There seems to be little relief for cost of living pressures. Your mortgage broker can work their magic with your home loan, ensuring you are on a cost effective product, but there are many little habits you can adpot that can make a huge difference to your budget.

If you are ready to save money like a boss, take advsantage of the following tips.

1. Automate Your Savings

• Set up automatic transfers from your checking account to a savings account or investment account. This ensures you consistently save without thinking about it, making saving a habit.

2. Use the 50/30/20 Rule

• 50% of your income goes to needs (housing, food, bills), 30% to wants (dining out, entertainment), and 20% to savings or debt repayment. This simple budgeting rule keeps your spending balanced and ensures savings are prioritized.

3. Cut Out Unnecessary Subscriptions

• Audit your recurring subscriptions (streaming services, magazines, apps) and cancel the ones you no longer use or need. These small fees can add up over time.

4. Pay Yourself First

• Before spending on anything else, set aside a portion of your income for savings. This strategy forces you to prioritize saving before discretionary spending.

5. Cook at Home

• Eating out can get expensive. Cooking at home saves a significant amount of money, and meal planning can help you avoid impulse purchases and food waste.

6. Track Your Spending

• Use budgeting apps or spreadsheets to monitor your spending habits. Understanding where your money goes helps you identify areas where you can cut back.

7. Create an Emergency Fund

• Save 3 to 6 months’ worth of living expenses to cover unexpected costs like medical bills, car repairs, or job loss. This prevents you from dipping into savings or going into debt during emergencies.

8. Use Cash for Discretionary Spending

• Set a weekly or monthly budget for non-essential items (like entertainment or dining out), and use only cash to pay for these. When the cash runs out, stop spending, which limits overspending.

9. Negotiate Bills

• Contact service providers (cable, internet, insurance) and ask for discounts or look for ways to reduce your monthly payments. Many companies are willing to negotiate to keep customers.

10. Avoid Impulse Purchases

• Implement the 30-day rule: if you see something you want, wait 30 days before buying it. Often, the urge will pass, and you’ll save money by not purchasing on impulse.

11. Buy Generic Brands

• Opt for store-brand or generic products instead of name brands. They are often of similar quality but cost significantly less.

12. Use Cashback and Rewards Programs

• Take advantage of cashback programs, loyalty rewards, and discount apps when shopping. Just make sure you’re only buying what you need, not just to get rewards.

13. Limit Credit Card Use

• Credit cards make it easy to overspend. If you’re trying to save, use cash or a debit card more often to keep your spending in check and avoid interest charges.

14. Set Savings Goals

• Having a clear savings goal (like a vacation, new car, or home down payment) helps keep you motivated. Break down your goal into smaller, achievable milestones.

15. Sell Unused Items

• Declutter and sell items you no longer use or need. Websites like eBay, Facebook Marketplace, or Poshmark can help you turn clutter into extra cash.

16. Avoid Lifestyle Inflation

• As your income increases, resist the temptation to increase your spending on luxuries. Keep living within your means and put any extra income toward savings or investments.

17. Use Public Transportation or Carpool

• If possible, use public transportation, walk, or carpool to save on gas, parking, and car maintenance costs.

18. Buy Secondhand

• Shop at thrift stores, garage sales, or online marketplaces for gently used items like clothing, furniture, or electronics. You’ll save money and often find quality items.

19. Bundle Insurance Policies

• Many insurance providers offer discounts if you bundle your home, auto, or other policies together. This can save you money on premiums.

20. Set a “No-Spend” Day

• Dedicate one or more days a week as “no-spend” days where you don’t spend any money. This builds discipline and reduces unnecessary expenses.

Implementing even a few of these strategies can significantly boost your savings over time, helping you build financial stability and achieve long-term financial goals. Need more help? Our Blackburne Mortgage Broking team are experts when it comes to savings strategies, so contact us to supercharge your savings today!