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'out there' Money Saving / Budget tips


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#1 Pinkk_Sprinkkles

Posted 06 May 2013 - 11:01 AM

QUOTE (andyk @ 06/05/2013, 08:42 AM) <{POST_SNAPBACK}>
I know this sounds weird (but I won $6,000 in a best money saving tips  
competition for this one) we don't spend $5 notes. At the end of each day we put them away in our safe, you will be amazed how much you save. Last year DH paid $7,000 cash for a second hand 4wd from our $5 note stash. You have to be dedicated, but DH is totally into it and I try hard!


This idea from AndyK in another thread got me thinking - there is heaps of advise on here about meal planning, budgeting, turning appliances off at the power point to save money but what do you do that's a bit 'different' to save money, budget or cover to cost of lifes little 'luxuries'?

I personally:

(well my mum did this, but i'm about to start doing it for my partners kids) Put all my silver change into a large money tin, at the beginning of summer holidays, open it up and use this to cover activities throughout the holidays like icecreams at the beach, movies, visits to the zoo...

I keep all of my gold coins in my drawer at work; I use this money to pay for my weekly coffee and the occasional take away lunch; if there's not enough in the draw, I don't get it.

I clean out my pantry and fridge on a very regular basis; anything that is getting close to it's used by date I keep on the middle of the shelf that's at my eye level and make a concious effort to use that ASAP to ensure it's not being wasted







#2 wannabeamama

Posted 06 May 2013 - 11:07 AM

Not quite 'out there', but we don't spend $2 coins, and they all go in an old coke bottle. Apparently it adds up to exactly $1,000 when full. There was hardly any in there but I just checked, and there is over $40, and we only started a couple of weeks ago!

#3 *cough*

Posted 06 May 2013 - 11:08 AM

I do the $5 note thing throughout the year and usually have around $700 by xmas. It actually does work.

#4 little bird

Posted 06 May 2013 - 11:38 AM

I log on to Internet banking after every single transaction and round down our account to the nearest 5 or 10 dollars, transferring the extra little bit into the home loan. Doing this is how we saved our deposit while both being students and how we're now well in advance on our home loan only six weeks in to it. You really don't miss that extra 2.98 etc, but man, does it add up quickly!

#5 Shary Bobbins

Posted 06 May 2013 - 11:41 AM

QUOTE (may-b-baby @ 06/05/2013, 11:01 AM) <{POST_SNAPBACK}>
I clean out my pantry and fridge on a very regular basis; anything that is getting close to it's used by date I keep on the middle of the shelf that's at my eye level and make a concious effort to use that ASAP to ensure it's not being wasted


I really like this tip.  I need to start doing this.  I am a horrific food waster!


#6 wanting3

Posted 06 May 2013 - 11:45 AM

QUOTE (little bird @ 06/05/2013, 11:38 AM) <{POST_SNAPBACK}>
I log on to Internet banking after every single transaction and round down our account to the nearest 5 or 10 dollars, transferring the extra little bit into the home loan. Doing this is how we saved our deposit while both being students and how we're now well in advance on our home loan only six weeks in to it. You really don't miss that extra 2.98 etc, but man, does it add up quickly!


I love this idea, I may need to start this for our family

#7 mycrazylife

Posted 06 May 2013 - 11:47 AM

QUOTE (may-b-baby @ 06/05/2013, 11:01 AM) <{POST_SNAPBACK}>
I clean out my pantry and fridge on a very regular basis; anything that is getting close to it's used by date I keep on the middle of the shelf that's at my eye level and make a concious effort to use that ASAP to ensure it's not being wasted

i do something similar, I put all left overs, cut fruit or vegies, or open jars that need to be used up on the top shelf and use them up first.

#8 FeralHez

Posted 06 May 2013 - 11:52 AM

We have just revised our budget so these threads are perfrctly timed!

Had already planned to do my own version of rounding off the spending account into the mortgage. Will do the same more often methinks.

Will also hide the silver change jar so dh doesn't spend it and we have it there for Christmas. Bit tight atm to put gold or fivers aside sad.gif

#9 my*xmas*kiddies

Posted 06 May 2013 - 12:18 PM

I have just started doing the $5 thing a cpl weeks ago. but just last week I started adding the gold coins too.

