Saving money has some very distinct similarities with going on a diet. It can affect your lifestyle, as you consume less of what you love in order to achieve a goal that takes forever before you see any results.
The recent Suncorp bank Australians` Saving Habits Report found that many people in our nation are in fact already putting significant amounts of money aside, particularly the younger generation. Their main motivation? Property investment.
“On average, Australians aged 25 to 34 are saving %533 per month (12.7 per cent of their personal income). This is $100 more than national average (11.5 per cent or $427),” Suncorp Bank Regional Manager Monique Reynolds Said.
Just like discovery new exciting recipes from Jamie Oliver that fit your brutal diet regime, there are many ways to help you save your money faster. Here’s just a few to take on board before seeing your mortgage lender.
Focus on the cost of your time
The savings ‘time is money’ rings true when it comes to saving for home loans. The Australian Bureau of Statistics (ABS) found that the average household in our country spends around $1,200 a week on goods and services. However, before you buy, say, that new pair of shoes, think about its worth in in time rather the price tag.
For example, the shoes cost $200 and you earn $20 an hour, therefore they will cost you ten hours of work – is that really worth it?
Trick yourself
When it comes to the devil and the angel with a shoulder each, it’s normally the former that eats into your savings account. However, there are ways around this, including:
- Arrange an automatic payment into a savings account that coincides with you pay day – once you won`t even realise you`re putting it aside
- To reduce the chance of transferring money back to your spending account in moments of weakness, make your savings account inaccessible by electronic means
- They all taste pretty similar, so o generic with food brands, as the Suncorp Bank survey found that Australians spend a whopping 17.5 per cent of their personal income on food
Get smarter with household use
According to the ABS, for the year of 2014 the average family household in our nation spent more than $50 on energy per week. This results to around $2,600 a year, and is money that can be easily saved with some slight tweaks.
The department of Industry, Innovation and Science recommends reducing your reliance on heating and cooling systems, as there generally make up for about 40 per cent of your power bill. Instead, wrap up with a few blankets and a friend, or snuggle an ice pack in the warmer months.
Reducing your energy use will mean you have more money left over once your bills have been paid.
Or you could…
“The saving strength of younger Australian could also be attributed to the fact that people in this age bracket are increasingly staying at home for loner, with the most current data indicating one in four adults (20 to 34 years old) still live at home,” said Ms Reynolds.
While you may see it as a last resort, moving back on with your folks is actually a terrific way to save money, not to mention being able to take advantage of your mum’s famous meatballs, lasagne and Sunday roast (although these dishes may not be the best for your diet).