Whether you’re trying to save $100 or $100,000, there are a number of things you can do to cut back on spending and put more money back in your pocket.
Interest rates are going up, inflation is hitting record highs, and petrol prices are surging. These are all real issues affecting Australians and it’s impacting how we spend our money.
Below we share our top money-saving tips from the Ume Loans team and some of our customers, too. Our hope is that these tips will help you save more money. That way, you can spend it on the things you want, not just the things you need. We’re passionate about helping clients save money, and have plenty of tips to help get you started.
It’s really worth putting an hour or two aside to compare what you’re paying for utilities, phone bills, and your internet plan. These are costs we don’t usually think about when we consider cutting back. We assume that “they are what they are.”
There may be better, more cost-effective plans or providers that you can switch to, reducing your bills each month. Cutting a $10 or $20 here and there, across phone, internet, electricity, gas, and similar bills, means more money in your pocket.
Take a look at your subscription plans. Many of the customers we talk to say they have content streaming services for movies or television shows, and others. In most cases, we don’t need all of these. We simply have them because we subscribed once, and then got used to paying for them.
Figure out which ones you absolutely can’t go without, and then cancel the rest. This is a great way to save money each month without having to get rid of anything that you use on a regular basis.
We like to call food delivery services and takeaway luxury costs. No one really needs to purchase food using these apps and pay all the added fees, plus delivery tips. Instead, try cooking meals at home. Not only will it save you money, but it’s also usually healthier for an average family.
Try to cut back on supermarket delivery services as well. Figure out what day of the week you can manage to get to your local Supermarket and do as much of your shopping as possible during that time.
Speaking of shopping all at once, frequent trips to the supermarket can kill a budget. Stop going to the supermarket everyday and purchasing a small number of items. It might not seem like you’re spending a lot of money each time you go, but that can add up quickly.
Instead, figure out everything you’ll need for the week, plan out your meals, and purchase everything all at once. There are several resources that can assist with ideas on where to start. This way, you have one single number to hit. You won’t find yourself wanting to purchase additional items throughout the week if you buy everything at once.
Sometimes, learning how to save money is about saying “no” to yourself more times than you say yes. If you plan to gamble make sure you set a hard limit on what you plan to spend. Set certain time frames of when you may go to gaming venues, or when you are allowed to access betting apps.
Say no to yourself and think about your long-term goals to save money. You’ll thank yourself later on. If you end up with some winnings, think of that as a bonus! Sometimes it’s just as fun to enjoy the game or race, rather than risk your hard earned money.
One of the most effective money saving ideas is to consolidate your debts into one payment. This reduces the number of rotating accounts you have. Like many of the customers at Ume Loans, you might have a number of high interest debts that continue to rack up costs far beyond the principal over time.
This is not only costly, it’s also difficult to manage and easy to forget when payments are due. Instead, you can consolidate all of these debts into one lump sum payment. That makes everything easier to track and reduces your interest accrued over time.
Using an experienced home loan broker to get a better deal on your home loan can be a great way to save money. If you’re in a better financial situation now, you might be able to get a lower interest rate and better loan terms than when you first applied.
Having a no spend day each week is a great way to stop unnecessary spending and save money. Frivolous spending is the number one thing that blows budgets week after week. If you can be a little more conscious about spending, you might just be surprised by how much you can save. Set a day aside where everything in your schedule is catered for-from food, to petrol, and activities. Being prepared at the start of the week can allow for more days where you don’t need to swipe the card, or hand over the cash.
Managing your bank account by downloading your bank’s app and checking it regularly can help you keep track of how much you’re spending.
It might seem obvious, but one of the best money saving tips is to keep track of your finances as closely as possible. You’d be surprised how many people don’t.
Opening a separate savings account with a different bank that requires in-person withdrawals is another great tip.
This money saving tip comes from our account managers here at Ume Loans. They work closely with our overdue clients to help get them back on track. It’s common to see medical issues cause financial hardship. In many cases, it could have been less painful if the customer had medical insurance. It’s worth the cost each month!
Unsubscribing from sales emails is a great way to reduce temptation and limit the amount of times you find yourself making unnecessary purchases. Promotional emails that advertise ‘specials’ or ‘discounts’ may lure you to “add to cart”. Keep in mind that these marketing emails are strategically aimed to make consumers think they’re saving money if they buy now. There will always be another sale, and another “crazy discount” available.
Learning how to save money isn’t easy and it’s a challenge for many people. Hopefully these money saving tips from Ume Loans help you get back on track!