HOW TO SAVE $10 before Christ
GIVE YOUR BANK BALANCE A HEAD START FOR THE FESTIVE SEASON
SPEND A DAY NEGOTIATING
Set aside one day to contact your bank, utility providers, phone provider and insurers to ask if you are getting the best deal possible. Before you call, do some market research so you can counter their response with better deals you have found. They won’t want to lose you as a customer, so will likely match or better the deal. One day’s work can reap hundreds in savings.
ORGANISE A CLEAN-UP
Want some quick cash before Christmas? All you need to do is open that cupboard door, scour the shed and pick through the garage. Do a spring clean and sell any unwanted items on Gumtree or Facebook Marketplace that might be collecting dust. You may be surprised at what some of your old ‘junk’ is worth. The rewards are twofold: you declutter and get valuable pocket money to spend on loved ones.
INVEST SPARE CHANGE
There are a number of apps such as Raiz Invest (raizinvest.com.au) that allow you to invest any spare change into a diversified portfolio of assets. How does it work? Card transactions on everyday purchases are rounded up. Say you buy a drink for $1.50 from
$2, the 50c change goes towards investing. Download it for free, with no minimum account balance requirement to open an account. There are maintenance fees once you deposit money though.
BARGAIN HUNT
There’s still time to take advantage of gift-buying bargains before the Christmas rush, when popular goods are unlikely to be on sale. From sports gear to homewares, sign up to email newsletters and take advantage of deals now to snap up presents for less. Another bonus? This will help spread the cost of Christmas over a longer term.
PUT THEM ON PAUSE
Make a month-long or longer commitment to stop buying takeaway coffee and delivery dinners, and then write down the money you saved daily. Likewise, put a pause on some of the streaming services and apps you use for one month, so you can reconsider if you actually missed them once that time is up – you may be pleasantly surprised. This can reap savings and create lasting, healthy financial habits.
UTILISE YOUR SKILLS
Maybe you can write a great resume, translate French or know your way around setting up a Wordpress website. Put those skills to good use and pick up some work on the side by advertising for freelance jobs on websites like fiverr.com or upwork.com.
SEPARATE YOUR ACCOUNTS
Financial advisor Helen Baker advises dividing your bank accounts into ‘pots’, including one for bills, savings and fun money. “Most banks now let you have ‘sub-accounts’ within your main account,” says Helen. “Each time you are paid, you can divide the money into each pot as determined by your budget. Effectively, you’re separating what is ‘your money’ that you can spend or save as you like, and what is ‘someone else’s money.’” Visit onyourowntwofeet.com.au for more tips.
AVOID IMPULSE BUYS
Here’s a simple solution next time you’re online and ready to fork out big bucks on those shoes, bike or sheet set. Either keep the item in your virtual shopping cart or write a note in your diary and wait for 30 days. If you’re still pining for this purchase, then you know it’s essential. If not, think of the money you saved!
LEASE YOUR PARKING SPACE
Got a driveway or protected garage that has space? Consider hiring it out as a carpark for vehicles or even caravans. A sought-after area will ensure good rates, especially if parking in the surrounding area comes at a price or is in demand. Look at sites such as parkhound.com.au to see how much you can make.