We all love takeaway. It’s one of life’s simple pleasures, a time to relax from the hassle and grind of modern living and unwind over your favourite fast food without having to lift a finger in your kitchen. Heaven!
Unfortunately, many of us have a budget to live within, particularly if we are looking to save for an investment or for a deposit for a property. Naturally, takeaways tend to be at the top of the hit list when it comes to getting our spending under control.
Facing Financial Uncertainty
As Australia’s cost of living continues to rise and wages stagnate, more and more Australians are edging closer to the financial uncertainty. Many Australians are finding cutting back on their spending is critical to just getting by. When we spend more than we earn, our finances can quickly spiral out of control.
It’s a boom or bust mentality that is only broken by taking our spending in hand, cutting our debt and learning to live frugally.
So, whether you’re saving for an overseas holiday, that new car you so desperately need or for a deposit on your first home, these tips on living within your means will help have your cake and eat it too!
10 Tips To Living Within Your Means
Saving for most people today is simply a strategy to ensure money is there to pay our bills every month and to be able to buy the weekly groceries.
If you are looking to live more frugally, you need to get organized, track your expenses and set up a budget. There are plenty of budget apps on the market, many of them free to track your expenses and there is also heaps of software you can use to build a budget if you don’t like Excel spreadsheets.
After you have these building blocks in place, a good place to begin is to put aside money for special treats and little luxuries. These provide a great incentive and a reward for diligence and discipline
- Stop Buying Takeaway Coffee
Coffee enjoys one of the highest retail mark-up margins of any product sold in Australia. One report from ING Direct estimated Australians fritter away $39 billion on work-related expenses and one-tenth of this or $72 per month is spent on coffee!
Try taking your own coffee beans or instant coffee in with you to work. It may not be as sexy as the takeaway product but it will save you heaps along the way.
- Buy In Bulk, Cook In Batches
Instead of shopping several times a week or even weekly, try buying bulk. Everything from bulk meat to bulk rice, canned goods and frozen food is usually cheaper when you buy in bulk. Similarly, invest in a freezer. Not only can you stock up on frozen items when they are on sale but you can also cook in batches and freeze what you don’t need immediately. It’s a simple and great way to save yourself lots of money over time.
- Cook A Roast And Carve It Yourself
Rather than buying sliced meat at the deli and paying a hefty premium, buy a roast, cook it then carve it yourself. You’ll shave your sliced meat budget by nearly two-thirds along the way. Similarly, buy a ham and wield the carving knife yourself. It’s way cheaper.
- Reduce Your Alcohol Purchases
One study reported the average Australian consumes a bottle of wine, three mixed drinks, five beers and half a glass of cider on average a week. Cutting just a few drinks from your weekly routine will improve the state of your budget as well as your personal health.
- Pay Your Bills On Time
Late payment bank fees cost Australians a fortune each year. Set up a budget with a bill payment schedule then open a bank account for your monthly bills. You’ll always pay your bills on time and never have to pay those horrendous late fees ever again!
- Get Your Utility Bills Under Control
Variable costs like utilities, cable, mobile phone and insurance premiums are great places to look to reduce your monthly bills. Reducing your rent or mortgage can be tricky, but cutting your utility bills is definitely doable. Many providers offer incentives to switch, so look around to see if you’re getting the best price out there. Even banks offer incentives for new account holders. So, become a switcher and unlock a world of lower charges.
- Set Up Weekly Meal Menus
Impulse grocery buying is the bête noir of family budgets. A smart way to save money during your weekly shop is to work out a weekly meal menu and stick to buying items on that list of ingredients. You will save a small fortune and prune your grocery bill way down!
- Make Cleaning Products Out Of Common Household Items
Homemade cleaning products work just as well as most leading store-bought cleaning brands. You can make your own at a fraction of the price using reliable home remedies like baking soda and vinegar. What’s more, you’ll be ready to tackle any household-cleaning task that comes your way without having a cupboard full of expensive cleaning products.
- Wash Your Own Car
According to research conducted by the Australian Car Wash Association, Australia’s carwash industry is projected to exceed $585 million by the end of this decade. Do the environment and your wallet a solid by getting out the bucket and cloth and washing your own car. With many carwashes hitting you u for $40 a wash, you could probably fund your monthly takeaway habit right there.
- Check Out Supermarket Coupons And Takeaway Deals
Check out those coupons you find on the back of every supermarket docket and fast food flyer. Your local newspapers and magazines also carry ads for deals with your local takeaway restaurants. Many will place advertisements when they are running limited time discounts.You can also hop online and let your mouse do the work and scan the online takeaway delivery websites to find great value meals from your favourite outlets.
Final Observation
Living within your means isn’t all harsh deprivation and soul-destroying sacrifice. It’s about living smarter; to enable you to afford to live the life you want to live while still being able to enjoy a good takeaway.