The cost of living can make saving money quite the challenge. It can feel overwhelming with all these high bills to pay and increasing prices. However, not all is lost. There are things you can do to help lower your expenses and make savings, so you can build your savings account and make steps towards achieving your financial goals.
If you are saving for a big purchase, such as a shiny new TV or car, or a once in a lifetime experience such as a holiday or a wedding, we have gathered our 8 best tips to help you save most effectively and quickly!
1. Compare Your Bills
You can make a big difference to your budget by comparing your utility bills and making the switch to better plans and providers. NZ Compare is the home of user-friendly, bias-free comparison platforms, which make it easy to compare your broadband, power, mobile, and loans and insurances. When you compare, you empower yourself to make a fully informed decision and are more likely to find a better deal that is cheaper, and offers more value for your hard-earned money. Make comparison a regular habit in your financial journey so you can avoid paying too much, and make savings.
Power Bill Price Increase 2024
2. Reduce Your Power Consumption
Another effective way to save money is to reduce the amount of power your household consumes. There are many easy ways to do this. Consider investing in energy efficient appliances with high energy star ratings – these will use less energy to do their job. You can run your washing machine on cold water most of the time, and switch your light bulbs to LED light bulbs. Be sure to turn off devices and appliances at the wall when you are not using them!
3. Reassess Your KiwiSaver
If you have a long-term savings goal – particularly for buying your first home, or for retirement, it’s a good idea to assess your current KiwiSaver situation. Can you further optimize your contributions to your KiwiSaver account? Consider increasing your contributions through your employer. Also consider whether you are in the right KiwiSaver fund for your goals.
Tips to Maximise your KiwiSaver
4. Reduce your Spending, and Use PriceMe When your Shop
While it can feel great to always have the latest iPhone, or the shiniest laptop, you can save a lot of money by resisting the temptation to impulse spend. Start small with your spending. For example, bring coffee to work rather than purchase your morning cup from a cafe. Reduce weekly takeaways to a once a month treat. If you do need to purchase something such as a new washing machine, make sure you jump on PriceMe to get the best deal possible, and avoid paying more money when there could be a better price out there!
5. Cut Out Subscriptions
If you have lots of subscriptions, take the time to go through them and cancel any that you don’t use or need. For example, do you have multiple streaming platform subscriptions? Can you cut out any that you don’t use often? With Disney Plus being $18.99 per month, and Netflix being $20.99 per month, you can save a lot of money just by reducing your subscriptions and sticking with only one platform at a time.
Major Streaming Services Increase Prices in NZ
6. Establish a Budget
It is vital to keep track of your expenses and outgoings. Create a budget so you can know how much you are spending on all your bills, shopping and entertainment. This is an effective way to see where you are spending your money unnecessarily, and where you can make changes.
7. Compare Savings Accounts
No two savings accounts are the same. It is important to compare the options out there and see where you can get the best interest rate. Those interest rates can be extremely useful, and a great way to have your money work for you. Jump on Money Compare to compare different savings accounts, so you can make a fully informed decision and find the best deal for your goals and needs.
8. Start a Veggie Garden
A vegetable garden is a great long-term solution to lowering your grocery bill. Yes, you’ll need to be patient. But once you have established the garden, with your favourite seedlings or cuttings, you will soon be able to enjoy fresh, homegrown vegetables and herbs.
