Times are tight, to say the least. I see it in my day job all the time. Getting a mortgage is hard. Buying groceries and paying the electricity bill in the same week is virtually impossible. If there something we all learnt from the whole global crisis it was that we had to be smart with our money, live within our means and put a little away for a rainy day. Under your bed if necessary. So here are my tips for saving that won’t have you cooped up at home being lame;

  • Take your change or $5 at the end of every day and put it in a jar. I prefer looking at the cash build up in a glass jar. Hubby prefers a locked up jar to keep my fingers out of it.
  • Have your wage spilt by your payroll staff. Ask for an amount you plan on saving to go directly into an account that is difficult to access {think branch access or extended transfer times}. You won’t miss it if you don’t get it in the first place. Promise.
  • Only hire DVD’s on cheap days, most stores have a $1 where you can get new releases or weekly movies. If we know we’ll be home for a weekend, we’ll grab some weekly DVD’s in case we get bored.
  • If you are entertaining guests at home, ask them to bring a plate. It cuts the costs and the stress. Entertaining at home isn’t a cheap option, I don’t care what anyone says. Not by the time you buy goodness knows how many courses of food, some drinks, ice and all sorts of stuff to have people over. You might as well head out and pay the $50 a head.
  • Find money to put aside, you should consider at least 10% of income into the house. When we were saving to pay off our credit cards years ago, we had two incomes and would pay 20% into the cards every week. It will take discipline to do it. But you’ll get where you need to go in no time. Speaking of which, credit cards must go. Stop using them. Start paying them off first, save later.
  • Have a monthly treat. Don’t take money out of your savings to do it. Budget for it. Plan for it. And then bust out and do it.

So there you go. Do you have any other tips for us super savers over here?

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  • Trina

    Some things I do so I don’t get big bills is set up automatic b-pays. I do it on my internet banking so I am in control but $50 a fortnight is generally enough to cover your electricity bill for a fortnight and you don’t miss it. If you get too far ahead you can stop it or drop it back for a while. I do this with rates as well.

    And the other thing I like to do is take all of the money I can spend that week out of the account so I can see what I actually have. If you Eftpos all the time you never know how much you are spending.

    Being very frugal at the moment to save for our long awaited trip. Can’t wait!

    • This is ALL gold. You rule! {Took me a while to reply, but I did. Eventually! Sorry}

  • Michelle

    Mostly I just need to earn more money!

  • Kylie Ofiu

    I do loads of stuff to save money, many of the things you mentioned like only hiring on $1 days (or borrowing from the library). I use the library for magazines if I want to read one.

    I enter blog comps and giveaways and use the prizes as gifts or for around the house. (I have won a fair bit which has been great).

    I round down the amount in my accounts all the time whenever I check them. So if there was 56.75 I would put the 6.75 off debt or into savings. These small amounts really add up.

    I am all about making and saving money on my site. 🙂

    • Thanks for sharing Kylie! Yes, you’re a total money saving pro. And readers, Kylie has a book as well if you’re interested. I’m sure the details are on her site. 😉

  • Kylie Ofiu

    Thanks Melissa. 🙂

  • Amy

    Love this post! And Kylie, what a great idea, moving small change amounts across into a savings account whenever you check your netbanking. I love this.

    • Couldn’t agree more! We have an account that’s locked from Internet banking, so if I move it into there, I can’t haul it back out later. 😉

  • Hayley @ HappyHouseWifey

    One of the things I do to save is keep a list of things I need to buy but aren’t urgent (eg. birthday presents in coming months, storage containers, stuff for kids etc) so that when I’m looking through catalogues or at the shops I can look out for when they are on special. By not rushing out to buy things on a whim, I can make sure that I actually need an item plus get it discounted.

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