10 Easy Tips to Save Money & Get Ahead

We’re credit repair specialists, but we like to cover off all things financial here, since we are essentially personal finance experts as a whole. Whilst saving money in itself won’t directly improve your credit score, the habits associated with it (i.e. not getting yourself into bad credit situations to begin with) will!

If you can manage your money better, you’ll be more likely to have money spare, pay things on time and not end up in situations that put black marks or defaults on your credit file to begin with.

1. Automate Savings

One of the absolute best things you can do for you and your money is to automate your savings.

Most bank accounts and bank account apps will have an option to create a savings pot, or savings account, and from there you can automate X percentage from your weekly, bi-weekly or monthly wage - straight to savings. Make sure to pre-budget, figure out realistically how much you can actually afford to save (it’s a lot higher than most of us are honest with. Everybody splurges to some degree), set… and forget; just like you do with bills (hopefully), except this is accruing wealth, for yourself, which you can use for emergencies or cash-shortages in the future.

2. Cancel Unused Subscriptions & Memberships

In 2024: the amount of streaming options and ways to consume TV shows, movies and music is ever-increasing. There’s endless new options, along with the usual giants like Netflix, YouTube and Spotify.

Many of us can sign-up to things impulsively and end up not using the service or subscription, but the payments keep ticking over; you forget, or the payment surprises you and leaves you short.

Go through your subscriptions and get rid of any you don’t use! That also goes for things like gym memberships. Ideally, you’d be going to the gym and staying healthier, but if you’re simply not right now, don’t send yourself broke at the same time - from something you’re not even using!

3. Turn Off Power Plugs Not in Use

May seem like a minor thing to do, but it’s also a very easy thing to do. And, as this article says, this is 10 easy tips to save money; this is something you can do right away.

General estimates show that the average Aussie can save over $200 per year… just by turning off TVs, microwaves, printers etc. Electrical items use small levels of power, even when not in use, so why leave them on? $200 isn’t $2,000, but it’s still $200! Add that to unused subscriptions, memberships and money you could be saving… and, you’re probably in the thousands already.

4. Budget for & Automate Groceries

Groceries are an interesting one, as they’re of course an essential, but we can easily overspend.

One way to combat this is to sit down and figure out exactly what you need from a perfect shop. Do it when you already have the cupboards packed and don’t yet need food, that way it’s even more of a combative again impulse purchases; that often happen when we’re hungry or waltzing through aisles, throwing stuff in, or spotting deals in the aisles of crap you don’t even really want.

Sit down, figure out a sensible shop, everything you need - then set it to automate weekly/bi-weekly/monthly, however you shop and have it delivered. Almost all major supermarkets have this function in your online accounts. Unless of course you would rather the hustle and bustle of just going in yourself, waiting in line for ‘that person who seems surprised they need to pay at the end and only now just reach around for their wallet for 10 hours’ etc.

Save yourself stress, time and money. Automate; once again - set-and-forget, and rid yourself of in-the-moment behaviours that, frankly, when you’re not flash with cash to begin with, are robbing you of any financial stability in the long-run and probably why you’re always out of pocket!

5. Cook at Home More

Maybe you can’t/don’t want to cook? so get your partner. And thank him or her when they also wash-up the dishes, after already cooking you a delicious meal! You’ve got a great partner!

However you do it, eating in more and out less or - less takeout ordered - is going to be a great idea in general - for your health, and for your wealth. Lots of people blow a lot of money on expensive takeout food, multiple nights a week, then complain when they’re broke.

Look up some simple meals, cook more at home and save yourself some cash in 2024.

6. Change Utility Providers

…To get better deals. Shop around!

Many people stay with the same utility (that goes for everything - electricity, gas and internet) providers forever. There’s always new players on the market, or new deals from existing players, including your existing provider. So, if you don’t want the hassle of switching (though, these days it’s usually pretty quick and painless), you can absolutely speak to your current provider about better rates! Oh yes, a lot of people don’t even think of this, but it’s actually quite common.

A great ‘in’ is to see your providers’ current ‘new sign-up’ deals (‘new customers, X months free’ etc.), call them up and demand the same rate. They’ll likely say no, but, it’s a negotiation - just explain that you’ve been a loyal customer, don’t think it’s fair and want a better rate. You’d be surprised where a tiny bit of perseverance can get you, and you can quite easily get a manager or even the general rep you’re talking to - to knock some percentage off your monthly bill, to keep you vs. losing you.

7. Downgrade Your Rent

Are you living above your means? We’re not suggesting to live in squalor, but if you can afford to live a little smaller, or a slightly different location for less (if you are struggling) - it can be a game-changer, as rent is the biggest monthly expense in most people’s outgoings.

Alternatively, get a roommate. If you’re single and have a spare room, and don’t mind (or would even quite like) the extra company - renting your room out and having somebody else pay a fairly large percentage of your rent to share your place - can be a great move for your wallet.

8. Lodge (and Maximise!) Your Tax Return On-Time

Many people leave this one way too long, even when approx. 8/10 Australians every year actually receive a tax refund. So, if you’re not lodging your tax return on-time, you’re just starving yourself of your own money that the government has kindly saved up all year for you!

You can lodge it online easily yourself on the ATO website, or, if you’ve got a more complicated tax situation (such as being self-employed or a business owner) - absolutely go the extra mile and find yourself a good tax agent - who can comb through the details, and make sure to get you the maximum tax return that you’re due; you’d be surprised how many money you could be missing out on each year.

9. Switch Supermarkets

We’re not sponsored by Aldi, but since you brought them up… why not?

It’s tempting to use the giants, because they’re usually closer by or have better delivery services, but you can save a lot of cash simply by switching to a still large and widespread… cheaper supermarket; considering you likely spend such a large percentage of your monthly output in these places.

Research shows the average Aussie shopper can save around $760 per year, with the same basket in Aldi vs. Coles or Woolworths. That’s a lot, for such an easy change!

10. Track Your Expenses

Some banking apps have built-in expenses trackers and utilities these days, where you can see exactly what you’re spending on what ‘category of life’ if you will (from groceries, to utility bills to entertainment), but there’s also plenty of independent cash-tracking apps that will help you organise your budgets in a variety of ways to help you manage your money better as well. Fancy icons and all!

If you’re more of an old-school person still, just use a spreadsheet - month on month, to see what you spend. However you want to do it, seeing a regularly updated or even real-time dashboard of where your money is going can very much help you get a handle on it, and keep yourself more in check.

If you’re already doing much, or all of the above, or just need help with your credit repair in general, be sure to reach out to us - as we can very likely help you out today!