We all love a good discount. Black Friday and Cyber Monday show that. Who does not like to save some money? However, every situation is different, and what is possible for you depends on your circumstances. Reviewing your mortgage and credit card expenses (our particular area of passion and expertise) for a two or three-month period is a great place to find savings and identify non-essentials. These could be subscriptions or memberships that are not being used or you forgot you had!

We’ve identified 5 simple ways you could save money and reach that hundred bucks a month savings! 

  • Monitor your grocery bills

Preparing a meal plan that includes lunches and snacks can greatly help. When shopping, have the ingredients listed you need for the meal plan and stick to the list when shopping. It’s cheaper to buy seasonal fruits and vegetables and the bonus is they’re fresh and plentiful! If you can’t find fresh fruit or vegetables, check for frozen ones, their nutritional value, and if they’re priced competitively.  Buy staples such as flour, oats, and rice in bulk when their prices have been discounted. 

  • Be mindful of your electricity bills

Instead of heating or cooling the entire house, only heat or cool the room you’re in. To help adjust the temperature inside, open or close the blinds. Run a full load of laundry and cold water in your washing machine whenever possible. If possible, utilise energy-efficient appliances or lighting, and turn off appliances at their on/off switch and at the powerpoint when not in use.

  • Consider cheaper alternatives

For health and fitness, look for free lessons or running groups in your neighbourhood. If you want to stay indoors, check online for free workout videos or fitness challenges. Scour discount sites for free access to streaming services. Try making your own takeaway meal to save money instead of having it delivered. Instead of going out to eat, enjoy a picnic or barbeque at the beach, park, or someone’s house. When on vacation, instead of flying, treat yourself to a staycation and explore, relax and have fun closer to home. Consider carpooling or riding your own bike for transportation.

  • Find better deals

Compare energy providers to ensure you’re getting the best bargain possible. Evaluate all your monthly consumption (Spotify, Amazon, Disney, Foxtel, …) and consider if you still use them. Check your phone and internet cost and look for a better deal. You may be paying more than you need with your current provider, and there might be cheaper solutions. Additionally, check if your current supplier will offer you a retention incentive, which may be a better deal than your current plan. 

When it’s time to renew your insurance, shop around for the best deal. If you group all your insurance, you may be able to earn a discount. Or, it may be an opportunity to be provided with an incentive to remain with your current insurance. It starts with asking and seeing what’s on offer!

  • Make a savings plan

Review your expenses and spending habits. Remember to set aside savings before you spend. Identify the things you just need and try to reduce your luxuries. Discipline yourself in saving and regularly check your savings progress as it will spur you to keep going! If you are planning to apply for a mortgage for your property investment or if you have an existing mortgage, consult a mortgage broker who can scout many lenders to get the best deal for you and your circumstances. 

Do you also want to save a hundred bucks or more? At Micah Finance Solutions, we help our clients save more and achieve their financial goals. Schedule an Obligation Free Consultation today.