8 Ways To Save $7,000 In 2022
Saving money doesn't mean cutting back on things you love.
Queenie Tan is a 25-year old from Sydney who spilt some tea on how you can save $7,000 in 2022 by making some smart decisions and they're so easy I'm wondering why I haven't been implementing this for all these years!
She shared a graph showing how exactly she went from $Z13k in debt to having a net worth of $500k in a matter of 5 years. The best part? She says that you don't have to cut corners on the things you enjoy spending on, or sacrifice your lifestyle - music to my bloody ears.
After being locked down for 2 years, we all are dreaming of travel, concerts and road trips. Unfortunately, they are notorious to make a dent in your wallet. Here are the top tips she recommends you follow to save you lots of money.
1. Pack your own lunch - save $2400.
If you're headed to uni, it's tempting to grab something on campus, however, if you prep your own lunch and take it with you, Queenie says you can save up to $2400 by the end of the year?? Meal prep doesn't seem as bad after seeing that number! You can always head out for dinners or drinks with friends - it would be a win-win.
2. Switch your super fund
Now, this is a more long-term thing, but if you know how your super fund works you know that who you choose to have your super fund with can make a huge difference. So do your research and if you're with an “underperforming” super fund, it's time to switch and improve your net worth!
3. Re-selling - save up to $1000 per year
Look around your house you will probably have clothes, kitchen gadgets or furniture you no longer need. If you do make use of the Facebook marketplace, de-pop and Gumtree. People are always looking for a bargain and pre-loved items are quite in demand these days. Don't sit on free money and sell those unwanted items. Your cash cow will be electronics new and old so don't discard anything, try selling it first!
4. Switch up your utility providers - save up to $900
I know it's easy to get comfortable with your providers and it's pissy to change them but if it can save you $900 (that's worth a return ticket to Bali!) Lots of internet, electricity and gas providers offer great bargains for the first 6-months and then increase their rates. When that happens it's time to switch to another - there is no shame in bouncing around providers. After all, that's why they offer such cheap intro offers!
5. Use energy-saving appliances - save $200
If you're in the market for some new appliances make sure you purchase energy-saving ones. That includes washing machines, dryers, microwaves and TVs. It could save you up to $200 every year.
6. Be smart with your banking
Heaps of banks offer high-interest saving accounts, and some even have special offers for students. Picking the right bank literally rewards you with free money through interest! Additionally use cash-back apps like Shopback, Liven etc. It's low effort and the savings add up by the end of the year.
7. Buy a coffee machine - save $500-$1000
This seems trivial, but the number of Aussies that spend on takeaway coffee is mind-boggling. I invested in a cute keep cup and a mocha pot and make my own coffee in the morning. That daily $5 coffees add up...
8. Credit Cards - save $900
Contrary to belief, using credit cards is actually a smart financial move. Get yourself a credit card with frequent flyer benefits and earn points with all the purchases you were going to make anyway. When these points add up, you could literally redeem these points for a full return flight! Lots of financial advisors swear by frequent flyer points, for good reason!
If you are confident you won't overspend and can pay your bills on time then credit cards are a great way to save!
You can also be smart about making money by applying to jobs that will pay you $5k to watch Euphoria or commit to side hustles that can make you up to $1000 per week.