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.

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.

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.

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.

4.

Pack your own lunch

It can be an extra hassle to pile on top of your already frantic morning but taking lunch to work instead of buying out every day can make an enormous difference to your discretionary spending. A daily Big Mac Combo at NZ$11.90 from McDonald’s is NZ$59.50 a week. The cheapest sandwich at Coffee Club (A BLT Ciabatta) is NZ$20. And you’d be lucky to find a sandwich at a bakery or coffee shop for under NZ$5. Instead, spend less than NZ$5 for a loaf of bread and bring sandwiches. Or, if that’s way too boring, make a little extra at dinner to set some aside for leftovers the next day.

6.

Cut your coffees

As heaven-sent as a barista-made flat white is, at around NZ$5.50 a day it can be an expensive habit. A coffee a day, for every day you’re at work, could mean you’re spending NZ$110 a month just on coffee. Instead, opt for a bag of espresso coffee beans or plunger coffee and make your cup at home to takeaway. A bag will be anywhere from NZ$5 to NZ$12 (depending on how fancy you go). So, for the price of one cafe coffee you can enjoy the entire bag’s worth for a week. It’s kinda a no brainer, and you still get the caffeine rush.

For the price of one cafe coffee you can enjoy the entire bag’s worth for a week. It’s kinda a no brainer, and you still get the caffeine rush.

5.

Restrict food shopping to once a week

Making just one trip to the supermarket a week can save a lot of money on impulse buying. A daily trip runs the risk of the person thinking: “Oh, just while I’m here I’ll get …” With the rising price of groceries, an impromptu trip to the supermarket to buy bread, milk, eggs, and chocolate can cost between NZ$15 and NZ$25. Instead, commit to a weekly shopping day and make a list. Be strict with yourself too. It might mean getting a bit creative with dinner on days six and seven, but that’s all part of the challenge. This way you’ll end up making use of that extra bag of pasta you seem to keep doubling up on each week.