Just about everyone wishes they earned more money, but how many people work hard to hold on to the money they do earn and maximise their savings instead? Whatever your income, you work hard to bring it in, and shouldn’t have to see most of your earnings being used up within a month. Though you may not be able to change the cost of living, you can certainly adjust the cost of your lifestyle.
Learn how to lead a more frugal, economical lifestyle with our five tips on saving more money faster.
Embrace public transport
Though it may not be a glamorous way to get around, public transport is used by so many for a reason – unless you live in a remote or under-serviced area, it is far more cost-effective than driving everywhere in a car. In most places, the difference in average cost per trip between private vehicle and public transport is astounding. Look up your local public transport provider’s fares and calculate the difference yourself – and then the savings you’d make if you caught a bus to work instead of driving.
Catching public transport means you don’t have to worry about the costs of vehicle registration, insurance and the occasional repair and maintenance that is all part of the course of owning a vehicle. Plus, it’s much better for the environment.
Know when to buy
The key to shopping wisely is knowing when to buy. Buy in bulk and stock up on essential, non-perishable items – tissues, toilet paper and the like – and always scour through any grocery store catalogues sent your way. If you want to be really strict, only buy your favourite non-essential treats and foods when they’re on special.
As for clothes shopping, the golden rule is to know when the sales periods are and adjust your shopping schedule accordingly.
Try the trainee
Maintaining a beauty regimen, and keeping hair well-styled, can be a major cost. A great way to slash your vanity budget is to find a local hairdresser or beauty salon that offers discounted haircuts and treatments performed by trainees and apprentice staff. Generally they’re well-supervised and already advanced enough to know what they’re doing.
But if you can’t handle the thought of a trainee trimming your hair or applying your tan, the next best thing is learning how the ABC of DIY treatments on Youtube, where a whole host of tutorials for every hair, makeup and beauty procedure ever await you in abundance.
Save that energy
Invest in energy-efficient light bulbs and appliances around your home to drastically cut down on your electricity and energy bills. You’ll benefit both your finances and the environment all in one step! Make sure you do your research online into which brands are cost-effective though.
Cut down on entertainment expenses
One of the biggest expenses in the average person’s diet is entertainment. Eating out, catching a movie, enjoying a few too many drinks – it’s all fun and games until you wake up the next morning and realise you spent a hundred odd dollars and have nothing to show for it.
One of the reasons that working in remote areas in areas like mining can be so lucrative – albeit hard work! – is that not only are wages high but the isolated camps mean that workers are far away from the temptations that can often chew up dozens or even hundreds of dollars in the average city-dweller’s budget. Resist the urge, or at least schedule only one night out a week.
When you do go out, limit your alcohol intake. Both your head and your wallet will feel much better for it the next day.
- Image by Smart Photo Stock
Graham Jamieson is a freelance writer from Perth who is always looking out for mining jobs in Australia.