Getting through the week without spending a cent is seemingly impossible with impending bills and daily expenses that are required for your day-to-day survival (your $5.50 morning latte is unfortunately not included in that, regardless of perceived necessity.) However, it is still possible to be a savvy saver when it comes to shopping, regardless of whether it’s for food, cosmetics, travel or fashion.
Below are some tips on how to remain within your means, whilst still purchasing what you require.
Set a budget:
This applies to your essentials, as well as your ‘wants’, categorising where you can spend what, allowing you to spend much more consciously. Budgets are appealing as they’re fluid, meaning the amount that you budgeted for this month doesn’t necessarily have to apply next month. They’re also very subjective and vary from person to person based on a multitude of factors including income and lifestyle variants, so your budget can be as unique to you as you are to society.
Write a list & stick to it:
We have all admittedly gone to Kmart for one thing and walked out with 17 items we’re convinced are essential, that we definitely didn’t need. Writing a list of your most essential items and keeping yourself accountable will ensure you’re not spending money that’s out of your budget, or buying unnecessary items. Of course it’s great to treat yourself occasionally and reward yourself with a luxury or leisure item, but if you have a saving goal, it’s best to stick to your allocated funds.
If you like to shop online, apps such as ShopBack can help you to save money via cashback deals. With access to over 500 stores, you’ll find coupon codes and deals from popular brands & retailers with up to 30% cashback on online purchases.
‘Buy now, pay later’ platforms are on the rise, tempting consumers to purchase items they may not necessarily have been able to afford outright. Australian’s have accrued a staggering $1 billion in BNPL debt, according to an ASIC report. The number of buy now, pay later transactions increased from 16.8 million in the 2017-18 financial year to 32 million in the financial year 2018-19, representing an increase of 90 per cent.
Sipora was born from the intention to alleviate growing debt by encouraging consumers to instead save for their purchases. Once you download the app and connect it to your bank account, it works by rounding up your purchases to the nearest $1, $2 or $5. For example, if you bought a coffee for $4.20 and had your settings to round up to the nearest dollar, then you’d be charged $5 and that 80c would be added to your Sipora. You can then use the money accumulated from all round-ups toward purchasing products via the integrated marketplace of retailers.
Y Waste is a free downloadable app, designed to reduce the amount of food waste that is thrown away due to not selling. This app allows and encourages food outlets to share their close of business surplus at discounted prices. All you have to do is have a look at the in-app map and search for food near your current location. According to Y Waste, 1/3 of food produced for humans to eat goes to waste because it doesn’t sell by the end of the day, adding up to 1.3 billion tonnes worldwide.
With the help of the Y Waste app, food outlets post their end-of-day surplus at discounted prices. Consumers simply download the app and search for food near them.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.