How you can save more, every day

According to the Australian Financial Literacy Foundation, we’re a country of confident savers. However, 50 per cent of the population doesn’t budget for day to day expenses, which leads us to believe that maybe we’re a bit too confident about our money saving abilities.

Realistically, if you’re trying to stay on track with your loan repayments, you know how important having a solid budget is. Let’s take a look at how you can use that understanding to maximise your savings, every day.

Drive smarter

Australian Bureau of Statistics and IBISWorld data show that nearly $80 billion is spent on cars per year. That may involve anything from fuel to maintenance or anything related to getting you from A to B.

But how can you save on something most Australian’s use every day? Driving smarter and with foresight is a small change that can make a big difference. Simply breaking smoother for example could save you money on both petrol and services.

Shop better

Roy Morgan Research data indicates that buying clothes because of the brand association robs Australians’s wallets of more than $7 billion per annum. The habit of looking at the brand-name tag is costing around 30 per cent more per item, which if you think about it adds up rather quickly.

While wanting to look good and put-together is understandable, our country seems to have taken it to another level. Data shows that two thirds of women buying new clothes every single month! Now when you’re trying to save for your first home or trying to make solid repayments, swapping the expensive brands for more cost-effective – but just as stylish – options can impact your budget drastically.

Drink healthier

Data from Roy Morgan Research on Australian drinking behaviours shows that we drink 426 million glasses of alcohol over four weeks on average, translating into more than $14 billion spent on beverages per year. Cutting down on your alcohol consumption could save big bucks, but also improve your health.

While the occasional glass of wine is great for celebrating, drinking can negatively affect your health. By simply drinking just one or two glasses on the weekend, instead of four or six, you can lower your stress levels, improve sleep quality and help control your weight.

Want some professional advice and help with your daily budget? Get in touch with us today.