Saving

Remove this Banner Ad

I always struggled with saving (ie getting myself into debt!). When I got my tax refund last year (and I was debt free - which helps), I opened up an online savings account. I transferred a large chunk of my tax across. Within a couple of weeks, I had input some money, but spent more.

I decided to "hide" my savings account. I had no visible access to the account via logging in online/on phones/ATMs etc and the only way I could access the account was by calling the bank up.

I set up a direct debit (like I would a bill) to "pay" myself. Within a couple of months, I had a real savings account. For the first time ever, I now have more than a months worth of wages in my savings account and no temptation to spend it, I am so keen for the savings!

I was once a careless spender, now I am a saver!
 

Log in to remove this ad.

freddy mercury said:
how do you save? I struggle so bad to save just after some tips or ways you save your money, thanks!!! :(
Click to expand...

until you can improve your income stay away from ongoing commitments such as insurance (other than third party), mobile phone packages, internet packages, hire purchase, credit, living too far from work (cost of travel) etc.

these are ways of trapping "mice on a wheel".

a lot of people roll their eyes when I say insurance but its simple......if you can't afford to lose it, you can't afford it.


the harder question is how to improve your income
 
RobbieGray17 said:
I've been burning money over the last 18 months, and at a time when I'm supposed to be more disciplined than ever.

For a number of reasons I'm going to challenge myself to see how little I can live off. And how much I can save.

1. No fast food
2. No soft drink
3. take public transport instead of driving
4. pay the last $500 on my credit card.
5. See if I can get better insurance deals
6. Not buying food and drinks at the footy
7. Pay bills on time instead of being lazy.
8. Possibly sell some unwanted stuff to get rid of the car loan, which is probably the next major economic goal.


I've heard of people eating for $2 per day, but that seems extreme. It will be interesting to see how it goes, given I workout three times a week. Its kind of disappointing how much money I've wasted particularly on things I shouldn't have spent money on and how easy it was to do. If I did things right I could be well ahead right now and be looking at some investment opportunities.
Click to expand...
1, 2, 6 & 7 should be done anyway. But everyone is human.
3 Depends on where you live.

As for the $2/ day meals. Very easy. Go and buy a huuuuuge pot. And make spaghetti bolognese, or mince, or some other cheap minced beef dish, cook a huge amount, leave it to cool over night. Put it into containers and chuck them in the freezer. You have a month worth of meals set up, aside from some additional veggies and/or pasta.
If you are bulking at the gym, be prepared to put some serious money into your food. Otherwise stick with bulk 'n' freeze meals.
Spag bol tastes better the longer it sits, anyway!
 
Floor Pie said:
I'm going to assume it's a health and safety issue that you have.

The reason you leave it over night, is because you cannot put that volume of spag bol into the fridge, without overloading the fridge. And you will find that the huge put is still nice and hot in the morning.

I'll take a photo of the pot I use, and post it up, to give you and idea.

But yeah... Didn't want to waste a post, by asking you what you meant.
Click to expand...

You can't leave cooked food unrefrigerated overnight.

I mean, you can, but it's not a very good idea. Good way to make yourself or someone else sick, particularly if their immune system is a bit under the pump.

Best to go straight in the freezer.
 
Looking everywhere to save a buck. Going to give serious thought to downgrading the 4wd to a Toyota Yaris.

On rough calculations 10 year plan

4wd - $11,000 Probably 10 on trade in.
4000/yr

Yaris - 14,000
$2,700/yr including 800 depreciation Warranty etc.

so thats like 9k better off, probably more given the warranty and newer car, repairs etc.
Was thinking of getting much older and cheaper car, and banking the difference, but I forgot about the resale value, and having a 20 year old vehicle at the end of it.

Anyone have any hot tips throw them up, I'm up for ideas. Not the (live in a cardboard box thing though)
 
RobbieGray17 said:
Looking everywhere to save a buck. Going to give serious thought to downgrading the 4wd to a Toyota Yaris.

On rough calculations 10 year plan

4wd - $11,000 Probably 10 on trade in.
4000/yr

Yaris - 14,000
$2,700/yr including 800 depreciation Warranty etc.

so thats like 9k better off, probably more given the warranty and newer car, repairs etc.
Was thinking of getting much older and cheaper car, and banking the difference, but I forgot about the resale value, and having a 20 year old vehicle at the end of it.

Anyone have any hot tips throw them up, I'm up for ideas. Not the (live in a cardboard box thing though)
Click to expand...

