Money

10 tips to being MoneyBrilliant

Published on September 22, 2016 12:08 pm, by

We had a crack at this last year and thanks to lots of savvy money savers managed to come up with 40 top tips!

Here we bring together the best of the oldies and share some new ones that have saved our members significantly over the last 12 months.

Tip 1 Negotiate your insurances annually

Do your homework and find out what is available in the market. If you are happy with the product and service from your existing provider, it’s a great idea to give them a call and let them know you are looking for a better price and what you have found. Sometimes they will negotiate and sometimes they won’t. If they do, awesome. If they don’t, well there are other companies that would be more than happy to have you on board.

Tip 2 Keep up to date with phone and mobile provider prices

The best deals come and go, changing providers all the time. If you’re not locked into a contract, keeping on top of what is available can be the difference of hundreds of dollars in your pocket. Switching mobile and internet carriers are relatively simple these days, and it’s well worth the effort for the savings you can make.

Tip 3 Cook at home and bring lunches to work

We hear this all the time, but until we do the sums, or give it a go, it’s hard to understand how much we are spending eating on the go. Even a $10 lunch daily and a $15 dinner adds up quickly. Throw in a drink and a coffee stop during the day and that’s $35. A day. Which is $245 a week. Which if you are single you would hardly spend at the grocery store to feed just you. Imagine saving $150 per week which equals $7,800 per year on food. Double that if there are 2 of you.

Tip 4 Be prepared before grocery shopping

DO Buy your fruit & veggies in season, you will save a heap
DO Check out Aldi or Dan Murphy’s for alcohol
DO Try online shopping
DO Go through the weekly catalogues before you hit the shops
DO Write a list and stick to it, it will help stop impulse buys
DON’T Shop when you are hungry
DON’T be sucked in by a rewards program

Tip 5 Get rid of bad debt before you start saving

Why pay interest if you don’t have to? Having $5,000 stashed in a savings account that pays 1.00% interest is insane when you have $5,000 credit card or personal loan debt and you are paying between 10 and 20% on that. Pay off the credit card debt first, then start saving again. It will be lots easier as long as you don’t go on a spending spree!

Tip 6 Beef up your savings

Start an account that you can’t access immediately through card withdrawal or immediate transfer. Opening it at a different bank to where you keep your everyday transaction account may mean that all transfers are overnight. This will stop you accessing funds on the spur of the moment. Set up an automatic transfer on payday that is 1% of your salary. If you did OK next payday think about increasing it by another 1%. Keep going until you are running very low by payday. If that’s not your thing, think of ways to trick yourself into putting more money in. Maybe anytime your balance isn’t a multiple of $5 or $10 you transfer the money into your savings account to make it that. Be sure to check that you won’t be charged fees for extra transactions.

Tip 7 Make your savings work for you

Check out your investment options. Bank accounts are low risk, but the returns reflect this. If you have $5,000 sitting in a savings account it might be time to check out other options. Think managed funds, share investments, bonds to name a few.

Tip 8 Remove temptations that lead to impulse buying

Unsubscribe or hide retail store emails. Purchasing in retail stores is often more attractive if you sign up to their email distribution list – often there is a 10% discount whenever you shop in store. But you can set an email rule to divert these away from your email inbox, or just unsubscribe and re-subscribe next time you shop there to get the discount.

Tip 9 Negotiate your interest rates with your bank

For the mortgage holders out there often the biggest expense is your interest rates. Just like other service providers, taking the time to shop around and see what’s available will give you the ammunition you need to contact your bank and ask for a lower rate. If they say no, it may work out to your benefit to refinance your loan elsewhere.

Tip 10 Join MoneyBrilliant

And really know where your money goes! It is possible to save more than $10,000 per year just by tracking your spending and tweaking your habits slightly.

If you are already a MoneyBrilliant member, follow the links to see your last 90 days spending for:

Grocery spending
Dining, Bars and Cafes
Shopping
Fees and charges (includes mortgage and credit card interest & fees)
Utilities
Insurances

If you aren’t a MoneyBrilliant member and want to check it out, we invite you to do so.

Related Articles –
Knowledge is power: know where your money goes
Laziness is costing Aussies $11.6billion
10 ways to curb spontaneous spending

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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