YO U R I NVE STI N G
Six Simple Ways to Save We’d all like to be richer but spending can erode our personal wealth. Here are Laine Moger’s tips for saving money.
1.
Save your credit card for emergencies Freezing your credit card in a block of ice (literally) is how 2% of surveyed Kiwis are managing to keep their spending under control. This method might be at the more extreme end of the scale, but the sentiment of reducing credit card debt is widely felt. According to Finder’s stats, more than half of the 2 million people surveyed are taking steps to curb their credit card use. However, there are much less drastic options available. Outside of being stricter with a budget, consider lowering your limit or switching to a low-interest account to make monthly payments more manageable.
2.
Stop some streaming subscriptions It’s a bad habit some of us have got into – NZ$12.99 Disney+ for the kids, NZ$11.99 Netflix for Big Bang Theory, and NZ$15.99 for NEON for Game of Thrones. While relatively cheap by themselves, added together they can add hundreds to your yearly expenses. (Netflix is NZ$143.88 a year). So, if you’re not actively using your subscription on a regular basis, it may be a good idea to downsize your streaming service catalogue. Opt for keeping only one service you use the most or cancel the lot and take more advantage of free services like TVNZ on Demand and ThreeNow. Alternatively, you could team up with the people you live with. Make a deal that one of you pays for Netflix while the other pays for NEON.
3.
WFH to save on petrol Covid got a lot of us realising we can cope with working from home when we have to. Petrol bills were noticeably absent from out bank accounts while we were housebound during level 4. Stats NZ reckons the average Kiwi used to spend just under NZ$50 a week on petrol in 2019, way back when petrol was NZ$2.13 a litre. Three years later, the price per litre is at least NZ$2.90. By reducing your commuting time, you could be making quite a hefty contribution to your savings account.
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