I'm all for economical cars and not blowing a stack of cash on a car if its not a passion. That said I'm not sure I would go to the extreme of a Yaris, especially if its new.

Have you considered a second hand Camry? They go forever, cheap maintenance costs and at the very least neutral "street cred"

How do you get to work? In my experience catching public transport as much as possible is a great way to save money and often more productive.

Other ideas that spring to mind is stop paying for coffee and limit purchasing lunches, both can save thousands each year.
 
sabre_ac said:
I'm all for economical cars and not blowing a stack of cash on a car if its not a passion. That said I'm not sure I would go to the extreme of a Yaris, especially if its new.

Have you considered a second hand Camry? They go forever, cheap maintenance costs and at the very least neutral "street cred"

How do you get to work? In my experience catching public transport as much as possible is a great way to save money and often more productive.

Other ideas that spring to mind is stop paying for coffee and limit purchasing lunches, both can save thousands each year.
Click to expand...
I travel about 150km/wk to work
But when I'm at uni (for about 25 weeks) I do about 300km/wk. And that includes public transport. (I don't have public transport in my local area)

I haven't bought subway for about 3 weeks now. On the weekend I bought some deli meat, and made a sandwich before the footy, and got a protein bar for during and after the game.

What year Camry are we talking? And with a Yaris, what if I went for a 10-12 model, basically near swap for mine.
 
RobbieGray17 said:
I've been burning money over the last 18 months, and at a time when I'm supposed to be more disciplined than ever.

For a number of reasons I'm going to challenge myself to see how little I can live off. And how much I can save.

1. No fast food
2. No soft drink
3. take public transport instead of driving
4. pay the last $500 on my credit card.
5. See if I can get better insurance deals
6. Not buying food and drinks at the footy
7. Pay bills on time instead of being lazy.
8. Possibly sell some unwanted stuff to get rid of the car loan, which is probably the next major economic goal.


I've heard of people eating for $2 per day, but that seems extreme. It will be interesting to see how it goes, given I workout three times a week. Its kind of disappointing how much money I've wasted particularly on things I shouldn't have spent money on and how easy it was to do. If I did things right I could be well ahead right now and be looking at some investment opportunities.
Click to expand...
When you speak to different insurers and even if they are cheaper than what you pay they can go lower than what they offer you first up so tell them you have a lower offer and get them to knock another $50 off, they'll do it. Just remember though make sure the excess they are going to charge is the same as what you have currently, if they aren't then you aren't comparing the same thing. The sting in the tail for companies like Youi is that they have a higher standard excess premium than most insurers which is why they are cheaper, but they aren't comparing to things that are identical.
 
If you have a backyard you really have little excuse to not have your own little vege garden, not massive savings but they food tastes better. Don't know why more people don't have one, not that hard to maintain either.
 
The life of a student, endless money and good times management, I found the key was not to go too extreme either way. You have to have faith in your future earning capacity and attempt to continue your student ways after getting your first job. Easier said than done, I know when my first real pay cheque came in I hit the town pretty hard.

RobbieGray17 said:
I travel about 150km/wk to work
But when I'm at uni (for about 25 weeks) I do about 300km/wk. And that includes public transport. (I don't have public transport in my local area)
Click to expand...

In other countries students rely on public transport or live very close to campus as a way of keeping costs down, unfortunately in Australia this isnt always achieveable.

RobbieGray17 said:
What year Camry are we talking? And with a Yaris, what if I went for a 10-12 model, basically near swap for mine.
Click to expand...

Im not exactly sure what model, have a look on car sales. Ive never heard of a camry owner complaining about their car always breaking down or expensive to run, Yaris I think is a little more hit and miss. What attracts you to the Yaris?
 

(Log in to remove this ad.)

Atley said:
If you have a backyard you really have little excuse to not have your own little vege garden, not massive savings but they food tastes better. Don't know why more people don't have one, not that hard to maintain either.
Click to expand...

Agreed, having a vegie garden is great and definitely something everyone should try at least once.

In addition to your points, I would also include its good exercise and comes with a great sense of achievement.
 
Lots of ways to save money. It's the little things that count.

