Five ways to save through the recession
Our current economic uncertainty along with some tough restrictions still in place has forced us to re-evaluate how we spend and save our hard-earned dollars.
With that in mind, here are some easy ways you can maximise your savings potential, even during COVID times.
1. Holiday at home
The average 10-day holiday usually costs $53641, and that’s not including flights.
Given Bali, Queenstown and Rome are out of the question for now, have you thought about holidaying closer to home by staying at home?
A staycation not only costs you less, but also means you save on travel time and is more environmentally friendly! Plus, you’ll be supporting local businesses.
A staycation could potentially save you: $5000
2. COVID-proof your wedding
More than 100,000 Australians were expected to get married this year, and the average wedding costs more than $30,000.
Engaged couples and their guests can save hundreds of thousands of dollars by Covid-proofing their weddings. It might mean changing the date, or the size, or format.
Uninviting guests is acceptable this year!
Eloping or having a small wedding could potentially save you: Hundreds of dollars.
3. Reign in take-away
How often are you really ordering food delivery? In the week leading up to 2 August 2020, food delivery had a whopping 341%2 increase from the week prior. That’s a lot of pizza and burgers…
So, if you’re looking for an easy way to save, reviewing your everyday spending habits could yield positive returns!
Ditch the food delivery and you could save: Around $50/week, depending on what you spend now.
4. Examine your essentials
You can also find savings across your essential expenses.
For example, when was the last time you changed telcos? There might be a better deal out there if you switch providers.
Or, are you paying too much interest on your credit card?
Transferring your balance could save you hundreds.
Switch providers to save: Hundreds a year.
5. Dissect your discretionary spending
Online gambling has also seen an increase of 74% over the one week period up to 2 August 20203.
Keeping track of your discretionary spending, whether that’s gambling, food delivery, streaming services and anything in between could see you come out of COVID on top.
Big and small changes to your spending could see you with thousands of dollars in the bank account.
Cut out the extras to save: Hundreds a week
The information in this blog post is general in nature and does not constitute personal financial or professional advice. It is not intended to address the circumstances of any particular individual. We do not guarantee the accuracy and completeness of the information and you should not rely on it. Before making any decisions, it is important for you to consider your personal situation, make independent enquiries and seek appropriate tax, legal and other professional advice.