#10 Colleer

Posted 06 May 2013 - 12:30 PM

Love the net banking one!  what a great idea.  It felt a bit silly transferring $1.76, but I figure why not?  I have to go down the street today to pay some bills, and will come back and do it again.  Surely little bits here and there won't be missed at all?


For a long time there my zipper on my coin purse was broken, so I would just throw any coins I got in change into the bottom of my handbag.  After a while my bag got pretty heavy.  I counted the coins and found I had $70 - odd dollars worth in the bottom of my hand bag  biggrin.gif  ( obviously not a regular hand bad cleaner!)

So I didn't bother replacing that coin purse.  All the coins went into a large tin - on average when I clear the tin out I get about $200 - 300  biggrin.gif

#11 little bird

Posted 06 May 2013 - 12:31 PM

Hurrah! You will be amazed at the addictive nature of doing this, and how quickly it adds up!

#12 jessie123

Posted 06 May 2013 - 12:32 PM

This isn't really out there but do a proper budget.

I have an amount for the mortgage, bills and then petrol/food/miscellaneous spending - such as clothes, hair cuts, presents etc.


Make it realistic there is no point budgeting $100 a week for food if you continually need to spend $150. Look for cheaper alternatives when possible.


Things like saving $5 notes or whatever don't work for me. I just save a set amount each week I don't have excess money in my 'spending' money to save.

#13 dolcengabbana

Posted 06 May 2013 - 12:40 PM

My DH's and my pay are on alternative weeks so on each of our pay days whatever cash is in our wallets whether it be $1, $10 or $150 go straight into our bucket of fun savings bucket.

I have also put away 900$ since Feb 25th for Christmas Spending money every fortnightly pay I deduct 150$ and pop it in our safe and we will have close to or just over $3,000 by December.


#14 Awesome101

Posted 06 May 2013 - 12:48 PM

If I save money on an item/s that I would have bought t full price anyway eg a gorgeous $650 coffee table (Bogan!) that was a surprise 25% off, I transfer the savings into one of my DH's forgotten accounts. (we switched banks when we moved the homeloan) It's not my account so I can't touch it and he doesn't even open the statements so doesn't know what's in there. It's his christmas present at the end of the year.

#15 Relish*

Posted 06 May 2013 - 01:01 PM

QUOTE (little bird @ 06/05/2013, 09:38 AM) <{POST_SNAPBACK}>
I log on to Internet banking after every single transaction and round down our account to the nearest 5 or 10 dollars, transferring the extra little bit into the home loan. Doing this is how we saved our deposit while both being students and how we're now well in advance on our home loan only six weeks in to it. You really don't miss that extra 2.98 etc, but man, does it add up quickly!

Holy heck this is brilliant. Thanks, will be doing this with my credit card!

#16 heidi's mum

Posted 06 May 2013 - 01:19 PM

I have a bank account that does that little trick for me already. Every purchase etc that isn't a full dollar amount like $5.05  - it transfers the remainder of the dollar (95c) into a side savings account. Great little feature you're right it does build up quickly.

#17 Mimikyu

Posted 06 May 2013 - 01:25 PM

QUOTE (little bird @ 06/05/2013, 11:38 AM) <{POST_SNAPBACK}>
I log on to Internet banking after every single transaction and round down our account to the nearest 5 or 10 dollars, transferring the extra little bit into the home loan. Doing this is how we saved our deposit while both being students and how we're now well in advance on our home loan only six weeks in to it. You really don't miss that extra 2.98 etc, but man, does it add up quickly!



QUOTE (heidi's mum @ 06/05/2013, 01:19 PM) <{POST_SNAPBACK}>
I have a bank account that does that little trick for me already. Every purchase etc that isn't a full dollar amount like $5.05  - it transfers the remainder of the dollar (95c) into a side savings account. Great little feature you're right it does build up quickly.


Not sure if it's the one heidi's mum is using by St.George has an account that does this, (transfers the "change" into a savings account), it's called the Sense Account for anyone who is interested.

#18 ~~~

Posted 06 May 2013 - 01:37 PM

Does anyone do the envelope money thing? You know, put the cash in an envelope for the week for groceries, coffee etc and that is the total budget for it? I use my card all the time, so was thinking that if I had the actual cash there, then it would make it more concrete for me, and I would be more careful with spending, as opposed to just putting it on EFT etc.

