Simple Ways to Save Money 

So you have decided it is time to start taking saving your money seriously.  It may seem quite daunting at first to see how you can save money when there are so many demands on your income but it is possible if you put your mind to it by starting small but aiming high.  

The first thing to do is to decide what your savings goals are. Having a goal will motivate you to stick to your Savings Plan.  Your goal may be to save for a holiday or to achieve the security of being debt free and having a set amount of money in the bank.  When you have a goal you are working towards you will find it easier to not spend your money on items you don't really need.   

The second thing to do is track your spending to see where your money is actually going.  This can be done by taking notes of what you are purchasing every day and how much it has added up to by the end of the week.  You can review this list and see what items you can cut back on or eliminate altogether.

The third thing is to track your living expenses.  Are you spending money on things you do not really need or use or that you are willing to give up for a while until you have your savings under control.  This would include items such as magazines, Foxtel, buying junk food, video games and DVD's. 

Tips for Saving Money

1.   Every evening check your wallet for loose change and put it in a piggy bank or draw.  You will be surprised how quickly it mounts up. 

 2.   Open a new bank account that pays interest on your savings and then ask your employer to deduct an amount from your wages to be put into the new account. It easier to save the money if you don't actually get it in the first place.  It can be a small amount at first and when you are feeling confident you can boost the amount up a little bit. 

 3.   You can ask you employer to take a few dollars more income tax out of your wages so that the few dollars will mount up over the year and you will receive a tax refund at the end of the financial year.  When you receive your tax refund put it straight into your savings.  It would defeat the whole purpose if you actually spent your refund. 

4.   If you are paying high interest on your credit card payments every month, look around for a new card that well pay out the other card and offers a plan that allows you to pay no interest for 18 months on the amount owing.

5.   Write a weekly menu and do one large shop every week instead of going to the supermarket three or four times per week.  It reduces the chances of you being exposed to impulse buying and you will have more time to prepare meals.

6.   Make sure you are not hungry when you go shopping, you are more likely to buy unneccesary snacks and take away food if you are hungry.

7.    Cut down on purchasing your lunch and your children's school lunches every day.  You can make healthier and cheaper meals that you made at home.  You will be shocked how much money you will save over a month. 

8.   If you like to take a bottle of water with you every day, rather than purchasing a bottle from the shops each day just buy a water bottle and fill it up at home to take with you. 

9.   Washing your own car is an easy way to save money.  It is good exercise, it can be a lot of fun and it costs you nothing.

10. Driving to work can become very costly when you add up the cost of fuel and parking fees.  If public transport is available, it is much cheaper and it also gives you time to wind down after a busy day at work.  

11. Rather than buying items with your credit card, try working with a certain amount of cash each week and attempt to make it last.  It is surprising how this method gives you much more respect for the value of your money. 

12. If you do decide you need to purchase an item, rather than using a credit card, try using lay-by to avoid increasing your credit card debt. 

13. Use your local library for free books, ebooks, magazines and DVD’s.  Most libraries also have free Wi Fi.