Now that we’ve got stuck well into the new year, how is that financial resolution looking? If you’re finding it tough to meet that financial plan, here are a few tips to help you save money every day.
Did you know that the Department of Environment has recorded 2.38 tonnes of generated waste for every person in New South Wales? We only recover 65 per cent of that, leaving almost a tonne left in landfills.
Apart from the obvious effect on the environment, you can be sure that this waste is doing damage to your wallet. The Food and Agriculture Organisation of the United Nations describes how 1.3 billion tonnes of food alone is wasted every year, with most of that going to landfills. Just think about the last time you cleared out your fridge – how much of that waste could you have avoided, and how much did you have to spend to replace it?
Daily action: Make sure you follow the First In First Out rule. If you buy chicken on Monday and beef on Wednesday, eat the chicken first! Remember to freeze or use leftovers the next day, and consider making a compost heap for the stuff that does go off – any plants that you are growing will love you for it.
Be cautious with your utilities
Sydney has the dubious honour of being one of the most expensive capital cities to get electricity, according to Australian Bureau of Statistics data. Between 2007 and 2012, there was a 79 per cent increase in the price of electricity in the city, so just imagine how much it has changed since then.
Water-saving showerheads, energy-efficient lightbulbs, even something as simple as keeping curtains closed to keep the heat in can all save you money on your bill at the end of the month. That’s money you could use to splash out, or pay extra off your home loan instead.
Daily action: Before you head out, check that your devices are off, rather than on standby. Consider turning them off at the wall as well – some appliances still continue to use electricity just by being plugged into the wall!
Reduce regular eating out
There are some times when eating out at a restaurant is a brilliant idea. Birthdays, anniversaries, catching up with old friends, even just the occasional treat.
However, the problem occurs when the treats become a habit, such as when you buy your lunch at work.
It’s simple mathematics to figure out just how much you are spending by choosing to eat out when lunch time rolls around. Let’s say you spend $10 a day on lunch, 5 days a week, 52 weeks a year.
That ends up being $2,600, which is a significant dent in your finances by anyone’s account.
Even if you dropped the eating out to only every other day, that would immediately drop your expenditure down to $1,560. That’s a difference of $1,040 you could be keeping in your transactional account, just by taking a bit of extra effort every Tuesday and Thursday.
Daily action: Make your lunch in the morning before work or, if you’re not a morning person, consider doing it the night before instead. Better yet, make a big batch of something at the weekend, separate it into portions and freeze it. When you come home from work, take that $10 you would have spent and put it into your savings account instead.
When it comes to your savings, even minor actions can make a big difference in the long run. Try doing even one of these things every day, and just watch that nest egg grow!