BF and I were watching A Current Affair the other day and they had a feature on the 'Top 5' money saving tips. Of course, we watched it. I laughed at the tips:
-Sell things you don't need.
-Get a second job.
-Put your money in an interest earning account.
-Get an investment property.
-Ask for a payrise.
I regularly sell things on auction sites, and we plan to have a garage sale. BF makes furniture from scratch. I have two jobs, and a new third income source. I have had ING accounts for three years and a Bankwest Account (which they revealed as the Top Interest Earning Account @ 8.25%) for two and a half years. I also set up a Bankwest Account and automatic payment for BF. Our ultimate goal is to own investment properties, and we will probably start with our foot in the door by buying a unit which we will then use to buy another home. BF just got a payrise to nearly $30 an hour, and I too will be getting one in a few months.
They say these are the top 5 money savings tips, but I bet any money that most people on this site have already applied atleast one or two of these tips (and probably all) to their daily lives, and long ago. So my question is, how can I save money? I am always disappointed by saving tips, because most of them I already know and/or realise and apply them to my life.
-I don't drink often (once every six months on average - yes I said not often!)
-I don't smoke.
-I have curbed my magazine addiction quite significantly, and my book buying has decreased (to zilch) since I joined the library).
-I have also curbed takeaway and dining out to a maximum of one meal a week out.
-I stopped buying so many takeaway beverages - I wait til I get home for a coffee now, and make my own juice.
-I don't wear expensive brand clothes.
-I don't drive a gas guzzler - it's a 1998 4-cyl nissan pulsar.
-I don't go out regularly at all - maybe once a month.
-We always go for the cheaper option of everything when we do go out - the 'cheap movie' of the week, coupons for bowling, discount cards for most things, etc.
-I have the lowest possible mobile bill and the lowest possible internet bill.
-I pay extra on my loan, and am attempting to pay it off in half the loan term.
-The only splurges I have seem to be music festival weekends or bands, however I save for these events in advance. See below:
-My recreational use of drugs is quite limited, planned and saved for (yes, it's probably the oddest thing you've heard - and no, I don't need a lecture, how many of you have a glass of wine after work? i won't lecture you about that, even though I rarely drink and have my own opinions about it)
-I don't give a lot of gifts to people.
-I don't pay for others.
-I don't have a gym membership.
-I get a lot of music for free because my dad has an awesome job 
-One expense I seem to have is purcahses of dvd's and movies, but even then it is not overboard.
On my budget analysis, the sections that I overspend on are my personal allowance/fun money, however in the past few months it has decreased significantly. Looking closely at it, there are no amounts that stand out either. I may spend $50 on clothes one week, but then nothing on clothes for a couple of months after that. I think my main problem is those 'stupid purchases' for which I've come up with a plan to stop, anyway. (see the stupid vault). So is this the only option I have to save money? Obviously the one thing I am doing to EARN more money is to study at university so I can get a higher earning job, but that still doesn't help with the 'saving of money'.
so, how can *I* save money, then?
June 12th, 2008 at 10:16 pm
June 12th, 2008 at 11:10 pm 1213312227
Even people who choose to live in their car for a year to save money dont immediately get rich. It takes the entire year for them to see results of their frugalness.
you will see results. And a year from now you will have pulled even farther ahead from those who chose to do nothing.
June 13th, 2008 at 12:11 am 1213315864
Turn A/C up and Heat down.
Analyze grocery bill...are there items that are not necessities?
Just thoughts. I know I spend too much money on wine!!
June 13th, 2008 at 12:31 am 1213317086
ALWAYS dry my clothes on the line
We don't have Aircon OR a heater (it's winter here). Basically it's singlets and shorts in summer, and rugging up in winter (the old fashioned way).
Groceries tend to cost under $50 a week for myself, and considering I eat breakfast, lunch and dinner every day that is approx $7.14 per day
June 13th, 2008 at 12:49 am 1213318148
June 13th, 2008 at 03:47 am 1213328820
June 13th, 2008 at 04:44 am 1213332282
I mean I don't use any of the above saving tips... except for stashing my cash in a so-called high interest rate savings account...that does not have a debit/atm card with it... and it's online only... so I cant even go into a bank to get my money. This prevents me from touching my money for frivolous things. I think the big thing that helps me save is that I automatically transfer a set amount each paycheck. I make it a requirement and treat it like a bill that's due. It's usually not a huge amount unless I made extra that month. But I mean generally speaking it's around 50-150... that's each payweek. And then I live on whatever is left over after of course I know all my bills are covered. Usually I have around $100-75 to live on for two weeks. I know the average person can't live on just that for two weeks... but I manage. And it's from there that I manage what I spend and think to myself... "oh... I only have xxx amount of dollars in my account... I better not". I usually have more than that in my account because of what I set aside for bills... but in my head I already subtracted that out... so I know I'm covered and don't spend my Bills money. Sometimes I borrow from myself (my savings)... but then I force myself to pay it back with interest the next paycheck. So far that's worked the best for me as to keeping me trained on saving. This way I know I did not spend more than I made!!!
but anyway...as long as you are not spending more than you bring home you are on the right track
June 13th, 2008 at 04:55 am 1213332923
I scanned your list, but except for the automatic payment to BF, I don't notice many automatic payments to yourself. Right now I see tightening, which is fantastic, but that will only take you to level of spending at your means. To drop it below, you pay yourself x% and force yourself to live on the rest.
And after you set up the automatic payment to yourself, and you get used to what is left, then you increase the payment gradually...
Oh yes, you definitely want to set this up before you get your raise, and think about saving your entire raise also. Don't give yourself the chance to get used to the higher pay.
June 13th, 2008 at 05:15 am 1213334141
I already have automatic savings plans in place:
I have $90 a week, (soon to increase to $120 per week) that goes into separate accounts, (you can see this on my sidebar too). $20 goes to my EF, $20 goes to my uni/housedeposit fund, and $70 goes to my holiday fund (because i am taking a three week holiday in a week and need this savings to cover my normal rent, loan and bills while i am away) I also pay on top of the $37 a week minimum repayment on my loan, a further $40 a week, plus see my previous entries on The Stupid Vault and I also add $20 Challenge money to my Uni Fund. once i return from my holiday, I will be changing the payments to $40- EF, $10 Gifts/Holidays and $40 House Deposit/Uni Fund. Once Gifts/Holidays is at $500, and EF is at $1200, I will be putting $90 p/week into my Uni/House Fund, as well as additional money from my $20 challenge.
My whole entry was not actually on 'how' to save, but how do i save MORE money. I already know how TO save.
June 13th, 2008 at 06:18 pm 1213381092
PS...I enjoy recreational activities as well sometimes.
June 13th, 2008 at 09:02 pm 1213390927
i guess there is only so much you can do. i mean, of course i could just eat badly, go to work and then come home, never go out and never buy ANYTHING, but that is not living life, and i think the meaning of working and saving is lost when people become too stingy with their money. so i guess i have to just keep doing what i'm doing and not fall of the wagon
PS... koppur:
June 14th, 2008 at 04:30 am 1213417809
June 14th, 2008 at 05:52 am 1213422768