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Pouring Your Money Down the Drain? Stop the Frittering and Watch the Savings Grow!
A while back a survey made me smile. It found that Australian men are the most careless spenders. Men are able to fritter away on average $3,395 per year on stuff. They believe the “stuff” are little luxuries. It's just stuff: things like magazines, takeaway food, drinks after work, lottery tickets, taxis, even dry cleaning.
If you're female, don't get too smug. We Australian ladies are able to fritter away almost $2,500 a year on life's little luxuries.
Researchers found that two thirds of Australians would like to be able to save more money, but that they don't have any to spare. Almost half believe they will always be short of money, no matter how much they earn.
If you fall into one of these groups don't despair. There are things you can do everyday to start saving money. And I mean really saving, not just “not spending”, but physically putting aside money in an interest bearing savings account. Because money isn't saved until it is safely in the bank. Until then it just isn't spent.
Here are some of my favourite no fritrering tips - all of them simple, and really no-brainers, but still being ignored by so many people who write to me and say they really want to save money, but they just don't know how! Seven simple things that will hae a big impact, for either the postive or the negative, on your budget depending on whether you use them or ignore them.
Take Your Lunch to Work
I know, it's old hat, but it works! And surprisingly, there are a lot of people who want to save money, still not doing this one simple thing. By taking your lunch to work just 3 days a week you'll save over $900 a year! Leftovers, homemade soups and casseroles, homemade pies and sausage rolls or pastizzi all make wonderful lunches and cost under $1 to make at home. Reheat them at work, use a food thermos or keep ice bricks in your lunchbox for a tasty, financially satisfying lunch.
Buy Treats in Bulk
Another oldie, and if the size of these sections in the supermarket is any indication, the treat business is booming! If you're not a cook or baker, save a small fortune on your morning and afternoon tea treats and snacks by planning ahead and buying them in bulk from the supermarket (or try Costco, just be aware that bulk doesn't necessarily mean cheap, it simply means more). Baking treats from scratch will save you more if you are so inclined. They don't need to be extravagant or fancy, a batch of muffins can be made for under $2, less than the cost of one from a café. Or a tray of biscuits will make 2 dozen for about the same price as 8 - 10 from the supermarket. Pita chips and dip will cost under $1 per portion, compared to the snack packs that cost $3.50 per portion.
Buy Ground Coffee Beans
Instead of paying $5.40 for your latte, why not invest in a coffee plunger or even an espresso machine and buy your favourite blend ready ground? Or splurge on a pod machine and a box of pods and enjoy that large latte for 41 cents, keeping $4.99 in your purse. Like the new cold drip style coffee? Make your own! Buy the beans and grind them, or buy them ready-ground, and invest under $20 in a drip filter to create your own cold drip coffee. Or if you don't want to do that, buy the coffee and MOO your daily brew. Both Coles and Woolworths sell First Press cold drip coffee in the chiller cabinet and it is on sale often (and usually cheaper at Woolworths than Coles).
Sponge Clothes
These days most clothes can be machine or hand washed, but there are always some things that are better dry cleaned. You can cut your dry cleaning by at least a third if you sponge your suits and coats yourself. Hang them in the bathroom while you're showering and let the steam take the creases away. Invest in a good pressing cloth and learn how to properly press trousers and jackets properly. And take them off when you get home and hang them up straight away. You'll not only keep the bedroom tidier, but your clothes won't need laundering or dry cleaning as often.
Borrow Magazines from the Library
People are still buying magazines, even though most of them now cost around $15 each! How often do you by a magazine and just flick through it out of boredom? Instead of spending your hard earned money on magazines and papers you'll probably either never really read or just browse and throw away, visit your local library and borrow them if you like hard copies. Otherwise check out the online versions and save fuel and clutter in the house.
Walk or Use Public Transport
The pandemic has put a lot of people off using public transport, but if you're sensible there's no need to be frightened. Don't waste money on taxis or ride shares. Try walking, or if it's a distance you'll be travelling, try public transport. If you're in the CBD of major cities, look for free public transport.
Avoid Toll Roads
We've been brainwashed into thinking that travelling on freeways is going to save us time (anyone been parked in a freeway traffic jam lately?), but that time saving comes at a hefty price if it's tolled (and more and more of our not-so-freeways are). Stick to main roads and side streets and you'll not only save the tolls, but usually the traffic jams too, and in many cases, you'll arrive at your destination around the same time as someone who uses the toll roads. Try it - I have - and I'd rather keep my money in my purse and avoid the stress of traffic jams.
