Budgeting

Yes, we know budgeting is boring but these basic tips are helpful and they work. Here at Financial Review Smart Investor we’ve started doing a few of them ourselves and are saving big bucks. And click here for 12 more ways to grow your cash stash.

1. Power saving

The cost of electricity has been steadily increasing, even before the introduction of the carbon tax (which the federal government says we’ll be fairly compensated for). By switching to a cheaper provider, a family stands to save, on average, $386 a year and a business $1878, according to comparison site Energy Watch. Other websites that can help you find a better deal include www.goswitch.com.au and www.switchwise.com.au

2. Big meals

Make meals in bulk. This is a variation of “take your lunch to work”. If you can do a big cook-up once or twice a month and freeze the meals you could get the cost of your lunch down to $1 a day. Over a year, that could amount to a saving of more than $1000.

3. Cash in coupons

Take advantage of coupons. This trend started in the United States with Groupon, but Australians are getting into it. Group buying sites such as www.groupon.com.au, www.ourdeal.com.au or www.deals.com.au allow you to save on anything from a massage to a car service. Just be sure the individual businesses involved are big enough to honour all the vouchers.

4. Big savings

Buy in bulk. Try fruit and vegetable co-ops or big chains such as Costco, where you can get more for less.

5. Market your wares

Set up a stall. If you’re a bit arts-and-crafty you could try selling your works at a local market. Or trade your possessions on eBay. You can make money out of the toys and clothes your kids have grown out of, or buy cheaply things you may need for just a short time, such as a baby stroller. Do you really need the Rolls-Royce baby carriage? Or will a $100 second-hand stroller do the job?

6. Play money

Make your hobby pay. If you’re good at sewing, for example, you could set up a website to sell your handiwork. Or perhaps you know a second language and could translate for people. Fitness fanatics could consider offering personal training services.

7. Book those savings

Join a library. Or buy a Kindle or iPad and download books. The library is free and online books are cheaper than bought ones and sometimes free.

8. Embrace public transport

Ditch the car. Margaret Thatcher may have prided herself on never using public transport but in Australia it’s generally efficient and cheap. It’s even more so if you have a Seniors Card – a $2.50 pensioner excursion ticket can get you the 160 kilometres from Newcastle to Sydney, for example.

12 more ways to grow your cash stash