/p>\n<p><strong>Find quick wins<\/strong><\/p>\n<p>Look through your bank or credit card statements for the last two months. Identify anything that isn\u2019t essential. This could be things like subscriptions or memberships.<\/p>\n<p><strong>Reduce your grocery bills<\/strong><\/p>\n<p>To reduce your grocery bills:<\/p>\n<ul>\n<li>\n<p><strong>Plan ahead<\/strong>\u00a0\u2013 plan meals weekly (including lunches and snacks). Stick to your shopping list, so you only buy what you need.<\/p>\n<\/li>\n<li>\n<p><strong>Buy on special<\/strong>\u00a0\u2013 look for cheaper home or own brands. Buy frozen vegetables as they\u2019re nutritious and may cost less than fresh.<\/p>\n<\/li>\n<li>\n<p><strong>Compare unit prices<\/strong>\u00a0\u2013 look at the unit price (e.g. price per 100g) under the main price. This makes it easier to compare the price and value of similar products so you can see where you get best value for money.<\/p>\n<\/li>\n<li>\n<p><strong>Go seasonal<\/strong>\u00a0\u2013 save by buying fruit and vegetables in season, shop at your local fresh markets or grocers.<\/p>\n<\/li>\n<li>\n<p><strong>Eat less meat<\/strong>\u00a0\u2013 meat can be expensive so try to buy when marked down at end of day. Plan some meat-free meals.<\/p>\n<\/li>\n<li>\n<p><strong>Buy in bulk<\/strong>\u00a0\u2013 buy staples (like rice, oats, flour) when marked down. Or buy bulk amounts with your neighbours or friends.<\/p>\n<\/li>\n<li>\n<p><strong>Grow it yourself<\/strong>\u00a0\u2013 get your family involved in making a herb or vegetable garden together.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Reduce your electricity bills<\/strong><\/p>\n<p>To reduce your electricity consumption and your bill:<\/p>\n<ul>\n<li>\n<p><strong>Heating and cooling<\/strong>\u00a0\u2013 only heat or cool the room you\u2019re using rather than the whole house. Open or close the blinds to help control the temperature inside. Block draughts to avoid leaking heat (for example, put a door snake at the bottom of a door).<\/p>\n<\/li>\n<li>\n<p><strong>Laundry<\/strong>\u00a0\u2013 run your washing machine with a full load and use cold water in your machine when possible.<\/p>\n<\/li>\n<li>\n<p><strong>Appliances<\/strong>\u00a0\u2013 use energy-efficient appliances or lights if you can. Try to use appliances outside peak times when tariffs are lower (check your bill to find when it\u2019s cheaper). Adjust temperature settings on air conditioners to the most efficient level.<\/p>\n<\/li>\n<li>\n<p><strong>Turn off when not in use<\/strong>\u00a0\u2013 turn off your \u2018vampire appliances\u2019 at the wall so they don\u2019t use energy when not in use. These include gaming consoles, any appliance with a \u2018standby mode\u2019, and phones that are at 100% charge.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Swap to cheaper alternatives<\/strong><\/p>\n<ul>\n<li>\n<p><strong>Gym memberships<\/strong>\u00a0\u2013 look for no-cost classes or running groups in your local area. Or try free online workout videos or fitness challenges.<\/p>\n<\/li>\n<li>\n<p><strong>Streaming services<\/strong>\u00a0\u2013 look for free streaming channels or apps.<\/p>\n<\/li>\n<li>\n<p><strong>Food delivery services\u00a0<\/strong>\u2013 delete the app and try recreating a take-out meal yourself at a lower cost.<\/p>\n<\/li>\n<li>\n<p><strong>Eating out<\/strong>\u00a0\u2013 instead of eating at a restaurant, have a picnic or BBQ at the beach, park or someone\u2019s house.<\/p>\n<\/li>\n<li>\n<p><strong>Holidays<\/strong>\u00a0\u2013 consider holidays with no air travel, like camping or day trips from home.<\/p>\n<\/li>\n<li>\n<p><strong>Transport<\/strong>\u00a0\u2013 look at car-pooling, or ride your bike instead of taking public transport.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Shop around for better deals<\/strong><\/p>\n<ul>\n<li>\n<p><strong>Electricity\u00a0<\/strong>\u2013 compare energy suppliers to make sure you\u2019re getting the best deal. Use the Government\u2019s\u00a0<a class=\"external-link\" href=\"https:\/\/www.energymadeeasy.gov.au\/\" target=\"_blank\" rel=\"noopener\">Energy Made Easy<\/a>\u00a0website. Or\u00a0<a class=\"external-link\" href=\"https:\/\/compare.energy.vic.gov.au\/\" target=\"_blank\" rel=\"noopener\">Victorian Energy Compare<\/a>, if you\u2019re in Victoria.