I’ve been inspired by the FIRE Movement to save more money so I’ve been sharing some money saving tips each week with a Frugal Friday Five. Here’s the monthly round-up of them!
- A fraction too much friction: The Barefoot Investor suggests a 60/20/20 Budgeting Rule; 60% of your income on essentials, 20% on your financial goals, and 20% on wants or discretionary spending. FIRE people say try to save at least half of what you earn. Work out what percentages work for you and stick to them. Calculators are friends here.
- Get your affairs in order: I’ve ensured I’m putting some extra pre-tax dollars into my super with salary sacrificing and also that I’m signed up to the tax-free threshold on my job where I earn the most money and not the others lest I get stung by the tax-man.
- Before buying something: Mr Money Mustache (the OG of the FIRE movement) suggests you ask yourself, “is this eliminating a negative for me?” Some things will (e.g. milk frother means less café coffees) and a lot of things won’t (another pair of Kicks just-cos).
- Invested: “My wealth has come from a combination of living in America, some lucky genes, and compound interest.” – Warren Buffett. Unsure about the first two but we can definitely take a leaf out of Buffet’s book by investing in safe shares and playing the long game while compound interest does its thang. Loving Canna Campbell’s tips for Aussie investors in her books and YouTube channel. Reinventing myself as the She-wolf of George Street.
- Giver: ‘Each one must give as he has decided in his heart, not reluctantly or under compulsion, for God loves a cheerful giver’. Don’t be too stingy to give to charitable causes, I make sure I allocate some money in my budget for this. Donating feels great and creates wonderful vibes of generosity and gratitude.
(INSPIRATION- Estimated saving Priceless)
- Walk it off: walking to the supermarket means you have to factor in carrying everything-you-buy home again. This way you think a bit harder about your choices and are less inclined to super-size things.
- Fast days: Fasting is good for your health but also your wallet! 800 calorie days are cost-effective days. Thanks Dr Mosley for this idea.
(FOOD-GROCERIES-Estimated Saving $100/month)
- Get a uniform: Cultivate a classic look that frees you from choice, clutter and consumption with a basic daily uniform without the caveat of ‘a blazer being the outer-garment at all times to and from school’. Canna Campbell suggested picking a couple of brands whose style you love and sticking to them which means their clothing with mix and match well together.
- Make do and mend: Instead of buying new things see if you can fix them or give them a spuce-up like they did in war time. I got a hole sewn up in a bag at the local tailor (one day I’ll master doing my own stitch-in-time) and cleaned my Nikes so they look (almost) box-fresh
- Quality vs quantity: Investing in a pair of leather boots may be initially more expensive then purchasing the pleather ones but if they last multiple Winters rather than needing replacing every month, it’s better in the long run for your budget and the environment. Think about what things make sense to splurge on and what things can be scrimped.
- Rent girl: Once in a blue moon I’ll have to look fancy at a wedding or the like. No point buying a spendy dress that I won’t get to wear much. Next time, I’ll hire from a cool vintage rent/buy store like Yarn Yarns in my hood. Bonus-they have a resident greyhound “Blazer’ who slumbers elegantly on a cushion.
(SHOPPING- Clothes-Estimated saving $80/month)
Shop-bop: Book and gifts.
- E.Reader: Santa Baby was good to me this year and gifted me with a kobo e.reader. Now my minimalist and bibliophile dreams co-exist as I use it to borrow and read library books and download free/ cheap books that take up no space on my bookshelf and minimal space in my bag. Naughty AND nice!
- Cash in the attic: The price is right for bargains at local fetes and markets. I got a steal of a deal on some crafty bits and books for myself and gifts at the school fete. Behold, the sacred scrunchie collection doth multiply.
- Limited: Set yourself a budget and stick to it. Like I only take $20 cash to the markets to spend and so can’t physically spend more on shiny things I don’t really need.
- Regifting: Obviously I appreciate what I have and receive all gifts with gratitude but if I think of someone who would enjoy that skirt I never wear more or if I have been given an excess of hand-cream and scented soap, I will regift them with love and light. Hopefully never back to the original giver!
- (SHOPPING- BOOKS/GIFTS-Estimated saving $50/month)
- Read the fine print: I almost hit the buy button on an online purchase instantly as it was advertised as ‘free shipping today only”. On closer inspection, I realised that the amount I was spending meant it was always free shipping so no need to be so hasty and fall for time-sensitive offers.
- Unsubscribe: Ditch those pesky sales emails. Amazon almost reaches stalker status for the way it follows you after you look at something on their site ONCE! Then suddenly their ad is in you Facebook and Insta feed and you get multiple emails with deals and other suggested purchases. Stop following me!
- Don’t go there girlfriend! Avoid money-honey traps like Kmart where things aren’t expensive but I’m compelled to spend at least $5-20 every time I walk in. Tanja Hester had a similar ‘Spending Trigger’ with Target, “But ultimately I realized that the only way to stop spending more than I meant to at Target was to stop going to Target”.
- Add a barrier: It’s so easy to detach from the fact you’re spending money with one button buys on Amazon or Apple. Enforce a pause for contemplation by having to type in a password for purchase (and select do-not-remember it) for an extra hurdle.
- Cold-hard cash: I collect my coins in a pretty bowl and then take them to the bank to be counted and deposited. I try not to spend $5 notes but stash them in a jar for stockpiling and saving. Cash consolidation for the win!
(SHOPPING- ONLINE/ IN-STORE-Estimated saving $60/month)
I look forward to continuing to share Frugal Friday tips. Saving money is fun, how do you do it?
Love and light and a penny saved is a penny earned xxx Yvette
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