Wondering how to save more money? Get an extra $5k in your pocket this year with our best tips for saving money and cutting costs in 2020. Whether you have a new years resolution to be smarter with your money or are saving for a holiday or other goal, these easy ideas will help you accelerate that bank balance without a second job.
1. Stop buying coffee
It's much easier to cut this out when you sit down and do the maths. A coffee a day ($3.50) over the week is $17.50. Not that bad, right? That's $910 a year. Almost $1k on coffee!
If you're someone who buys 2 coffees on the go each day, that's almost $2,000 extra you could save by cutting them out of your daily routine. Consider bringing a plunger and ground coffee to the office, or take advantage of that average AF (but FREE!) instant in the office kitchen.
2. Go out one less night a week
We all want to have fun, but it's amazing how much going out actually adds up.
Let's say you have 3 drinks on a night out at $8 a pop (vodka lime soda y'all). That's $24 a week which is $1,248 a year! Who wouldn't want $1,200 extra in their bank account by just saying no to 3 drinks out per week?!
3. Automate $2 a day in savings
Set up your bank account to transfer $2 a day (or $14 a week if you prefer) into your savings account on top of any other savings. You won't even notice $2 a day, but over the year this equals $730. How good is that?! By all means, do more if you're able, or cut it down to $1 if needed. That still equals a good $365.
4. Switch to a no-fee bank account
It's 2020 and nobody should be paying for their everyday transaction accounts. I used MarketForces to find the most eco-friendly and ethical fee-free bank and saved $5 a month. My new bank also refunds all ATM fees in Australia, so that's an additional saving of $52 per year based on an ATM fee of $2 per fortnight. Total yearly savings? $112!
5. Stop buying new clothes
There's really no need to buy new clothes. Use what you have, op shop, borrow from friends, hit the markets. Let's say you spend $100 every quarter on a new dress for a wedding or whatever. That's $400 a year in unnecessary spending.
6. Bring your own lunch to work
A bought lunch will (conservatively) cost you $10 a day, whereas a lunch from home will cost you say half of that. Make that switch just 2 days per week and you're looking at $520 a year in savings. The numbers are even crazier if you're someone who buys lunch every day (seriously, who does that?!). If you do, you're set to save $1300. Reow.
7. Quit food delivery
Sometimes you just can't be bothered cooking. On those days, eat an apple and a carrot or something and stay away from food delivery apps! Let's say you order weekly @ $15 or fortnightly @ $30... $780 a year more in savings by saying no.
8. Cut down on meat
Not only is it bad for the environment, it can be bloody expensive. Even just reducing your consumption can reap savings results. Let's say you're buying cheap ass mince at $12/kg,
and you decide to eat 500g less a week (roughly 2 less meat meals).
$12/kg = $6/500g per week
$6 x 52 weeks = $312 a year
Boom. Imagine how much more you could save by cutting it out completely. Or cheese. Cheese is so expensive. But it's so damn good. Maybe in 2021.
9. Do online surveys for gift cards
There are a bunch of reputable websites on which you can complete surveys for small rewards - 50c, $2, $5. If you do them regularly, it can really add up. Most sites let you redeem them for giftcards at places like Coles, Woolworths, JB HiFi, and more. Even someone doing them semi-regularly could easily rack up a $30 gift card per quarter which is $120 per annum.
10. Only drink water
Juices and soft drinks seem cheap because they only cost you a couple of dollars at a time.
That bottle of kombucha seems so healthy and hipster and necessary but it's not!
Opt for water over all else. Let's say you spend $8 a week on non-water beverages. Cut it out and you'll save $416 a year.
11. Get one less Uber a month
Yes, at 2am it is sooooooooo much easier to jump in an Uber home instead of traipsing it to the nightrider bus, but it's also more expensive. All I'm asking you to do is cut out one of these rideshare trips per month. $20 a month = $240 over the year :D
12. Switch to a cheaper gym
If you're going to F45 or something similar, you can save a sh*tload of money by opting for a more reasonably priced gym. $20 a week instead of $60 will give you $480 back in your pocket per year.
So, if you haven't been adding up all of your savings for 2020 along the way, here they are:
$910: Not buying coffee out
$1248: Going out one less night a week
$730: Saving $2 a day
$112: Switching to a no-fee bank account
$400: Stop buying new clothes
$520: Bring your own lunch 2 days a week
$780: Quit food delivery
$312: Cut down on meat
$120: Do online surveys
$416: Only drink water
$240: One less Uber per month
$480: Switch to a cheaper gym
= A GRAND TOTAL OF $6,268!
That's right, we tricked ya. Over $6,000k in savings. Even if there are a few of these you can't (or won't) do, you can still chalk up 5k in extra cash money this year by adopting all the others!
Pro tip: Each time you successfully implement one of these cost saving tips, transfer the equivalent into your savings account. Said no to a coffee at the office this morning? Transfer $3.50. Got the bus instead of an Uber? Transfer $20. Borrowed a dress instead of buying one? Transfer $50. This way all your extra money won't just be absorbed by other things because it's there, but will actually start stacking up.
Are you going to give it a shot? Do you have any other tips? Leave a comment below!
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