- Have multiple bank accounts, one for spending, and one for long term saving and one for medium term saving. This will stop you from spending it all at once.
- Look for account with high interest rates and low minimum amounts and charges.
- As soon as you receive income put the planned savings amount away. Do not wait until the end of the month to put it away because you will have spent it.
- Give yourself your planned spending amount in cash at the beginning of the week so you can see exactly how much you have left.
- If you are not good with cash buy things ahead of time so you’re not put in the situation of buying something on the spot where you are tempted to overspend.
- Consolidate multiple debts into one low interest loan, even if this means your parents pay your debts and you owe them the total amount.
- Avoid expensive supermarkets such as Safeway and Coles. Do your grocery shopping at markets such as Box Hill, Queen Victoria
- Re-fill water bottles instead of buying new ones daily
- Buy your Metcards in bulk, 10 trips or monthly can save up to 20%
- Ask if you are eligible for discounts at bookshops, utilities, ticketing places etc.
- Structure your pay to include monthly bonuses and save the lump sum.
- Save any windfall or unexpected money such as tax returns, presents etc.
- Speak to your phone, internet, and utility providers regularly to see if any new cheaper plans are available.
- Plan your days spending as you start the day, don’t wait until you’re starving to think about how much you want to spend on lunch.
- Spend as regularly but spend less. Instead of getting the large meal, get the medium. Buy one CD instead of three.
