Best Money Saving Tips That Can Improve Your Life
There are 1000s of best money saving tips out there. Some are ‘no brainers’, some are tough to stick to and some can really improve your life (and bank account).
We take a look at four of the best money saving tips designed to be easy to follow and applicable in most situations.
Do Your Own Research. When deciding on a medium to large purchase, always do some Googling to see competition as prices almost always vary.
But it’s not just about price. If you’re ordering things online, sometimes paying a little more but getting free shipping can save money and work out in your favour. Perhaps buying in person or ordering online is the choice you're making? Is that $14 or so of shipping worth paying as opposed to finding time, driving down to a local shopping centre, parking and driving back home?
Furthermore, sometimes companies offer incentives to sign up for their services. Fast food is a classic example. You might find that this option lets you order online and avoid a shipping fee.
2: Buy Nice or Pay Twice
‘The cheapest option is the best option’ is often not the case. For example, buying a phone cover - will that $10 option really protect your phone if you drop it?
The same can be said about many products. How long will that extra cheap item last before you have to repair or replace it? Another example is cars, comparing prices, you might see thousands of dollars in savings by choosing a cheap option - but what about the servicing? Will it need expensive repairs after a few years or will those repairs result in you taking Ubers and taxis?
The ‘buy nice or pay twice’ rule can be said about many purchases.
But it’s also your time - how much is it worth to you?
Take a toaster for example. A cheap, 2-slicer costs about $30, a more expensive one that can toast 4 slices - around $80. It takes about 3 minutes to ‘toast’ bread. If your family is making 4 slices each weekday morning, is fifty bucks worth all the complaints and waiting each morning?
3: Make a Shopping List
There are many benefits of making a shopping list. Other than reducing waste and preventing you from forgetting things, they can also save you money.
Having a well thought out list of groceries prior to going shopping allows you to prioritise your spending on what you really need. Buying one batch of groceries per week with the help of a shopping list also allows you to plan your meals (hopefully choosing the healthy options).
Furthermore, never go shopping on an empty stomach. You’ll be much more inclined to buy extra food and snacks if you’re wandering the aisles hungry.
4: Don’t Impulse Buy or ‘FOMO’ In
This can be super easy to do. FOMO (Fear Of Missing Out) happens during sales and discounts. It can be tempting to buy something simply because it’s on special. Great if you actually need the product, not so good otherwise.
Retailers know this. Sometimes companies add a countdown timer on heavily discounted items - buy now or miss out. You might save 50% but will that product end up in your cupboard for the next 3 years?
Next time you’re making a big purchase, start by doing some research on products in that category. For example, you might be looking at a hatchback. Check out options from different brands and what features that have.
Work out a budget that can accommodate a vehicle that will last and handle your driving needs. The one with the lowest price might be tempting but will it end up causing more headaches down the track? Buy nice or pay twice.
Make a list of any other things you might need or want with the vehicle. Safety features or certain driver assist technology. You’ll be able to select the correct trip level matched to your needs.
Pull the trigger on the sale when you see fit. An ‘amazing deal’ on the wrong car, isn’t an amazing deal.
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