I need some money saving tips.

Jessica - posted on 01/11/2010 ( 6 moms have responded )

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Hi im a mum from australia, i really need some good tips on saving i looked at some other pages but alot of the sites given were mainly american of course no help for me. Is there any great tips you have been using and what are they? Or any great saving tip websites you would like to share?

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Hi there Jessica. I am a single stay at home Mum and my grocery budget is $150 per fortnight after bills and rent.

These may not apply to you, but I hope they may be able to help in some small way. And I am not trying to hawk anything to you either. But I will mention the products I use, and how I use them.

Finances.
1. I have Centrelink take out $50 a fortnight from my account. As a sole parent, I don't pay any tax on what I earn, so I get it all back at the end of the financial year. This is good because I know that there is money coming back to me at the end of the year, and I know I can't spend it. The only possible downside to that is that I don't earn interest on that money. However I'm not tempted to spend it and it's such a nice feeling seeing $1000 go into your account at the end of the year. Come tax time, I will divide the tax money in to my three savings accounts and start again.

2. I have my money direct credited into a transaction account. I keep $50 in that transaction account, and then put all but that $50 in to one of my sub accounts I named emergency. (I keep the bulk of my money there because it is used to pay bills, but as it's sitting there, it earns an extra 4% higher interest than the transaction account. I know it's not a lot, but it's something.
From there I pay my bills by BPay (free). I also move my savings money to a 'direct debit' sub account. (More later)

3. Bills. I always put $50 a fortnight towards electricity, home phone and internet bundle (Optus $99 fusion), $20 for gas if needed, $460 for rent.

4. Savings. I transfer from my emergency account $50 per fortnight for my daughter's savings (to be given to her when she goes to Uni, or needs a car ~ 18+). That's $23,400 invested and by her 18th birthday (at 5%) that's $14,511.85 in interest earned on top of her principle. A grand total of $37,911.85.
For me, I have 2 online savings accounts ~ 5.62%. One is my rainy day account, where I just deposit $50 per fortnight in an event I need a large sum of money (hospital / car repairs / school trip) in a pinch. I'm just going to let that grow and not touch it unless absolutely necessary. My second account is my car account. I had about $2000 in that to buy my first car, but I had to move which cost me $600, and pay for the rental bond and 2 weeks rent ($1360). I had $1200 left over so I started with that and I put away $50 a fortnight for the car, and $30 a fortnight in to that account as well to pay off the rental bond and two weeks rent, which is what i would have had to do if I had the time to pply for a rental bond loan with Centrelink. I'm going to pay that back until September 2011.
I also have another account that I banked money that I made from having garage sales, and selling my household things I didn't need any more on eBay. My daughter's child support goes in there (a different online savings account), but I don't factor that in, because my ex-hubby is about to lose his job, he is in arrears, and CSA told me not to ever count on it for a steady source of income.

5. In regards to babies. :) I only use disposables when catching public transport, going out somewhere, or going shopping or visiting relatives. Otherwise, I use cloth nappies, with the three way hook instead of pins, and nappy liners when I know a bowel movement is due to come. I have a sensitive skin fabric softener which is only for her clothes and nappies, and I try not to use my dryer if I can avoid it.

6. Try and shop to a menu plan. I have breakfasts and lunches planned and my bill was up to about $80. That leaves me about $60 for the main meals which are the most expensive. I don't have a car, so I shop at Coles online, and they deliver for $5 if you order in a time appropriate way.

7. I pay for all my groceries and insurances with my GO Mastercard. Even if I have the money for it, I will buy it with that to earn rewards points. It's not a lot, but I forked out $3000 for insurances on two separate car crashes and repairs, so my points were bolstered pretty quickly. The day I get paid, I pay off the balance owing. The only thing with this is you shouldn't spend any more than you have saved up to pay it off. It has 62 days interest free for mastercard purchases, plus it is also a finance card. But just be careful. If you can't trust yourself with a credit card, then this option might not be the one for you.

That's all I can think of for now. I'm sorry. It's 11pm and I am beat. I hope this helps you out a bit.

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6 Comments

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Jessica - posted on 01/24/2010

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have you considered comparing prices online....sites like Google base and Onewayshopping.com are good money saving sites.

Tally - posted on 01/13/2010

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Jessica, I sent you a message with a link with the information you need to save tons of money. check it out and let me know what you think : )

Lisa - posted on 01/13/2010

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Let's talk. I use an online store that manufactures over 350 green products at wholesale prices. One example is their bathroom cleaner $5.69 makes 96 oz VS $21 for 96 oz. of Lime A Way ( and no toxic fumes from ours). Every new customer receives up to $100 in free products just for switching stores ~ and everything has a 60 day money back guarentee.

Best part is I know they are available in Australia!

Email me so you can learn more!

Lisa Zaikis
978 502 4890

lzaikis@hotmail.com

Helen - posted on 01/12/2010

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hiya i live in england an the best tips i can give is send ur hubby shopping i normally do the shopping my self while kids r at school but over the xmas period ect i sent my fella cos the weather was horrid an still is so i stay at home wiv the lil ones send him with a list he is brill he gets everything on the list an this week came bk with 40 pound change out of 100 i dont know how he does it i think its cos i buy things on offers an bits an bobs that realistically we dont need ive not been food shopping for over a month an ive saved so much money

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