How to save money fast

“How to save money fast?”

It’s the age-old question that everyone has asked themselves at least once throughout their life.

Here’s the thing: you don’t actually need to receive a massive paycheck every week to save money. I’ve met people who earned $2000 a month, saving more than people earning over $6000 a month.

I wasn’t money smart

I wasted so much money in my younger years simply because I wasn’t money smart. Being money smart doesn’t mean that you need to have a PhD in Personal Finance. When it comes to saving money the most important factor is living within your means.

 If you have the discipline and patience to budget your income and expenses, you will see your savings grow exponentially within the first couple of months. When I mastered control over my finances, my life changed forever

Also read: How to create a simple budget that actually work

But I learned from my mistakes

In this article, I’m going to go over the most effective ways to save money fast. There are almost too many ways to save money and the ideal strategy will vary from person to person. Just choose the most practical methods to suit you, your skills and your lifestyle and run with them!

Photo Credit jiri001meitner

Start a side hustle

One of the most effective ways to save money fast is by increasing your income. This doesn’t necessarily mean you have to find a new job. All you need to do is find a way to make an extra few bucks per week.

There is a plethora of ways to earn extra money in Australia. Most of these you can do from the comfort of your own home. You may have experience in certain industries. Why not use your industry experience to help people solve their problems?

Airtasker, Fiver and Freelancer are all great online apps where you can find tasks to bid on and complete, earning anywhere between $5 – $5000.

Uber driving for few hours a day is another great way to earn some extra money.

If you don’t want to drive people in your car, you can choose to do Uber Eats or Deliveroo instead.

The best part about this kind of work? You can choose your work hours!

Save money on your bills

Shop around.

Unless you’ve researched your current rates, you’re likely not getting the best value.  There are many different price comparison websites available to you – you just need to do a quick Google search to find them.

I can guarantee that if you shop around you can easily save hundreds of dollars on your insurances, electricity bills, credit card fees, even your mortgage.

Now, this may be a little time consuming, but it will be well worth it when you see the extra money you manage to save to put towards buying a house or going away on holiday.

Photo credit : Zlata Faerman

Put your bills on direct debit.

One of the main benefits of this is that you will never be behind on your bills. This will improve your credit score which will result in getting better interest rates on your future loans.

It’s a win-win.

Also, most providers will offer a discount for putting your payments on direct debit. Stash that extra money you save into your savings account!

Review your mobile bill.

We spend a huge amount of money upgrading our mobiles every year when the newest model is released. This is not a need.

You can keep your old phone and change to a cheaper plan or go for a pre-paid option that will still cover everything you need.

Save money on food

Meal Prep.

This is a great way to save money on your weekly grocery bill. Plan your weekly meals ahead.

Create a grocery list for your meal plan before you go to the shops. Make sure you stick to your list! If you are taking the kids to the shops with you, make sure you explain to them that you are only going to buy what’s on the list.

Get them to help you find the different products – make a game out of it. Buying home brand products and cheaper cuts of meat, where possible, is going to save you money as well.

It might be a few dollars here and there, but it all adds up.

Reduce takeaway food.

Did you know that Australians spend over $7billion on fast food every year? How much do you think you contribute to this total?

You don’t have to cut takeaway out completely. Just slightly lowering the amount you purchase can make a huge difference.

For example, taking your meal prep to work for lunch without buying those overpriced café wraps or salads can easily end up saving you at least $50 a week.

Cutting your 3 takeaway dinners down to 2 and putting the leftover money into your savings account will also add up.

You’ll be surprised to see how much of a change this can make to your finances.

Also Read : Step by step guide to paying off debt

Final thoughts

Saving money isn’t rocket science. It’s all about having a good understanding of where your money is going.

Having the focus and discipline to control the things you spend money on is going to make a huge difference to your savings.

Always remember to ask yourself the questions, “Do I really need this?” or, “Do I really need to spend this much on this?”.

By combining the above methods, you can easily add a few hundred dollars a week to your savings. Trust me, it’s what I did, and it worked!

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