10 tips for a fresh financial start

Christmas and summer holiday spending takes a heavy toll on the bank balance, but there are many ways you can get back on track for a fresh financial start to 2018.

Here are 10 tips to save swiftly:

1. Subscribe to a market research company and get paid to fill out questionnaires or attend focus groups. Some of them offer up to $200 if you travel to one of their panels.
2. Shop around for a new savings/deposit account. You may discover that some banks are willing to entice you with a bonus interest rate. Canstar’s comparisons will help reveal all.
3. Put those coupons to good use. Don’t throw away shop dockets until you have scoured the flipside for handy discount offers.
4. Don’t wait any longer. Energy companies are clambering to offer cheaper electricity prices to win you over. Check them out.
5. If you forgot to spring clean, now is the time to declutter cupboards and drawers and begin listing them on eBay or Gumtree. One person’s trash is another’s treasure.
6. Try to put off upgrading an appliance until you spot a good deal. By following your favourite retailers on Twitter and Facebook, you will be the first to know of new deals.
7. Do you need to refresh your summer wardrobe? Take a day trip to an upmarket seaside suburb and scour the op-shops. Many people on vacation at their holiday homes periodically donate last year’s fashions to charity retailers.
8. When you discover that one of your non-perishable staples is on special at the supermarket, buy as much of it as you can and stockpile it for savings into the future.
9. An upscale version of a coin jar, the $5 wallet will have you saving up from your change in no time. Each time you get your hands on a $5 note, set it aside in a wallet you no longer use and watch it fatten over time.
10. Another easy way to see the cash pile up is to establish a second savings account at your bank and organise a regular direct deposit from your transaction account, say for $25 a week. After 12 months, you will have saved $1300.

What are your favourite tips for saving money? Do you set yourself a savings target at the start of the year? Have you ever surprised yourself by how much money you can accumulate with a couple of savings tricks?

Related articles:
High-interest savings accounts
Saving up for a holiday
Budget friendly savings tips