Save on Christmas or anytime really!

• Shop online and save.
• Check out Christmas club accounts with your bank, or at your local stores eg IGA Supermarkets have their own Christmas Club. These can only be spent in December.
• Don’t spend money you don’t have at sales. It’s not a bargain if you’re paying 16% interest on it for the next 6 months.
  • If you have to go, research all purchases beforehand.

Back to school/study costs?

• Reuse last year’s school supplies and buy replacements when they’re on sale.
• Buy second-hand textbooks and school uniforms if possible.

Work/Career

• Seek a pay rise or look for a new job.
• Salary package or put more into super.
• Keep good record & receipts through the year to ensure you’re claiming all your allowable income tax deductions.
• Put some time aside for financial education. Read about upcoming investment opportunities or attend investment seminars.

Mortgage/Utilities – the big bills

• Review your mortgage; consider switching to another loan with better deals.
• Review insurances including health, life, car & related car expenses, phone plans and utility services; consider switching to another provider with better deals.
• Pay off small amounts each week to reduce large utility bills.

Daily cash management

• Set up savings and an investment accounts and set up weekly automatic payments to them.
• At the end of each day, take all the coins out of your purse and put them in a money box which cannot be opened. Use this to cover Christmas expenses.
• Leave your credit card at home and use cash instead. You will be forced to limit your spending.
• Carry only small amounts of cash to reduce frivolous spending.
• Stay focused on the financial goal ie pay off debts, budgeting, a holiday, a deposit for your home/investment property.
• Reduce your expenses (eg bring your own lunch) and cut up your cards if necessary.
• Eliminate & officially cancel all credit cards except one as an “emergency only” card.

Entertainment costs

• Look at more home-based entertainment such as reading novels, having people over and have everyone bring a plate, watch DVDs & DIY beauty treatments.
• Organise a monthly magazine club – each member buys one and passes it around.
• When ordering home delivery takeaway, cook rice at home yourself. It’s much cheaper & easy in a rice cooker.

Source inspirations: Money Magazine Best of the Best 2006 and Marie Claire – the tips are timeless though.

 

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