- Buy things in bulk, but within reason. For example museli bars are usually 3.99 for a 6 pack but can often be obtained for $2. Buy 10 boxes
- Pasta is mega mega cheap. Packet of pasta $1. Some sauce $2-3 a jar. Can easily feed 2 people with leftovers for the next day
- have the $1 7-11 coffees or the $1.50 hungry jacks coffees. Save $2-3 a day.
- use the hungry jacks app. Can get 2 for one burgers or free drinks. Also can get $1 bottles of water or frozen coke
- share items you don't use regularly but need. Whipper snippers, hammer drills, wheelbarrows etc
- if you are a couple aim for $10 combined for dinner. Examples include homemade pie, sznitzel and salad, pasta.
- avoid ribs. Can cost $25 a kilo and be mostly bone. Chicken wings are usually cheap and can be cooked a variety of ways.
- don't smoke.
- boil water and fill up bottles. Cheaper than bottled water
- Buy a bag of hot dog rolls and put hotdogs in a thermos when going to the footy. Hot dogs are $6 each at the footy
- don't get foxtel. Get an unlimited internet package and club membership. Download tv shows. If there's a game you want to watch go to the local pub. Otherwise go to the game or watch free to air
- in winter keep heating to a minimal. Just pop an extra blanket on the bed
- limit cafe breakfasts to a minimum. Have weetbix or toast.
- resist the urge to buy the latest gadgets. Have a look but seriously think do you need it or can you get by for another 6 months.
- if you like gadgets don't buy them but save up credit card points, gift vouchers etc until you can buy it.
 
NetworkNerd said:
Lots of ways to save money. It's the little things that count.

- Pasta is mega mega cheap. Packet of pasta $1. Some sauce $2-3 a jar. Can easily feed 2 people with leftovers for the next day
- have the $1 7-11 coffees or the $1.50 hungry jacks coffees. Save $2-3 a day.
- use the hungry jacks app. Can get 2 for one burgers or free drinks. Also can get $1 bottles of water or frozen coke
- if you are a couple aim for $10 combined for dinner. Examples include homemade pie, sznitzel and salad, pasta.- boil water and fill up bottles. Cheaper than bottled water
- Buy a bag of hot dog rolls and put hotdogs in a thermos when going to the footy. Hot dogs are $6 each at the footy
Click to expand...

Saving is good, but saving at the expense of your health not so much.

I would say:

- Pasta is cheap and should be part of a balanced diet but you can't just replace fruits, vegetables, meat etc. with pasta because it's cheaper.
- Make your own coffee.
- Don't eat Hungry Jacks at all.
- If you want to set a target ($10 a meal etc.) make it an average. 3 or 4 Weet Bix, some milk and a cup of tea is bugger all pro rata. One chicken fillet, sides for one etc. costs more. 7 dinners for $70 is easier than 1 for $10.
- Just drink tap water. 99% of Australians don't need bottled or purified water.
 
NetworkNerd said:
Lots of ways to save money. It's the little things that count.

- Buy things in bulk, but within reason. For example museli bars are usually 3.99 for a 6 pack but can often be obtained for $2. Buy 10 boxes
- Pasta is mega mega cheap. Packet of pasta $1. Some sauce $2-3 a jar. Can easily feed 2 people with leftovers for the next day
- have the $1 7-11 coffees or the $1.50 hungry jacks coffees. Save $2-3 a day.
- use the hungry jacks app. Can get 2 for one burgers or free drinks. Also can get $1 bottles of water or frozen coke
- share items you don't use regularly but need. Whipper snippers, hammer drills, wheelbarrows etc
- if you are a couple aim for $10 combined for dinner. Examples include homemade pie, sznitzel and salad, pasta.
- avoid ribs. Can cost $25 a kilo and be mostly bone. Chicken wings are usually cheap and can be cooked a variety of ways.
- don't smoke.
- boil water and fill up bottles. Cheaper than bottled water
- Buy a bag of hot dog rolls and put hotdogs in a thermos when going to the footy. Hot dogs are $6 each at the footy
- don't get foxtel. Get an unlimited internet package and club membership. Download tv shows. If there's a game you want to watch go to the local pub. Otherwise go to the game or watch free to air
- in winter keep heating to a minimal. Just pop an extra blanket on the bed
- limit cafe breakfasts to a minimum. Have weetbix or toast.
- resist the urge to buy the latest gadgets. Have a look but seriously think do you need it or can you get by for another 6 months.
- if you like gadgets don't buy them but save up credit card points, gift vouchers etc until you can buy it.
Click to expand...

As a poor student, I remember parking the car in the front yard, in the sun, and studying in the car.

It is a bit harder now, with laptops but back in the day of pens and paper it worked a treat.

In summer, sleeping with a wet towel and a fan did its job.

sure it's nicer to have money but you can make a few dollars go a long way if you need it to.
 
