Start a Change Jar

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Put aside a large container or piggy bank labelled ‘spare change’ and put any loose coins into it at the end of each day. You won’t notice the money missing from your wallet but you will feel amazed at how much it adds up within a year.

MAKE IT AUTOMATIC
If you lack the discipline to save, find a mobile app that will do it for you. With a reputable mobile app, you can plan your budget and track your spending. You can even schedule the transfer of money from your salary to your savings.

If you learn to make simple, quick meals at home you can reduce the number of times you buy takeaway or eat out each week. On the weekend take some time to write up a menu plan and shop for the week ahead.

Start with a couple of easy-cook meals and add new ones over time to build your repertoire. You’ll notice the task of food preparation will become more efficient the more you do it.

DROP YOUR DRINKS
Add up how much you spend each week on takeaway coffees or alcohol at bar/pub prices. You’re not alone if it’s in the double digits.

Cutting back doesn’t mean missing out. To feed your coffee habit, make your own travel mug of coffee before you leave home. To feed your social life, leave your credit card at home and take a pre-determined amount of cash with you when you go out drinking. Suggest to friends you meet up at happy hour or enjoy a few drinks together at home before going out.

SWITCH TO WEEKLY HOME LOAN REPAYMENTS
Pay your home loan weekly instead of monthly. Home loan interest is calculated on a daily basis so the more frequently you pay, the more you will save. This applies even if you are not actually paying any more than you used to.

Talk to a mortgage broker about other ways to make your home loan more competitive.