When first time clients or potential clients talk to our financial advisors in our Perth office, the conversation usually turns to a common question: “How can I save money?” While we can’t give specific advice here and recommendations will be general in nature, it is safe to say that most people have resources they don’t know they have.
When we don’t budget properly and don’t watch where our money goes, we spend a lot of money we don’t know we’re spending. Often, it is on things that we don’t really need. A recent study by moneysaverHQ, part of News Corp Australia, revealed that the average Australian could save $8,000 a year by substituting less expensive alternatives for popular discretionary purchases.
Recent ABS statistics show 3% annual inflation, the highest since 2011. Alcohol and tobacco are up 7.1%, education is up 5.1%, health is up 4.9% and recreation and culture are up 3.3%.
How to Save Painlessly
Here are the moneysaverHQ suggestions on how to save money every day and how much they will save the average Australian.
- Pack a lunch and bring it to work every second day: $25 per week, $1,300 per year.
- Buy generic medicines when going to the pharmacy: $10 per week, $520 per year.
- Buy in bulk and watch prices at the supermarket: $15 per week, $780 per year.
- Drink three less takeaway coffees each week: $10 per week, $520 per year.
- Don’t buy books or DVD’s. Borrow them instead: $10 per week, $520 per year.
- Walk or ride a bike when possible instead of driving: $10 per week, $520 per year.
- Automatically transfer money into savings: $20 per week, $1040 per year.
- Cut watering gardens and shower time by half: $20 per week, $1050 per year.
- Use appliances and lighting that are energy-efficient: $15 per week, $780 per year.
Total saved: $150 per week, $7800 per year.
Call 08 6462 0888 to learn more.