Scotland said:
Saving is good, but saving at the expense of your health not so much.

I would say:

- Pasta is cheap and should be part of a balanced diet but you can't just replace fruits, vegetables, meat etc. with pasta because it's cheaper.
- Make your own coffee.
- Don't eat Hungry Jacks at all.
- If you want to set a target ($10 a meal etc.) make it an average. 3 or 4 Weet Bix, some milk and a cup of tea is bugger all pro rata. One chicken fillet, sides for one etc. costs more. 7 dinners for $70 is easier than 1 for $10.
- Just drink tap water. 99% of Australians don't need bottled or purified water.
Click to expand...

yep



Ideas like using cauliflower rather than pasta is a much better idea


It eats me up to pay for water, parking or tv. I guess I still have a small town mentality and paying for things that are free is hard to fathom.
 
I don't do it but if I found myself in a bit of trouble, I would go for a walk around the neighborhood and flog an orange/peach/lemon/lime or two of peoples trees, I am sure they wouldn't mind.
 
Power Raid said:
It eats me up to pay for water, parking or tv. I guess I still have a small town mentality and paying for things that are free is hard to fathom.
Click to expand...

I don't mind paying for Foxtel. I'd prefer it was cheaper and I would sacrifice half the channels, but I get sports coverage the FTA networks would not otherwise provide. 9 games of footy live a round, A-League, EPL, Super Rugby etc. The FTA networks would never televise all that.

Paying for water annoys me, but more so when it's an environment where water should be free. A restaurant, cafe etc. has running water. There is no reason not to have tap water available - other than to gouge customers. Places like airports, stadiums etc. which are Nazis about what you can bring in then charge $6 for a bottle of water are the worst.
 
Scotland said:
I don't mind paying for Foxtel. I'd prefer it was cheaper and I would sacrifice half the channels, but I get sports coverage the FTA networks would not otherwise provide. 9 games of footy live a round, A-League, EPL, Super Rugby etc. The FTA networks would never televise all that.

Paying for water annoys me, but more so when it's an environment where water should be free. A restaurant, cafe etc. has running water. There is no reason not to have tap water available - other than to gouge customers. Places like airports, stadiums etc. which are Nazis about what you can bring in then charge $6 for a bottle of water are the worst.
Click to expand...

but pay tv doesn't have anything that you can't get for free on free to air or on the net (connected to a tv)
 
I use a credit card to save.

Sounds crazy, but it works for me.

The problem I was having is that my pay would come in, I'd then transfer a large portion of this into a different savings account and be left with a fortnightly budget. I'd never give myself enough, forcing me to withdraw from my savings in the few days before I got paid again. Sure it was only a small amount and I was still technically building a savings, but there were 2 problems with this.

1. I wasn't receiving the bonus interest you only get for not withdrawing money.

2. Some institutions need to see continuous proof of savings without any withdrawal. Eg. A student visa I was looking at.

So I signed up for a credit card. I only use it if I run out of money in my fortnightly budget, and I pay it back on the next pay. I haven't had to take anything out of my savings in over 4 months and it's building nicely.

Credit can be useful if you're responsible.


Edit: I'm well aware that the interest charged on credit is more than I receive on my savings. It's more the fact that my savings is only going up, and never down.
 
Last edited:
Yellow Feathers said:
I use a credit card to save.

Sounds crazy, but it works for me.

The problem I was having is that my pay would come in, I'd then transfer a large portion of this into a different savings account and be left with a fortnightly budget. I'd never give myself enough, forcing me to withdraw from my savings in the few days before I got paid again. Sure it was only a small amount and I was still technically building a savings, but there were 2 problems with this.

1. I wasn't receiving the bonus interest you only get for not withdrawing money.

2. Some institutions need to see continuous proof of savings without any withdrawal. Eg. A student visa I was looking at.

So I signed up for a credit card. I only use it if I run out of money in my fortnightly budget, and I pay it back on the next pay. I haven't had to take anything out of my savings in over 4 months and it's building nicely.

Credit can be useful if you're responsible.


Edit: I'm well aware that the interest charged on credit is more than I receive on my savings. It's more the fact that my savings is only going up, and never down.
Click to expand...
There should be no interest providing you have interest free days and you don't get paid in some abnormal frequency.
 
You must log in or register to reply here.

Similar threads

Purple7x08_24
Saving money (Tips)
2
Replies
46
Views
5K
Purple7x08_24
Purple7x08_24

Remove this Banner Ad

Back
Top