5 Cash Saving Hacks to Maximise Your Monthly Budget

5 Cash Saving Hacks to Maximise Your Monthly Budget

Planning for a full month can be difficult – rising costs, unforeseen expenses, and family emergencies can make saving enough money to cover your expenses a frustrating process.

Fortunately, there are several simple ways that you can save money each month to supercharge your budget. Here are 5 quick and easy cash-saving hacks to give you more bang for your buck.

Banking fees and getting more for less

Having a bank account is vital to make payments, receive a salary, and ensure that you have ready-to-go savings accounts for wise budgeting. However, bank accounts themselves aren’t free. While some bank accounts issue a monthly account management fee, others charge small transaction fees on top of purchases and money that you might receive – meaning that transactions on your account can see multiple small charges that you might not notice.

A lot of small charges add up over time, however by choosing an account that offers lower fees and competitive values can save you more money than you might realise. By working out how much you pay each month in banking fees and selecting an affordable account, you can free up cash to put towards other items in your budget.

Turn off appliances you don’t need

While this might sound like an obvious tip, do you tend to leave a lamp on when you leave the room for an extended period?

Consider that every appliance in your home is reliant on electricity, and in some cases water – and even when idle, these devices can consume electricity that you will need to pay for.

By turning off unnecessary lights, appliances, or even turning your geyser off when you don’t need it, you can save cash each month.

Downgrade your cell phone and data plan

We all need (and want) a great smartphone to communicate with our friends and family – but does yours offer features you don’t either want or need?

Consider downgrading your cell phone contract if you find yourself with excess call minutes or mobile data at month end. Excess minutes or data left over at the end of the month means you are paying for service which you are not utilising. By selecting an affordable cell phone package that does what you need it do, you can save cash that might otherwise go to waste.

Set up a meal plan

Here’s a quick tip – never shop on an empty stomach.

If we take that principle even further, consider how eating what you feel like, as opposed to what you might need, can stretch your budget even further each month. By setting up a meal plan, you can purchase regular items each month and plan ahead.

You can save money following the 3 ways to eat healthily on a tight budget or by tailoring your meals to include groceries that are VAT-free.

Buy reusable items

If you find trips to the grocery store too expensive, remember that setting up a meal plan is just one way to save cash – another easy way to extend your budget is to purchase re-usable items.

For example, buying plastic bags and throwing them away once you get your groceries home can cost up to 50c per bag. Consider buying reusable fabric shopping bags so that you don’t have to fork out for bags each time you go shopping.

More from our blog: