With
the new year upon us, it’s easy to say “I will save more this year” but
what you might not have brainstormed is “How can I save more this year?
What are the practical ways to go about it?” The good news is even
small efforts can add up to big savings over time. No matter what you’re saving
money for —whether it’s to reach a savings goal, pay off debt faster or plan
ahead for a holiday or first home—these simple suggestions will help you get
there faster.
With
25 simple suggestions, there is one to suit everyone and to help you stick to
your goal or resolutions this year!
1. Create
sub-accounts for different savings goals or use your Raiz Account. It’s
an easy way to measure your progress and make quick adjustments.
2. Nickname
those goals. Research proves this creates an emotional connection that
motivates you to save more.
3. Set
up automatic recurring investments after payday. You won’t have time
to miss the money. For more information on Raiz fees, click here.
4. Treat
yourself to a birthday freebie. Most restaurants, if you tell them
it’s your birthday, will give you a little something just for dining with them.
The key is signing up early.
5.
Raid your drawers for unused gift cards. If you probably won’t
put them to good use, re-gift or sell them.
6. Cancel
unused subscriptions for magazines, gym memberships, for example.
7. Turn
off the tap when you brush your teeth. This can save 5,000L per year,
cutting down your water bill.
8.
Take shorter showers.
9. Unplug
your laptop and other appliances when you aren’t using them. Leaving
your computer on all day could add up to hundreds in a year.
10. Convert
to low-flush toilets and high efficiently appliances when your current
ones need replacing.
11. DIY
when it makes sense. (Doing major repairs on your own won’t save you
money if you end up having to a pay a pro to fix your shoddy work.)
12. Make
a list before hitting the store, and stick to it—and avoid grocery shopping
when you’re hungry and more likely to make impulse buys.
13. Buy
the floor model for a discount when you’re shopping for big-ticket items
like furniture or appliances.
14. Buy
last year’s model—especially when you’re shopping for electronics
15.
Buy holiday candy, decorations and wrapping paper the day after a major
holiday.
16. Borrow.
A friend may own a black-tie outfit you can wear to an upcoming wedding.
17. Get
books at the library instead of purchasing your own copies.
18. Use
generic or store-brand products for everything from cereal to face lotion.
19. Buy
everyday items like batteries and bottled water in bulk.
20.
Try the lunch menu at your favorite dinner spot.
21. Make
your own coffee, saving you anywhere from $1 to $5 per drink.
22. Commit
to bringing your lunch just one more day a week.
23. Stock
up on wine and liquor the day after a major holiday to score
discounts. Those are among the quietest days for liquor stores.
24. Look
for other freebies in your city, like yoga classes or one-day workouts in
public parks.
25. Volunteer. It’s
free and will make you feel good too.
Bonus
tip: Use all the features available on Raiz to save and invest
(Round-ups & Recurring Investments), manage your finance better (My
Finance), save for your kids (Little Raiz), and shop with an investment bonus
(Found Money). Happy investing!
Don’t have the Raiz App?
Download it for free in the App store or the Webapp below:
Important Information
The information on this website is general advice only. This means it does not take into account any person’s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.
A Product Disclosure Statement for Raiz Invest and/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.
The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.
Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.
Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.
