Business News has introduced a new column offering advice for people to improve their savings.
Each week we will feature a few tried and proven methods by which it is possible to achieve savings.
Participating in loyalty programs: Coles Myer’s loyalty program is probably one of the best in Australia. Owners of 500 shares qualify for discounts at stores owned by the company. Other companies have similar programs.
Buying fuel early in the week: Despite the protests of the oil companies, there is anecdotal evidence that fuel prices rise at the end of the week.
Buying clothES from warehouse stores: There are warehouse and seconds stores in Perth that cater those comfortable with last year’s fashion.
Savings can be substantial.
Buying groceries and the like in bulk: The old adage of buying in bulk has never been truer. Even if your family is not big enough to require the large purchase of such items, it is possible to combine with neighbours or work colleagues to achieve the required size.
BUYING Cinema tickets in bulk: Some theatre chains run cinema clubs, which provide a very good source of savings. Entertainment books cost about $50 but offer huge savings at restaurants, cafes and other forms of entertainment.
Shopping at 4:00pm on Saturdays: Supermarkets attempt to clear their shelves of fresh produce about this time, providing good savings.
Shop on a full stomach: It is well documented that a lot of shopping is governed by impulse. Shopping when hungry invariably leads to buying goods we may not need or would not normally buy.
Paying your home loan fortnightly: Finance experts agree that it is better to make repayments fortnightly to clear home mortgages quickly – still one of the most effective and efficient ways to reduce the mortgage.
Cutting up the credit card: Credit cards offer a valuable service in terms of cash carrying requirements but also have a very high interest rate. Advice to reduce credit card debt is always good advice.
l These are just a few money-saving tips.
If readers have suggestions send an email to: sureshra@advisernet.com.au
