As 2012 is fast approaching…is one of your new year’s resolutions to be better with managing your money?
MyRate reviews some top tips on how & where to save.
1. Clothes
Why not hire that designer cocktail dress that you were only going to wear once anyway for that black tie event or your cousin’s wedding?
With websites like www.dressedup.com.au you can hire garments for one week and save on average $600 or more compared to retail price while still looking fabulous & on trend.
2. Groceries
For groceries, shop smart. Choose home brands for necessity items such as milk, bread, cereals, cheese, yoghurt… or buy them at discount stores like Aldi or Bi-Lo.
Don’t get tempted into buying bulk. Only buy what you NEED. Bulk buy is cheap but they tend to make us over consume. There is no point in buying a tray of mangoes just because it is cheaper .You only wanted 2 mangoes to start with which are still cheaper than a whole tray, so stick to your plan!
Also, for items like meat, it is usually cheaper to buy from the local butcher of your shopping center who always has “specials” on.
3. Personal Care & Pharmacy Products
Often beauty products & cosmetics can take a large part of a female disposable income. Discount Chemists can be a good option but again look online at websites like strawberrynet.com .Delivery is free and prices are often 30% cheaper or more! You can also choose to buy your prescription glasses and contact lenses online. Again you will save 30% to 50% off normal price on average.
4. Impulse buys
Try to limit your impulse buys even if it seems like a small amount.
You don’t need that chocolate bar from the petrol station or that extra macaroon to go with your coffee. All these things add up and they can represent a fair amount of money at the end of the month.
I estimate that doing all of the above can probably save you $4000 per year on average.
Think about that: if you just do a one off repayment of $4000 on a $250,000 Myrate home loan over 25 years @6.35% interest, you could save $ 14 760 in interest over the life of your loan!
Use MyRate lump sum repayment calculator now to see how much you could save.
The Myrate Team / Celine.C