It can be all to easy to chuck anything money or finance related in the too-hard basket. But the truth is, spending a few minutes sorting out just one aspect of your finances can make a big difference.

If you’ve got 10 minutes to spare, complete one of these money saving tips and you could see instant financial results.

Empty your spare change into a jar
Then pop on the lid. Now every time you’ve got a few bits of shrapnel, chuck ‘em in. This is now your bonus money. Whenever the jar is full, you can either deposit it at the bank or use it to treat yourself.

Set up a high interest savings account
It’s probably been on your to-do list for a while, so pop open your laptop and set this up now. It doesn’t take long and there are heaps of added benefits – for example, some accounts have free overseas transactions (as long as you make regular monthly payments).

Make a grocery list
Check your cupboards and your fridge and then go through the week in your mind day by day to figure out what you need in your next shop. Obviously, this one only works if you shop to the list. Plus, if you only hit the supermarket once a week, you’ll make bonus savings.

Switch energy or insurance providers
New customers almost always get the best deal, so why not be one? Call up a rival electricity, gas or insurance provider, get a quote, and switch to them. Chances are, you’ll pay a lot less.

Set up your bills to come out automatically, or pay them early
Most energy providers give discounts for customers who pay early, or even just on time. You can take advantage of this by either setting up direct debits to come out early, or paying on time each month.

Pack your lunch for tomorrow
Whether you’re heading to work or just out for the day, a container of leftovers or a simple sandwich can save you up to $20 if you find yourself getting hangry when you’re away from home. Ditto for a byo water bottle and/or morning coffee-filled keep cup.

Sign up for a Spend tracker to track your spend
Most of the time, we engage in ‘mental accounting’ – we think we have a pretty good idea of where our money goes, but actually, the picture we have in our minds usually doesn’t match up with reality.

Sign up for a money-tracking app and you’ll know where you can easily make a few cuts.

Everyone wants to go fishing without spending money in Australia, right? But how do you manage that? You need fishing rods and tackle, a boat (or a lucky spot on the coast) and bait. If you’re new to the game, you’ll have to invest in the equipment, and that expense can really add up.

Taking up a new hobby on a budget in Australia is possible, but it requires forethought. We all want to try new things (golfing, fishing, off-roading) but don’t have the time or money to get started. And when you can’t afford the gear but buy it anyway, it can affect your credit score negatively. If you spend too much on new equipment, you might not have enough to cover your existing loan repayments, meaning you will have a default on your credit report.

Here are five great hobbies you can take up on a budget without affecting your credit score by spending too much:

1. Golf

Taking up golf is more than just getting some clubs – you need to pay green fees, maybe get some lessons so you don’t spend hours in bunkers, and convince your mates to play with you. If you’re new to the game, don’t buy new clubs, because you won’t be good enough to make use of them properly. Instead, look online for people getting rid of their old sets, or ask friends who are looking to upgrade.

To cut the cost of this expensive hobby even more, buy only used balls from pro shops and walk around the course instead of driving a buggy. You’ll get more exercise that way and reduce your spend. Figuring out how to play golf cheaply could be the best thing you ever do.

2. Woodwork

Woodworking is a great way to spend time in a shed away from the drama of everyday life. You can be creative, and fill your home with new furniture at a fraction of the cost (if you do it right). Things like coffee tables and picture frames are a breeze with the right tools.

Setting up a woodworking area doesn’t have to be expensive either. You should start with the basic equipment, and add more specialised tools as you progress. This will give you the chance to see how serious you’ll be about it before investing thousands. A tablesaw, thickness planer and router are three tools you’ll need, and these can all be bought cheaply.

Part of the joy of hobbying is working it into your routine – woodworking is ideal for this. Set aside 20-30 minutes a day to get into your workshop and take your mind off everything else.

3. Off-roading

Off-roading, or four-wheel-driving, is a fun way to get away for a weekend with some friends and experience nature in a new way. Of course, it requires a suitable vehicle, but if you already own a four-wheel-drive then the biggest expense is out of the way.

Four-wheel-driving is fun but can be hazardous if you’re not comfortable on dirt tracks, or traversing rocky roads. Start slow and work your way up the difficulty scale – check online forums or off-roading magazines and websites for the best tracks for beginners to check out.

Part of the expense of off-roading is fuel consumption. MoneySmart suggests tracking all of your spending and attributing it to particular activities so you know where your money is going and can cut down if required. Make sure you keep track of what you’re spending on your off-road habit so you don’t affect your credit score by spending too much and not being able to afford your existing loan repayments.

4. Working out

Exercising makes you feel better, is great for your mind and body, and takes your mind off stressful happenings in your life. Starting out might require you to buy gym gear, pay for a membership, or hire equipment, which can all blow the budget if you’re not smart about it.

