Monday moneyvator: Make your money back this “leap day”

Monday moneyvator: Make your money back this “leap day”

Okay, you’ve probably heard the news. February 29 is “leap day”, which means if you’re on a salary and are paid for a standard 365 day year, you’re working for free today.

So how much is this extra day costing you?

According to Mozo research on a national level “leap day” is setting the average Aussie back a whopping $540, which is made up of things like the salary you won’t get paid, the rent you’re paying for that day, your travel to work and of course your morning coffee and lunch.

While I’m not going to explain the intricate details of why there are 366 days every four years, what I will do is help you make some of your hard earned cash back with these tips…

1. Take advantage of cashback offers – $300

Your work may not be paying you this leap year day, but your bank might, as there are plenty of cash back offers currently in the market right now. For instance HSBC is offering 5% cashback on all “tap and go” purchases for the first 3 months when you open its Day to Day Account by 8 April.

There’s a maximum cash back amount of $100 per month, so in those three months you could potentially earn yourself a nice sum of $300, which will put you well on your way to recovering your loss from working leap day.

2. Ditch bank account fees – $48

Speaking of bank accounts, one thing I’ll be doing this leap day is closing my old one that is charging me a $4 account keeping fee each month, which over a year adds up to $48. If you have a bank account you’d like to give the flick, here’s a step by step runthrough of how to do just that.  

3. Give up just one vice – $84

I’ve been thinking about cutting down on the amount of coffee I drink for some time now, so today is probably the best time to give it a go. I’m not going to give up my morning coffee (because, hey I’m human!) but my afternoon coffee that is currently costing me $3 a day can go. I’ll probably try to give it up for a month, and this will save me $84.

Perhaps your vice isn’t coffee, maybe it’s junk food or booze? Whatever it is punch in your consumption digits into a vice calculator to see how much you could save.

4. Don’t fall for the cost of convenience – $53

The number of people I see grabbing pre packaged items at the supermarket, is a sure sign that plenty of Aussies are being stung with the cost of convenience.

What is the cost of convenience you ask? It’s when you purchase items that make your life easier but have a higher price attached. So rather than buying a bag of sultanas, you might go for the pre packaged version instead, which has been found to cost $53 more a year.

So if you’re thrifty and make today the day, you ditch the cost of convenience for all your products, think of how much you could save – probably more than what this leap day is costing you!

Monday moneyvator: Make your money back this “leap day” was last modified: February 29, 2016 by Rebeccah Elley

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