Ten Extraordinarily Simple Ways to Save Money

My mother and grandmother were members of a generation who learned how to run a household efficiently. They were very skilled at many of the tasks they performed. A homemaker is running a small business. Financial management was high on their list of priorities. The changing world economic scene can be viewed in a positive way when we become financially responsible like past generations.

I asked my friends if they had any ways they saved money. I have some very resourceful friends and they shared the following:

Record everyday note and coin spending. What you actually do with the notes and coins in your purse. Do it at point of sale. Don’t leave the recording till later. You’ll either forget or not be alerted to the purpose for spending. Often doing this exercise will get you to change your mind about a purchase. It will also allow you to see the ‘small’ spending that can add up to a sizable sum over the week and month. You will be able to categorize your random spending behaviour. If you are at all competitive you may will yourself to spend the smallest amount possible. Do this for at least thirty days for it takes this amount of time to form a habit.

At the end of each day put most of your small change in a savings tin that can be purchased from a post office or a novelty shop. Open a savings account for this and deposit the savings at the end of the month. I have a friend who deposited over $1000 in a year doing this.

When you have a pay rise have it placed into a savings account immediately each pay day. Don’t touch it for twelve months. At the end of twelve months put the total savings into a fixed deposit account and never touch it. You will be amazed what compound interest will do. The next year you can give yourself that pay rise. If you get a pay rise each year do the same.

Check with all your utility providers and see what you are paying. There is a lot of competition these days. I saved $30 a month with my phone company. That is $300 a year. Wow!

Keep heating costs to a minimum by keeping the temperature to 19 degrees Celsius (Fahrenheit 66.2 degrees). Wear sufficient clothing to maintain body warmth. Heating that is too high is not good for your health so there is an extra benefit in doing this.

Budget weekly for utility accounts. Gas, phone/mobile, power and water costs can be averaged out monthly by your provider. You can pay each month. It means never having to worry about these essential bills.

Make it a household rule that no food is to be thrown away. This will encourage you to shop more carefully. Buy good quality meat because there is usually no waste. Supermarkets often have scrag ends tucked out of sight in the package. Have fewer meat meals a week. Vegetarian meals can be very tasty. If any servings are left over from any meal ensure they are eaten the next day. Lots of money can be invested in the food we don’t eat and subsequently throw away.

Make yoghurt at home. It is an extremely nourishing food. Home made yoghurt is cheaper and purer than bought ones. You save on packaging as well.

Grow vegetables in your garden and in the poly boxes from the green grocer. Save seeds from previous crops and buy punnets of plants on special. Lettuces and similar greens do well in boxes. Plants for your garden can be purchased very economically at fetes and producers’ markets. A great source of cuttings is from plants that poke over the footpath. Swap cuttings with friends.

Buy good quality clothing at warehouses and sales. Buy clothes that mix and match. Good clothing looks better and lasts longer when cleaned carefully. Limit sending your clothes to a dry cleaner. Hand washing clothes carefully is usually more effective. Once you try a few money saving ideas the chances are you will enjoy being a successful money manager.