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  • Ben Graham-Nellor

3 ways to save money this month



Have you ever thought about getting your finances in order, saving and investing but it all seemed so overwhelming that you gave up before you even got started? It’s very common.

After living paycheque to paycheque and not worrying too much about where your money has gone, it can be hard to suddenly have these things on your mind.


So, I’m going to take you on some baby steps. I’m going to help get you started on what I hope is a successful financial journey.


Let’s have a look at three easy ways that you can save money this month.


Now, let’s understand that we are not talking about huge savings here. This isn’t going to allow you to retire in three years. It will, however, get you started and starting can often be the hardest part. It will begin to get you into the habit of saving, by finding money you otherwise waste and putting it aside. Let’s get into it.


1: Round ups


Have you heard of round ups? I have been using these for a while and have saved more than $1,000 in under 12 months. The theory behind round ups is that you ‘round up’ the amount that you spend. Let’s say you purchase a coffee for $3.50, your round up service would round this up to $4 and would transfer 50 cents into a savings account/investment.


These really do add up over time and you will not miss the money because it comes out in such small amounts. Just be aware that some of these services will take the total round up amount out monthly.


2: Your Utility bills.


I’m sure you have noticed over the past few years that electricity and gas bills have gone through the roof. If you haven’t assessed your provider in the last two years you’re probably paying more than you should. There are a few ways to do this. Let’s look at the easiest first.


How to save on your utilities - 1


Call your current provider and tell them you are unhappy with the rates you are paying, and you would like to negotiate a better deal. It is very likely they will give you a discount there and then.


How to save on your utilities - 2


You can assess what is available in the market place. There are many services that do this for you, I’m sure you know who they are, the thing to remember with these services is that they are only checking prices on the providers that they have an arrangement with. Once you have found a better price, you can use this to negotiate with your current provider, or just switch over.


Utility rates are exceptionally complicated and this process can be time consuming, but it can also be financially rewarding as you could save hundreds of dollars. Those hundreds of dollars can be added to wherever it is that you’re putting your savings. It is important to keep a track of what you were paying compared with what you are paying now, and to save the difference. Otherwise it will just get eaten up by other expenses.


3: Shopping and Meal Prep


Visiting the supermarket 3 or 4 times a week is a great way to waste money. Each time you visit you may buy more than you need and those extra dollars all add up. How do we fight this leaking of our funds? Preparation and planning is the key. One shop per week is the answer.

Combine this with meal prep and you are well on your way to saving time and money.

What is meal prep? It is pre-preparing most of your meals for the week so that when dinner time comes, and you are rushing home from work trying to get the kids to do their homework or just tired from your day, you can grab your pre-prepared meals and eat without having to cook.


Doing one big shop and pre-preparing meals means that you have food in the house, you won’t be tempted to just order take away or nick to the shop and waste more money. It’s a little work over the weekend for an easier week, but it might mean you have money that can be added to your savings.


Well, there you have it. Three ways that you can save money this month. Following these ideas might have you on the path to saving and investment, which may build your wealth and create habits that will stay with you for life.


You work hard for your money, don’t throw it away!


Happy saving!

Ben.


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Ben Graham-Nellor is an advisor, coach, blogger and speaker who has worked in the financial services industry for over 15 years. He believes that by educating and advising people today, they can improve their tomorrow.

Ben Graham-Nellor is a Sub Authorised Representative (291391) of BGN Financial Management PTY LTD (ABN 45 672 104 196) which is a corporate authorised representative (468796) of Professional Investment Services Pty Ltd (ABN 11 074 608 558) which is the holder of Australian Financial Services License No.234951. Website |www.centrepointalliance.com.au/PIS

BGN Financial Management PTY LTD is corporate credit representative No 528966 of Centrepoint Alliance Lending ABN 40 100 947 804 (Australian Credit Licence Number 377711)​

Smart Happy Money is a trading name of BGN Financial Management PTY LTD

This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.

ben@smarthappymoney.com.au

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