These are just a few ways that money gets frittered away on every day, and often without us even realising.
Take the time to ask yourself if what you're about to buy is worth it, or is it just frittering your money away with nothing to show for it at the end of the day.
If you're female, don't get too smug. We Australian ladies are able to fritter away almost $2,500 a year on life's little luxuries.
Researchers found that two thirds of Australians would like to be able to save more money, but that they don't have any to spare. Almost half believe they will always be short of money, no matter how much they earn.
If you fall into one of these groups don't despair. There are things you can do everyday to start saving money. And I mean really saving, not just “not spending”, but physically putting aside money in an interest bearing savings account. Because money isn't saved until it is safely in the bank. Until then it just isn't spent.
Here are some of my favourite no fritrering tips - all of them simple, and really no-brainers, but still being ignored by so many people who write to me and say they really want to save money, but they just don't know how! Seven simple things that will hae a big impact, for either the postive or the negative, on your budget depending on whether you use them or ignore them.
Take Your Lunch to Work
I know, it's old hat, but it works! And surprisingly, there are a lot of people who want to save money, still not doing this one simple thing. By taking your lunch to work just 3 days a week you'll save over $900 a year! Leftovers, homemade soups and casseroles, homemade pies and sausage rolls or pastizzi all make wonderful lunches and cost under $1 to make at home. Reheat them at work, use a food thermos or keep ice bricks in your lunchbox for a tasty, financially satisfying lunch.
Buy Treats in Bulk
Another oldie, and if the size of these sections in the supermarket is any indication, the treat business is booming! If you're not a cook or baker, save a small fortune on your morning and afternoon tea treats and snacks by planning ahead and buying them in bulk from the supermarket (or try Costco, just be aware that bulk doesn't necessarily mean cheap, it simply means more). Baking treats from scratch will save you more if you are so inclined. They don't need to be extravagant or fancy, a batch of muffins can be made for under $2, less than the cost of one from a café. Or a tray of biscuits will make 2 dozen for about the same price as 8 - 10 from the supermarket. Pita chips and dip will cost under $1 per portion, compared to the snack packs that cost $3.50 per portion.
Buy Ground Coffee Beans
Instead of paying $5.40 for your latte, why not invest in a coffee plunger or even an espresso machine and buy your favourite blend ready ground? Or splurge on a pod machine and a box of pods and enjoy that large latte for 41 cents, keeping $4.99 in your purse. Like the new cold drip style coffee? Make your own! Buy the beans and grind them, or buy them ready-ground, and invest under $20 in a drip filter to create your own cold drip coffee. Or if you don't want to do that, buy the coffee and MOO your daily brew. Both Coles and Woolworths sell First Press cold drip coffee in the chiller cabinet and it is on sale often (and usually cheaper at Woolworths than Coles).
Sponge Clothes
These days most clothes can be machine or hand washed, but there are always some things that are better dry cleaned. You can cut your dry cleaning by at least a third if you sponge your suits and coats yourself. Hang them in the bathroom while you're showering and let the steam take the creases away. Invest in a good pressing cloth and learn how to properly press trousers and jackets properly. And take them off when you get home and hang them up straight away. You'll not only keep the bedroom tidier, but your clothes won't need laundering or dry cleaning as often.
Borrow Magazines from the Library
People are still buying magazines, even though most of them now cost around $15 each! How often do you by a magazine and just flick through it out of boredom? Instead of spending your hard earned money on magazines and papers you'll probably either never really read or just browse and throw away, visit your local library and borrow them if you like hard copies. Otherwise check out the online versions and save fuel and clutter in the house.
Walk or Use Public Transport
The pandemic has put a lot of people off using public transport, but if you're sensible there's no need to be frightened. Don't waste money on taxis or ride shares. Try walking, or if it's a distance you'll be travelling, try public transport. If you're in the CBD of major cities, look for free public transport.
Avoid Toll Roads
We've been brainwashed into thinking that travelling on freeways is going to save us time (anyone been parked in a freeway traffic jam lately?), but that time saving comes at a hefty price if it's tolled (and more and more of our not-so-freeways are). Stick to main roads and side streets and you'll not only save the tolls, but usually the traffic jams too, and in many cases, you'll arrive at your destination around the same time as someone who uses the toll roads. Try it - I have - and I'd rather keep my money in my purse and avoid the stress of traffic jams.
These are just a few ways that money gets frittered away on every day, and often without us even realising.
Take the time to ask yourself if what you're about to buy is worth it, or is it just frittering your money away with nothing to show for it at the end of the day.