If you’re hoping to save some cash this year, you’re probably assuming that you’ll be forced to quit all of the fun things in your life in favour of boring nights in, and you’ll find it super hard to give up your favourite treats. But there are some easy ways to save money that won’t make you feel like a social outcast, and here are a few of our favourites:
Do some planning
It’s all fine and good to say that you want to save money, but without knowing why, and having goals around money, it’s easy to spend a few hundred dollars on a night out with your friends. Take some time to think about why you want to save money. Maybe you want to buy a house, save for a holiday, or simply build up your safety net so you can quit that soul-sucking job. The first step is to take a piece of paper and write out your goals “I want to save so I can buy a new house”. Then ask yourself why: “Financial independence is important to me, and I want my kids to feel secure and know that we own our own home”. Finally, figure out exactly how much you need “I need $20,000 for the deposit”.
Get everyone involved
If you have kids, it can be hard to tell them that you’re cutting back on treats, especially if they don’t see anything concrete in it for them. It’s also an excellent opportunity to teach them about saving and financial planning, something that should start while they’re little so they don’t feel overwhelmed by money choices when they’re adults.
Talk about what it is you’re saving for, and get them involved. Often kids will want to help, so consider having a garage sale and allowing them to keep the money from any toys that they sell, as long as they put it in their piggy banks.
Bring in more cash
When it comes to saving money, often we look at how we can cut back our expenses, without thinking about how we can actually increase the amount of money we have coming in. When was the last time you had a pay raise? Is it built into your contract? Or do you need to talk to your manager about the contribution you’re making to the company?
Could you be working a side job? Maybe you can consider doing some freelancing or working part-time one day a week so you can meet your goals faster.
Check your bills
There are many ways to reduce the amount you’re paying in bills each month. Look at the number of providers available for your payments like electricity, water and internet and see if there are better deals out there. Most people stick with one provider as they assume they are locked into a contract, but it can be easier to change than you think. Check out for more information.