<\/p>\n<\/li>\n<li>\n<p><strong>Insurance<\/strong>\u00a0\u2013 when it\u2019s time to renew your insurance, compare premiums with other providers. You could get a discount if your policies are grouped together. Or you may be offered an incentive to stay with your current insurer. For tips see\u00a0<a href=\"https:\/\/moneysmart.gov.au\/car-insurance\/choosing-car-insurance\" target=\"_blank\" rel=\"noopener\">choosing car insurance<\/a>\u00a0or\u00a0<a href=\"https:\/\/moneysmart.gov.au\/home-insurance\/choosing-home-insurance\" target=\"_blank\" rel=\"noopener\">home insurance<\/a>.<\/p>\n<\/li>\n<li>\n<p><strong>Internet and phone<\/strong>\u00a0\u2013 review your monthly usage over a 12-month period and look for a plan that suits your needs. You could be paying for more than you use, so there may be cheaper options. Or your provider could offer you an incentive to stay, which may be a better deal.<\/p>\n<\/li>\n<\/ul>\n<h3>Have a savings plan<\/h3>\n<p>The secret to saving is to start early and save often. Create a savings plan so you can manage your money and stick to your goal.<\/p>\n<p><strong>Know where your money is going<\/strong><\/p>\n<p>Have a clear picture of your regular expenses and spending habits. This helps you see where you can cut back and save. See\u00a0<a href=\"https:\/\/moneysmart.gov.au\/budgeting\/track-your-spending\" target=\"_blank\" rel=\"noopener\">track your spending<\/a>\u00a0for practical ways to get started.<\/p>\n<p><strong>Start a budget<\/strong><\/p>\n<p>Once you know how you\u2019re spending your money, you can set a realistic budget. Your budget will help you to stay on track, review your progress and reach your money goals sooner.<\/p>\n<p>See\u00a0<a href=\"https:\/\/moneysmart.gov.au\/budgeting\/how-to-do-a-budget\" target=\"_blank\" rel=\"noopener\">how to do a budget<\/a>\u00a0to get started.<\/p>\n<h3>Set a savings goal<\/h3>\n<p>Setting a savings goal helps you stay focused. It doesn\u2019t matter how big or small your goal is, work out how much money you need and make a start.<\/p>\n<h3>Pay off some debt<\/h3>\n<p>If you can, make extra repayments towards any credit card debt or loans you have. Paying off your debts sooner can save you thousands in interest.<\/p>\n<p>See how to\u00a0<a href=\"https:\/\/moneysmart.gov.au\/managing-debt\/get-debt-under-control\" target=\"_blank\" rel=\"noopener\">get debt under control<\/a>\u00a0for more information about prioritising and managing debt.<\/p>\n<p><span style=\"font-size: 10px\">Source: <\/span><\/p>\n<p><span style=\"font-size: 10px\">Reproduced with the permission of ASIC\u2019s MoneySmart Team. This article was originally published at\u00a0<a href=\"https:\/\/moneysmart.gov.au\/saving\/simple-ways-to-save-money\" target=\"_blank\" rel=\"noopener\">https:\/\/moneysmart.gov.au\/saving\/simple-ways-to-save-money<\/a><\/span><\/p>\n<p><span style=\"font-size: 10px\">Important note: This provides general information and hasn\u2019t taken your circumstances into account.\u00a0 It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete.\u00a0You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.\u00a0 Past performance is not a reliable guide to future returns.<\/span><\/p>\n<p><span style=\"font-size: 10px\">Important<\/span><\/p>\n<p><span style=\"font-size: 10px\">Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.\u201d<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/simple-ways-to-save-money\">Simple ways to save money<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out how to save money every day and make a savings plan to stay on track. Separate and automate&#8230;<\/p>\n","protected":false},"author":4,"featured_media":8170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Simple ways to save money - Adelaide Private Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adelaideprivatewealth.com.au\/simple-ways-to-save-money\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"asim_stellar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/adelaideprivatewealth.com.au\/simple-ways-to-save-money\/\",\"url\":\"https:\/\/adelaideprivatewealth.com.au\/simple-ways-to-save-money\/\",\"name\":\"Simple ways to save money - 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