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6 Money Saving Tips For The New Year

After the extra expenses of Christmas, the personal budget often becomes the focus of new year’s resolutions, but creating one you can stick to is the trick – and the challenge – to making it work.

The trick to a good budget is to be realistic about where you’re spending money, advises Lifeline Community Care Financial Counsellor, Sue Hough.

“Too often people are overwhelmed by the number of expenses because their budget does not accurately reflect their spending habits,” Ms Hough said.

“The little luxuries that people can live without, when deciding a budget, always seem to make their way onto the shopping list.

“The best thing you can do is to budget for these little luxuries – don’t cut them out of your budget if you don’t intend to cut them out of your life,” she said.

Here are 6 tips to create a realistic budget, and how to stick to it:

• If you’re saving for a big expense, make sure you also have another ‘rainy day’ expense line for those weeks you go over, or have an unexpected payment to make.

• Cut up and cancel the credit cards. You will not only save on interest, but will automatically start spending less.

• Determine what is ‘need’ and what is ‘want’. What is essential and what is a choice?


• Don’t just budget the necessities. If things like cigarettes and concert tickets are important to you, make sure you put money aside for them.


• Plan your meals before you go to the grocery store. You’ll be amazed at how much you can save on food.


• Shop with cash. Take only the amount of cash you have decided to spend that day.

What are your best money-saving tips?