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The year is flying by – we’re almost through frugal February and March is right around the corner. We might have made resolutions in January, and we might have done Frugal February but whether we have or haven’t, we can do Make March Matter to get on top of our money!
Living your life for less
Some quick and easy tips for keeping the lifestyle but ditching the debt!
Cash only – starting now, stash your credit card in a safe place and use only cash for all your purchases. Tap and go is quick and easy but it also tends to make us more blasé about our budget. When you find yourself hitting the ATM twice in one weekend for shopping and entertainment, you’re more likely to watch what you’re spending.
$50 fun – think of at least four activities you can do – on your own or with friends and family, that cost $50 or less. It could be a low-cost gardening project, heading off on a hike or paying for a group lesson to learn something new. Just remember to include snacks or food in your plans and costing – a café pitstop or takeaway could quickly blow your $50 budget. For me, those board games we got out during Covid were fun and a novel way to entertain friends on the weekend.
Swap and save – beauty, books, clothes, appliances, if it’s something you spend on, try swapping instead. Clothes are the most obvious, but if you and your friends have a weakness for cookbooks or games, try organising a big swap party to grow your collection. Many local areas have street libraries with book swap boxes to take or deposit as needs arise.
Focus on food planning and fuel your bank balance
Take time this week to put the spotlight on how you eat and save money along the way.
Lose the lattes (long blacks, flat whites and macchiatos too) – but only if they’re not your thing. If your coffee is a joy then cut something else, but know that takeaway coffee is a daily indulgence that can add up to a big annual spend of $1200 per year.
Pack your lunch – buying takeaway lunch in Sydney costs anywhere from $12 – $20 a day. That’s an annual cost of $2880 – 4800 if you’re eating out every day of the week. By brown bagging your lunch you could be $3k better off this time next year and by being more conscious about what you’re eating – you may also end up a little healthier – another saving in the long-run…
Start by purging the pantry (and the fridge) – a lot of households keep enough stuff in the cupboards and fridge to last for weeks, perhaps months. How much could you save simply by living off what you already have instead of shopping for groceries this week? If you’re like me you might be surprised by some of the goodies you’ll find lurking in the pantry and it also feels good to clear things.
Cheap thrills – entertainment that’s lighter on your pocket
Dine at home – the average weekly household spends $198 per week on eating out according to Finder, so you could be making a very big saving by cutting costs here.
High and dry – with an average household weekly spend of $53, you’re going to be feeling better during a month without drinking.
Give Uber the elbow – whether you’re staying sober, staying home or both, there’s really no need for you to be using Ubers this month. Delete the app from your phone so you’ll be less tempted to use it when you’re in a rush to get home and start cooking!
Take stock of subscriptions – are you using them all – Disney, Prime, Stan, Netflix and Apple? Pick one or two per month and when you’ve watched all you want on these streaming sites, leave them and move to another. These costs add up quickly.
Spending big, saving big
Pay less for your mobile/electricity/insurance – if you’ve been with the same provider for a while, for any of these services, there’s a good chance that shopping around for a new deal can save you a significant amount across the year. I call my insurers each year to ask for a better deal. Even a small discount helps!
Big purchases – never buy a fridge, tv, or sofa without shopping around for the best deal. A little legwork or online research can save hundreds of dollars.
Holiday for free – house sitting or swapping are both good ways to enjoy a getaway without shelling out for a hotel room. If you don’t have a home that’s Air BnB ready or appealing to swappers, get on to websites like Happy Housesitters for housesitting opportunities in Australia.
Ditch your debt – whether it’s taking a year or two off the mortgage or saying goodbye to credit card balances, make this your month to find smarter ways of living with your liabilities. The amount you’ll save on the overall cost of borrowing can be substantial when you take steps to pay loans off faster.
I hope you find these tips useful and Make March Matter!
The Money & Life website is operated by the Financial Advice Association (FAAA). The views expressed in this article are those of the author and not those of the FAAA. The FAAA does not endorse or otherwise assume responsibility for any financial product advice which may be contained in the article. Nor does it endorse or assume responsibility for the information.
