Whether you are trying to save for the future, or simply to stick within your budget, there are many ways to curb unnecessary spending.
Save on food
- Make a shopping list and stick to it
- Eat simple, low- cost meals, including some that are meat-free
- Only take a budgeted amount of cash to the supermarket, then you’ll have to stick within the amount you’ve got to spend
- Look at the top and bottom shelves in supermarkets, where you’ll usually find cheaper brands
- Shopping for dinner after work can be expensive, plan your meals in advance
- Don’t buy ready meals, they generally cost more
- Buy fruit and vegetables that are in season – these are usually the cheapest!
- Leave your family at home when you shop to stop giving in to “pester power”
- Make your lunch – don’t buy it
- Only buy “specials” if you really need them
- Don’t shop when you are hungry
- Check out the The Great Little Cookbook: hints and healthy eating on a tight budget put together by Work and Income NZ.
Save on power
- Switch off appliances at the wall
- Insulate your hot water cylinder
- Buy thermal backed curtains
- Take shorter showers
- Fit stick on draught strips under your doors and around windows
- Wash your clothes in cold water
- Replace used light bulbs with energy efficient ones
- Check out powershop to see what sort of savings you could make
- Check out the Energy Efficiency and Conversation Authority website for more energy saving tips.
Save on entertainment
- Take advantage of cheap nights at movie theatres, or hire a movie instead
- Museums and art galleries often have free admission days, use them
- Bring out the board games
- Limit going out for coffee, it all adds up!
- Meet up with friends at home instead of going out
- Throw pot-luck dinners instead of going out to eat
- Go out for lunch not dinner - it is generally less expensive
- Choose BYO restaurants if you do want to eat out
- You don’t have to buy books and DVDs - use the library. Going to the library with kids is also a fun free outing, where you can sit and read together.
Save on fees and interest charges
- To avoid paying interest on hire purchases, ensure (if you can) that your repayments will clear the entire debt by the end of any interest free period.
- To avoid being charged a fee for going into overdraft or exceeding your agreed limit, either set up an overdraft facility you can stay within or keep enough money in your account.
- Check that you have the right credit card. Many cards offer lower interest rates. Go to the ASB Credit Cards section to check out the card that will work for you best. ASB’s credit card lending criteria applies.
- Consider switching to a Debit Card, so that you are only able to spend money that is in your account.
- Consider consolidating personal loans, credit cards and other high interest debts into a single loan at a lower interest rate. Go to the ASB Debt Consolidation section to find out more.
