Struggle to save $10 a week, let alone $10,000 a year? It's easier than you think. From packing your own lunch to finding a better internet or phone deal, there are plenty of simple ways you can cut everyday expenses and in turn grow your savings.
Try these five ways to detox your finances from Money mag's Effie Zahos and this time next year you could have an extra $10,000 to your name.
GET A BETTER DEAL
Our reluctance to haggle can cost us money. Take home loans: An ACCC report into mortgages found less than four per cent of borrowers who have variable home loans with the top five banks try refinancing with another lender. But when you compare the average standard variable rate (4.46%) with the average lowest variable rate (3.72%), you can save $1968 in repayments on a $400,000 loan in the first year.
Savings can also be found on mobile plans. TPG's T4G plan was recently named Money magazine's Best-Value Mobile Plan (High Usage). It offers unlimited calls and SMS, plus 10GB of data, for $29.99 a month. The worst plan is $55. With broadband, Exetel NBN50 unlimited took Money's Best-Value NBN Plan – $59.99 per month versus $128.
TOTAL SAVINGS ON HOME LOAN, PHONE AND BROADBAND: $3084
DELETE ONE APP COSTING YOU MONEY
Convenience apps like Deliveroo, Uber Eats and Menulog and other "buy now pay later" apps can come at a cost. It's just too easy to order that meal rather than going out to pick it up. So ditch one app that you feel makes you spend and replace it with one that can help you save or make money!
SAVE AROUND $1590 BY DITCHING DELIVERED FOOD
FIND LOST MONEY
There's about $1.1 billion unclaimed cash in lost shares, bank accounts and life insurance, and a further $17.5 billion in lost super. Bank accounts are considered "unclaimed" after seven years if the account is inactive (no deposits or withdrawals). To find out if you're entitled to unclaimed money, visit Moneysmart.gov.au, click on the "calculators and resources" link and you'll see the unclaimed money option.
A super fund is considered lost if you're uncontactable and have had no contributions or rollovers into your account in the past 12 months or your account is inactive (no contributions or rollovers received in the past five years). Track lost super through myGov – link your myGov account to ATO online services, and your super funds, including ones you'd forgotten you had, should appear.
LOST MONEY ON AVERAGE PER PERSON: $800
START A SAVINGS CHALLENGE
The 52-week challenge is a popular one for the beginning of the year. The idea is you save $1 in week one and increase by $1 each week – so $5 in week five, $20 in week 20, and so on. At the end of week 52 you'll have stashed away $1378. You can also do it in reverse – that is, put away $52 in week one and reduce your savings by $1 as the weeks go by. Another simple one is the Coke bottle challenge. You've probably seen this one doing the rounds on social media. The idea is that each time you get a $2 coin you pop it in a soft drink bottle. A 600ml bottle will hold about $880 when full.
TOTAL SAVINGS IF YOU TAKE UP BOTH CHALLENGES: $2258
PACK YOUR OWN LUNCH
Set up an online saver and pay yourself $12 every time you take your lunch to work. Assuming you're 25 and receive a three per cent per annum return, you'll have $115,962 in that account by the time you hit 50. Now that's some serious lunch money!
SAVE AROUND $3120 IN THE FIRST YEAR
Full Article: https://www.homestolove.com.au/how-to-save-10000-in-a-year-19834