We asked the MJJ Accounting team for their top saving and budgeting tips for the new financial year. Read below to see what they came up with.
1. Have a budget in place and review it each quarter
2. Use the 7/11 Fuel Lock App for cheaper fuel
3. Choose cheaper brand alternatives when grocery shopping
4. Keep an eye out for discounts and sales on items you already intend on purchasing
5. Stock up on staple items when they are on sale (ie. Tinned tomatoes, washing powder, toilet paper)
6. Banking – Have sub accounts for your different expenses such as:
a) Car Expenses (Insurance, Fuel, Registration, Finance)
b) Home Expenses (Water, Electricity, Rates, Mortgage and Body Corporate)
7. For the ladies – get your hair done every 8 weeks instead of every 6 weeks.
8. Review your policies each year (ie. Car or home insurance) – is another company offering a better deal for the same product?
9. Set up a recurring debit into savings account which does not have a card connected to the account – even if it a small amount each week.
10. Grocery shop with a set shopping list using the app to avoid picking up additional unnecessary items in store. Do not wander around the store and get drawn in by the sales! (Coles or Woolworths both have mobile apps where you can order online and click and collect)
11. Do not use afterpay, zip pay etc. If you cannot afford it – do not buy it.