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Being Frugal Isn’t A Bad Thing

Being Frugal Isn’t A Bad Thing

Being Frugal Isn’t A Bad Thing

Frugality is the mental approach we each take when considering our resource allocations. It includes time, money, convenience, and many other factors. We’ve compiled a list of 10 quick tips that will help you save money wherever and whenever it’s possible.

 

  1. If you’re waiting in line to buy something, quickly Google on your phone to see if there’s a coupon code for it. More often than not, there’ll be some kind of special going.
  2. Look for cheaper modes of transportation. You don’t have to give up your car to save money, but a bus, train, or ferry works out significantly cheaper when compared to fuel.
  3. Ask yourself if you really need that gym membership. The world is a gym! It’s easy and totally free to go for a walk, run, or bike ride outside.
  4. Learn to cook. Not only is it cheaper, you get better nutritional value too. The average Australian spends $70 a week on eating out – that’s $3,640 a year you could have put towards a car deposit.
  5. Brew your own coffee. A $5 coffee 5 days a week will become a $1,300 a year expense before you know it. Invest in a thermos and bring enough for your entire workday.
  6. Do your grocery shopping on a full stomach. We think this one’s pretty self-explanatory!
  7. When you see something you want to buy but know you don’t need, sleep on it. Most of the time you will forget you ever wanted it in the first place. If you really can’t live without it, you’ll come back to it eventually.
  8. Figure out your cost-per-use. For example, if your new work shoes cost $100 and you wear them every day, their cost per use works out at 27 cents a day! Likewise, if you want a new jacket that costs $200 that you’ll probably only wear ten times a year, it’ll cost you $20 every time you wear it.
  9. Give up your vices. Smoking, excessive drinking, overeating, and shopping are dangerous habits that not only waste your money and time, but also damage your health and emotional well-being.
  10. Learn to budget. It’s an invaluable skill that anyone can learn that enables you to find the right balance between saving and spending. Budgeting is a sure-fire way to pay off your debts, plan for when your big bills are due, and save up for the things you really want, like a holiday, car, or house.