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.
If you’re looking for a creative partner in your success call or contact Endless Opportunities Life Coaching for a 30-minute no-obligation clarity session.