#19 mycrazylife

Posted 06 May 2013 - 01:42 PM

QUOTE (~~~ @ 06/05/2013, 01:37 PM) <{POST_SNAPBACK}>
Does anyone do the envelope money thing? You know, put the cash in an envelope for the week for groceries, coffee etc and that is the total budget for it? I use my card all the time, so was thinking that if I had the actual cash there, then it would make it more concrete for me, and I would be more careful with spending, as opposed to just putting it on EFT etc.

i did when I was single and didnt have a credit card.  it worked really well.  Now we use credit card for everything possible (usually anything over $10).  We also use rewards points for vouchers, usually myer & that is how I buy most of my clothes or toys r us & buy all the christmas presents this way

#20 Feral-Lausii

Posted 06 May 2013 - 01:44 PM

QUOTE
Hurrah! You will be amazed at the addictive nature of doing this, and how quickly it adds up!


Yes, so true! I am dead broke until payday, would love to go down to the shops to buy some ingredient for a new recipe I want to try. But absolutely flat out refuse to touch my coin stash!

QUOTE
Does anyone do the envelope money thing? You know, put the cash in an envelope for the week for groceries, coffee etc and that is the total budget for it? I use my card all the time, so was thinking that if I had the actual cash there, then it would make it more concrete for me, and I would be more careful with spending, as opposed to just putting it on EFT etc.


I am going to start this, might stop the mindless spending on stuff we don't need.

#21 wanting3

Posted 06 May 2013 - 01:47 PM

QUOTE (~~~ @ 06/05/2013, 01:37 PM) <{POST_SNAPBACK}>
Does anyone do the envelope money thing? You know, put the cash in an envelope for the week for groceries, coffee etc and that is the total budget for it? I use my card all the time, so was thinking that if I had the actual cash there, then it would make it more concrete for me, and I would be more careful with spending, as opposed to just putting it on EFT etc.


I need to get into a rhythym of doing my shopping and I will be starting to do this for us. We just don't have the spare cash that my DH seems to think we have, and never fully understands how much he is spending each week on extras. So I will be withdrawing both himself and myself our 'spending money' for a fortnight and we are only allowed to use this cash for any discretionary items. All other purchases can be bought on our 'card' and I transfer this info into a budget in order to keep control.

#22 mez70

Posted 06 May 2013 - 01:50 PM

Envelope Queen here (slowly raises hand) I often have multiple envelopes on the go. When I get the FTA +B top ups after tax I put the money for 3 kids birthday Parties into an envelope and pop it away, Christmas club money once withdrawn yep into the envelope, Laybys will be in an envelope... I am the queen of Layby as well.

I work primarily in cash. The few D/D I do have come straight out of the FTA & B that gets popped in my bank everything else is CASH only....


#23 ~~~

Posted 06 May 2013 - 01:54 PM

Wow - great to hear the envelope thing does work. I think we get so used to putting things on plastic - be it credit or EFT etc, that it detaches us from the real value of the purchase.

#24 JoMarch

Posted 06 May 2013 - 01:59 PM

Not really an "out there" tip and only works if you have a variable mortgage but...

Every pay we put all our money onto our mortgage (we have a redraw feature and has no fees).  We then pay for EVERYTHING (I usually keep just a little bit of cash-maybe $20) on credit card.  Because interest on the mortgage is calculated daily, having that extra money in the redraw (even if only for a week or 2) means we're saving hundreds (if not into the thousands) on interest every year.  We just redraw money when the credit card needs paying off (pay off in full each month).  It also ensures that every extra dollar we have goes onto the mortgage.  I'm also very conscious of putting things on credit, so makes me question if I really need to make the purchase or not.

This works well for us, and we've been saving a lot more since implementing it.  As an added bonus we get points on the credit card, so quickly adds up to a gift voucher etc.

#25 mez70

Posted 06 May 2013 - 02:07 PM

Envelopes make my life so much easier.... I started many years ago as A: I needed to find a simple visual way of showing the kids that money could run out and that it was not an endless supply at the machine in the wall..

Then along cam kinder, school and after school activities where payments were needed in named and labeled envelopes (name, amount purpose etc) an it just went from there. I love doing my weekly shopping with Cash as I find I am more picky at tracking it as I can clearly see how much is spent and left over....

It is hard to start with but you get used to it. I am of an age where when I first started working I was paid in Cash on a little "envelope" so I started off using cash....I find it so much easier to over spend when I use cards as I don't see the balance on the end of an eftpos reciept.. Where as with cash I notice the lack of notes in my wallet..





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