Whether you have a number of significant financial goals for the year or are simply sick of living from paycheck to paycheck, some simple saving tricks are always welcome.
So to help Australians boost their bank accounts and get back on track, finance coach and SugarMamma founder, Canna Campbell, has shared the seven things she does each month to increase her savings.
‘I want to give you some different ideas that are going to be really easy to help boost your savings that you can put towards to achievement of your financial goals,’ the Sydney-based expert said.
‘These are things I actually do myself, particularly if I need to have a tight month or if I want to achieve my own financial goals that little bit faster.’
To help Australians boost their bank accounts and get back on track, finance coach, Canna Campbell, has shared the seven things she does each month to increase her savings
Although it may sound simple, Canna saves at least $200 a month by taking her lunch to work
1. TAKE YOUR LUNCH TO WORK
Although it may sound simple, Canna saves at least $200 a month by taking her lunch to work.
‘Taking your lunch to work doesn’t need to be expensive and it doesn’t need to be time consuming,’ she said.
‘Cook a little bit of extra food at dinner, put it in a Tupperware container and make sure you take it to work each day.
‘It also forces you to eat healthier and you will enjoy seeing a lot more cash left in your wallet at the end of the week.’
Potential yearly saving: $2,400
2. BORROW FROM A FRIEND
Instead of buying a brand new outfit or necklace for a party, shop your pal’s wardrobe.
‘So many times I have had to go to an event and I haven’t had the right dress that’s appropriate or a dress that people haven’t seen me wear 900 times before,’ Canna said.
‘I will simply call up one of my girlfriends and ask if I can borrow something. The great thing is that it has saved me hundreds of dollars throughout the year.
‘If I budget $400 for a dress I will instantly save that money when I can borrow from a friend. It can be shoes, handbags and jewellery too.
‘Sometimes I even borrow garden gadgets. It’s fantastic from a minimalistic point of view because I don’t have to worry about it taking up a lot of space but it also means we are sharing it and therefore reducing our cost.’
Potential yearly saving: $400
Instead of buying a brand new outfit or necklace for a party, shop your pal’s wardrobe
3. HAVE YOUR OWN WINE AT HOME
While bulk-buying wine may not be at the top of everyone’s priority list, it can end up saving you a lot of money in the long run.
In fact, Canna believes that by doing so, she saves up to $80 a month.
‘How many times have we gone out with friends and we are running late and so we grab a really expensive bottle of wine from a bottle shop that probably is not great value for money?’ Canna said.
‘By buying in bulk and stocking my own wine in my own little mini cellar at home, this has saved me quite a lot of money.
‘I am not a big drinker and don’t drink during the week but by actually being prepared and organised and having that wine at home in the fridge it really does add up.
Potential yearly saving: $960
While bulk-buying wine may not be at the top of everyone’s priority list, it can end up saving you a lot of money in the long run
4. MAKE YOUR OWN COFFEE
‘This saves you a lot of time because you are not standing in line waiting to order a coffee and not waiting for your coffee to be made,’ Canna said.
‘If you are a sucker like me, I have to get banana bread too. But if you can learn to make your coffee at home or work a couple of days a week, this will save you so much money.
‘This saves me at least $80 a month.’
Potential yearly saving: $960
5. BECOME A HOMEBODY
Canna saves at least $200 a month by enjoying one weekend a month at home.
‘If you are a social butterfly and find that you are spending hundreds of dollars every weekend, learn to have just one weekend a month where you just stay at home,’ she said.
‘It is so good for the soul and you get so much done because you get time back for yourself.
‘Now, I don’t need to be a hermit, I can have friends over for dinner where everyone brings a plate or I can have a relaxing night with Rocco [Canna’s son] and Tom.
‘It’s so good for the soul.’
Potential yearly saving: $2400
‘If you are a social butterfly and find that you are spending hundreds of dollars every weekend, learn to have just one weekend a month where you just stay at home,’ Canna said
6. MAKE A FOOD PLAN
For most people, including Canna, the biggest monthly spend is on food.
‘I use Marley Spoon which saves me so much money. When I do not have food organised I have to go to the supermarket and I can’t just get exactly what I want from a list – especially when I have Rocco with me,’ she said.
‘Make sure you have a food plan, look at your diary, look at what nights you will be home, look what you need to stay healthy and fit and make sure you have all of those ingredients ready to go.’
Potential yearly saving: Depends on the family
7. SELL SOME STUFF
‘There’s got to be some clothes you don’t wear anymore, some toys, some laptops, some books – all those things can be sold,’ Canna said.
‘You can sell them on eBay, Carousel, Gumtree and Facebook groups – get rid of that unwanted junk and clutter and free up some space.
‘When you do these things, take the money you save and put it towards the achievement of your own financial goals.
‘They make a huge difference.’
Potential yearly saving: $600
‘When you do these things, take the money you save and put it towards the achievement of your own financial goals,’ she said