Share a money-sav­ing strat­egy you tried that has back­fired

Money Magazine Australia - - OUR EXPERTS -

SU­SAN HELY

Su­san has been a se­nior writer at Money for more than 10 years. Su­san says: “I wanted to teach my 15-year-old daugh­ter about shares. We went halves in $500 worth of shares in a min­eral sands com­pany. She was ex­cited when the price went up. But it started to go down and didn’t stop. She lost her money but did learn how shares can go down as well as up.”

PETER DOCKRILL

Peter is a sci­ence and tech­nol­ogy jour­nal­ist and a se­nior writer at Sci­enceAl­ert. Peter says: “I used to save by putting money aside at the end of each pay pe­riod. Big mis­take. If you proac­tively de­posit your sav­ings on pay­day in­stead, your spend­ing habits adapt to the tighter cash flow, and it makes a huge dif­fer­ence.”

GRA­HAM WITCOMB

Gra­ham, a se­nior an­a­lyst at In­tel­li­gent In­vestor, says: “I’m a sucker for good value. Ev­ery month, Costco lures me in with their cheap cheeses and enor­mous trays of seafood – and ev­ery month I find my­self throw­ing away some ex­pired cheese and a dozen old prawns. Bulk dis­counts are an il­lu­sion if you don’t need to buy in bulk.”

PAM WALK­LEY

Pam was found­ing ed­i­tor of Money and is now a se­nior staff writer. Pam says: “Tak­ing ad­van­tage of so-called ‘dis­count’ wine of­fers rarely worked. Much was vir­tu­ally un­drink­able – it’s a smart way for wine mer­chants to get rid of rub­bish stock sweet­ened with the odd good bot­tle. Life is too short to drink bad wine!”

AN­NETTE SAMP­SON

An­nette has writ­ten ex­ten­sively on per­sonal fi­nance and she has writ­ten sev­eral books. An­nette says: “Def­i­nitely try­ing to do any­thing ‘on the cheap’. I’ve al­ways found you end up pay­ing to have it done prop­erly any­way – af­ter you’ve wasted your money on the cheap so­lu­tion.”

RYAN FELS­MAN

Ryan, a se­nior econ­o­mist at Com­mSec, says: “Buy­ing a diesel SUV. Higher av­er­age diesel fuel prices, the ex­tra ini­tial up­front cost and higher ser­vic­ing costs have out­weighed the sup­posed greater fuel ef­fi­cien­cies. And now the de­pre­ci­a­tion is far worse be­cause of the Volk­swa­gen ‘diesel­gate’ emis­sions scan­dal. Time for an EV!”

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