If you aren’t sure you’ll enjoy working out, don’t pay for an expensive gym, and don’t lock yourself into a long-term contract. Most gyms offer week-to-week contracts so you can pay as you workout. If you don’t like it, there’s no cancellation penalty. Gyms might not be your preference, so try boxing centres, swimming pools or tennis clubs. You’ll still get a great workout if you work hard.

Exercise clothes don’t have to be branded and expensive. After all, you’re going to be sweating in them and they might not last long, so you’re better off buying cheap tops and shorts from a department store. It’ll still do the trick. Just remember to track your spending for your budget.

5. Hiking

Hiking around some of the most beautiful and rewarding trails in Australia can be free of charge (minus the transport costs to get you there). It’s a great hobby that keeps you fit and lets you see a different side of the country.

However, depending on how long you hike for each time, you’ll need lots of food and water to keep your energy levels up, and suitable footwear plus a hiking pack. Footwear is important to invest in to avoid injury and slipping on muddy trails, but you can pick up a hiking pack for a steal online or in second-hand stores.

Taking up a hobby on a budget is possible, you just have to think outside the box to get going. For more information about protecting your credit score but still living life to the full, get in touch with Credit Simple today.

Are you throwing money away every week on your shopping? Think online shopping for clothes you absolutely don’t need, or popping into a nice store because you like the look of something in the window and then walking out having spent $300. It’s okay – we’ve all been there.

But putting thought into saving money on your shopping in Australia can help you to keep your bank account healthy, which means you’ll have enough money to pay your bills and payments and subscriptions on time. This means you won’t add any defaults to your credit report, which would affect your future ability to take out a loan. To get an idea about what your credit report looks like now, request a copy from Credit Simple.

What do Australians spend their money on?

Australians spend $11.7 billion every year on meat products, according to MoneySmart, but only $2 billion a year on improving brain functions (with things like studying or reading). As much as $14.6 billion is spent on gadgets and fashion – more than people spend on meat and seafood combined ($14.1 billion).

Trading Economics reports that in the second quarter of 2017, Australian households spent more than $243 billion on consumer products, which is the highest spending has been since records began in 1959. It was up from almost $242 billion in the first quarter, and doesn’t look like slowing down.

The average Australian household spent $69,166 on general costs in 2012. If you spend more than that, and can’t really afford to, you need to find ways to save money on your shop in Australia (it’s not as hard as it sounds). Expenses on medical bills and dental care are difficult to avoid and can’t be cut down, so don’t worry about that sort of expenditure. Instead, focus on the small things like your food shopping.

How can you cut down on small expenses?

How much does your weekly food shop cost? Chances are you can dramatically reduce this expense simply by planning your meals at the start of the week, and look for the best deals, rather than the best brands. Marketing is a sure-fire way to encourage consumers to buy a product, so try to look beyond fancy packaging and choose products that are cost-effective and still hold nutritional value. You don’t need the coolest pasta brand. Settle for a home brand from your supermarket and save a few dollars.

By planning your meals at the start of the week, you can cut down on waste purchases. These occur when you buy something you think you need, only to find that you already have it hiding away in your fridge or cupboard. The new product you bought might expire before you use it because the other was already open, or you’ll have to throw out what you already had to make use of the new purchase. It’s really just throwing money away, even if it is just a few dollars. It all adds up.

When you have a menu set out, you will know exactly what ingredients you need, and also what you don’t. Removing extras from your shopping trolley in Australia should really start with them not being there in the first place – avoid putting an extra packet of biscuits in, don’t get suckered in to buying something you really don’t need just because it’s on special, and keep an eye on what your kids put in the trolley.

What about for larger expenses?

Are you seeing major transactions on your monthly credit card statements that shouldn’t really be there? Clothes shopping and buying unnecessary homewares are major culprits for hurting your bank balance, which could in turn affect your ability to pay your bills on time, which may result in a default on your credit report.

It’s harder to train yourself out of impulse buys, because impulses by definition cannot be controlled. We have to train ourselves to avoid caving in to our shopping impulses if we want to protect our bank balances. Try to only go shopping for clothes (and only to affordable stores) when you really need to i.e. when another item falls apart or you need something for a special occasion.

The same goes for homewares. Nobody needs three different sets of cutlery or new china crockery just because it’s on sale. It’s not a good excuse to buy unnecessary kitchen clutter, or another throw pillow, or more coffee table books, so stay away from your favourite shops unless you really need to visit (only go if something breaks or goes missing and you need a replacement).

Keeping defaults off your credit report starts with ensuring your bank balance is stable and you have enough money to pay the bills. Resisting the urge to buy extras on your weekly food shop or from your favourite stores can help you to save enough money to always make your payments on time. For more information about your credit report, get in touch with Credit Simple today.