The year is slowly slipping by, so before we know it Christmas will roll round. Thinking of ways you can save money for the silly season can often be overwhelming, so rather than taking on a handful of savings strategies, we propose you start with just one.
Once you’ve mastered one of the below money saving tactics, you can always test a few more out in the coming weeks:
1. Round up
As the name suggests, the savings method of rounding up is when you round up any purchases you make to the highest dollar and save the excess in a piggy jar (or savings account). For instance, say you pay $5.50 on your morning muffin and coffee, you would then round this amount up to $6 and put 50c aside for your savings.
If you don’t think you’ll be disciplined enough to round up yourself, consider signing up with an account like the Bank of Melbourne’s SENSE Savings Account that does it for you.
2. Ditch a bad habit
Do you buy two coffees every day of the working week? Then consider reducing your caffeine intake to one a day. By saying goodbye to a second coffee costing $3 a pop, you’ll save $15 over the week.
Of course coffee isn’t the only vice you could consider cutting back on, as ditching things like cigarettes and alcohol will not only improve your health but save you a significant amount of coin too.
3. Buy nothing new
Did you know next month is Buy Nothing New Month? But why wait until October to kick off this savings strategy, when you can hop on board now and avoid making new purchases for the current week. You might be surprised to find how much you could save in just 7 days. For instance one Mozo staffer saved over $200 in her first week alone.
4. Take the $5 note challenge
At the beginning of the week (AKA today) head to your ATM and withdraw a set amount of cash as your spending budget for the week. Each time you make a purchase and a merchant gives you $5 in change put it towards your savings jar. $5 change a day will add up to an easy $35 at the end of the week.
Taking on just one of the above savings strategies is a great way to start your week a thriftier you. What savings strategy will you use in the lead up to Christmas?