Advertisement

7 Ways to Supercharge your Savings this Spring

Wednesday, 16 September 2015

Posted by Rebeccah Elley

Have you let your savings slip over the winter months? Lucky for you we've entered a new season, Spring to be precise which is all about starting afresh.

And what better way to reinvigorate your life, than by giving your finances a Spring clean?

Here are our top tips to see your savings soar before the New Year rolls round:

1. Say goodbye to a vice

A great way of welcoming the new season is by farewelling a vice that you’ve long wanted to kick to the curb. Whether it’s your smoking habit or junk food addiction dumping a vice could save you big bucks.

Just check out this scenario: Jessie spends $50 on cigarettes a week. By giving up this vice, he would save a mega $2,600 over a year.

See how much you could save, using our vice calculator here.

2. Sell used stuff

Since Spring is all about new beginnings, why not give your home a complete overhaul and select items that you no longer use that you can sell on websites like eBay, Gumtree and Tradingpost.

The great thing about these online marketplaces is you can post everything from your designer threads to antique furniture from the comfort of your home for cold hard cash.

3. Ditch debt

Have a high balance hanging around on your credit card? With countless balance transfer offers available in the market, now’s the perfect time to roll over your balance onto one of the zero percent deals available. To ensure you blast the debt within the BT period, make sure you calculator how much you’ll need to repay each month.

For instance, say you have a balance of $6,000 and roll it over to a credit card with a balance transfer term for 12 months, you would need to pay $500 a month to clear the debt before the card reverts to the higher purchase or potentially even higher cash advance rate.

Compare some of the top balance transfer deals in our credit card hub here.

4. Reassess your energy plan

Here is something to think about: Mozo research shows an Australian household switching from the least competitive electricity plan could potentially save a whopping $613 a year.

Punch in your numbers into our energy comparison tool, to see how much you could save on your electricity/gas bills.

5. Give your car some love

We all know the more petrol your car consumes the more money comes out of your hip pocket. Thankfully, there are plenty of ways to bring down your fuel consumption. Start by:

  • Checking your tyre pressure: If your tyres are underinflated this could cause your car to churn more petrol. That’s why it’s a smart idea to check your tyre pressure on a monthly basis.
  • Get your wheels aligned: Another reason your car could be guzzling through a higher rate of petrol is due to the misalignment of your wheels. So consider getting a qualified mechanic to properly align your wheels.
  • Use cruise control: When driving on highways, if your car has the feature switch on your cruise control as it will keep your speed consistent and your car will consume less fuel. 
  • Buy a car with stop start functionality: In the market for some new wheels? Then consider purchasing a car that comes with the feature of auto stop start, which means every time you’re at the traffic lights the engine will automatically turn off.

Just one of these methods could save you big bucks at the bowser!

6. Swap the gym for the outdoors

It’s spring, which means warmer weather is on its way. So consider giving your gym membership the flick and opting for some outdoor exercise instead. With most gym memberships costing around $20 a week, that’s a saving of $1,040 a year!

7. Open a high interest savings account

Even if you only take on a few of these savings strategies, you’re sure to put some extra coin in your pocket. So make sure you have a savings account worthy of your hard earned cash. Here are some of the top savings accounts available right now:

Back to top

Comments

powered by Disqus

Thanks for signing up.

You'll receive your first issue of Money Zone soon.