1. Spend money to save money
It may sound a little contradictory, but investing in something that will improve your overall wellbeing may end up saving you in the long run. A gym membership, for example, may seem costly, but if scheduling morning gym classes means you end up going out for less dinners at night, you'll most likely end up saving. Addicted to takeaway coffee? Investing in an at-home coffee maker will help curb your habit.
2. Take better care of your wardrobe
Rather than having to fork out money for a new winter wardrobe each year, make the commitment to take better care of your wardrobe. Invest in storage hooks, shelves and dust bags that will properly protect your pieces. It may take an entire day to organise but it'll be worth it.
3. Switch-up to a car insurer specifically for women
Did you know that women in Australia account for 52 per cent of all road users and make the majority of household purchasing decisions? Despite this, insurance and motor services in Australia rarely market to women, even though statistically women are significantly better risks in virtually all areas of insurance and therefore more profitable.
By switching to a car insurance company such as Stella, that considers the needs of women specifically and rewards them for their better risk profile, you'll know exactly what you're covered for (they make it super-simple to understand all the tricky car insurance jargon) and have cover that’s right for you*.
4. Set-up a spending round-ups
These days, many banks offer their customers the option of rounding up their spending for the sake of saving. For example, if you spend $3.50 on a coffee, you can instead be charged $4, and have the additional 50 cents deposited into your high-interest savings account. You won't even notice and you'll end up saving a small chunk of cash each month!
5. Block yourself from internet sites that tempt you to spend
Not only can online shopping send you broke, it can also waste hours of your time. If you know you're prone to spending your time browsing online stores for the latest deal or dress, download a browser blocker to block yourself from seeing them. You can't want what you can't see, right? The same goes for food delivery apps – delete them off your phone, stat.
6. Speak up
Statistics have shown that Australian men benefit more from negotiation in the workplace than Australian women do. Do your homework and confidently ask your boss for what you deserve. If your employer can't provide you with a pay boost (hello, COVID-19), ask for benefits that will allow you to make better use of your time, such as days off or access to upskilling programs. Remember, persistence is key: if your boss turns you down, re-approach the subject in three month's time, showing clear examples of why you deserve what you are asking for.
The same goes for talking with your mobile phone provider, electricity provider and more: always ask for discounts and deals. You never know how much money you could be saving.
7. Set yourself a no-spend challenge
Banning yourself from getting takeaway coffees for the rest of your life is an unrealistic savings challenge. Rather than exclude certain items from your spend list, set yourself the goal of spending no money for one day of every week. Bring your work to lunch, forgo the take-away and say no to the vending machine, knowing that tomorrow you can enjoy life's little luxuries again. Feeling brave? Aim for two days a week!
* Any advice provided is general advice and does not take your personal circumstances into consideration. Please read the Stella product disclosure statement (PDS) available at stellainsurance.com.au for the terms, conditions, and exclusions before purchasing this insurance. Stella Underwriting (ABN 72 633 811 319) is an Authorised Representative (AR 001282046) of Allstate Insurance Pty Ltd (ABN 82 073 267 053, AFSL 239010) which is acting (under its own AFSL) on behalf of the product issuer, QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545