Perhaps some day there will be no gender pay gap and women will not be financially worse off when taking time out of the workforce to raise the next generation. In the meantime, we need to take control of our finances and make the most of what we have.
The people behind the Super Woman Money Program, VicSuper have put together a great list of 300 ways to save money and has given us permission to share some of these practical tips with our readers to get you started on your way to becoming a super woman with money!
Most of these money saving ideas are easy to put into practice and although some of these will be familiar to you, there are others you haven’t even considered until now. From saving money around the house, to tips on how to make more money, we think it’s well worth your time to consider each one of these.
Around the house:
- To save on your power bill wash your clothes in cold water.
- For coffee lovers – buy an espresso machine. It will save you hundreds in the long term.
- Using your oven on fan-forced rather than conventional uses around 30% less energy.
- Buy nappies in bulk when on special.
- Arrange a reciprocal babysitting system with friends.
- Make your own baby food.
Child-related (school age):
- Check out the secondhand deals at the school uniform shop.
- Label your children’s belongings.
- Use your local library rather than buy loads of books.
- Alternate alcohol with water. This will not only save you money but will help you feel better too!
- Take cash on a night out and leave your credit card at home.
- Be the designated driver sometimes.
Food and Grocery:
- Taking your lunch to work could save you over $1000 per year.
- Using a slow cooker can be a great way to use cheaper cuts of meat to create a delicious meal.
- Don’t go shopping when you’re hungry! This will lead to impulse purchases.
Financial and admin tips:
- Pay your bills on time to avoid late fees.
- Phone your bank and ask for a discount on your mortgage interest rate. Even a 0.10% discount could save you thousands!
- Roll your credit card into a low interest rate one and start paying it off.
- Next time you fill a prescription at the chemist, consider buying the generic version. They are chemically equivalent but usually cost less.
- Before buying a yearly gym membership try it for a few weeks to make sure you will keep going.
- Ensure you and your partner are registered as a family for the Medicare Safety Net, rather than as two individuals. This will lower your Medical Safety Net threshold.
- Update your wardrobe with accessories rather than new items for a cost-effective fashion hit.
- Try using lay-by rather than credit to prevent impulse buys and debt.
- Always ask for a discount. You’d be amazed how often stores say yes!
- Sign up for cheap airfare alerts (Jetstar, Tiger and Virgin have them)
- When booking accommodation try to get something with a self-contained kitchen to save on food.
- Set yourself a daily spending allowance – it’s easy to get carried away.
Make more money:
- Sell pre-loved items on eBay to help fund new purchases.
- Be more assertive in your performance reviews! Women are often too modest in this regard.
- Ask for a pay rise.
- Find your lost super!
- Life, total and permanent disability and income protection insurance can all be paid via your super fund.
- Consolidate your super to avoid unnecessary fees.
- Pay all your tax deductible expenses before 30 June each year.
- Always get a receipt.
- Don’t forget to claim donations and income protection.
- Review your internet plan.
- Review your mobile phone plan. Use www.phonechoice.com.au to help.
- Make sure you have a password on your wi-fi to avoid others using it.
- Wash your own car.
- Buy a car at the end of the financial year, or when they are changing models.
- Drive outside peak hour where possible.
- Make homemade cards and paper.
- Suggest a ‘secret santa’ for extended family at Christmas.
- Take your own snacks to the movies!
To view the complete list of 300 Ways to Save Money visit the Super Woman Money Program website: superwomanmoney.com/300-ways-to-save-money
VicSuper is a public offer super fun based in Victoria but any individual or business can join.
VicSuper Pty Ltd ABN 69 087 619 412 (“VicSuper”) is the Trustee of VicSuper Fund ABN 85 977 964 496. The Trustee holds an Australian Financial Services Licence (237333) under the Corporations Act 2001 (Cwlth) and a RSE Licence under the Superannuation Industry (Supervision) Act 1993 (Cwlth).