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Was there a point in your life that you’ve done all things imaginable in order to save money, only to find out that you’ve paid more or wasted an extensive amount of time? Perhaps you’ve misread the terms on a voucher, signed up for a fake or sneaky promotion, or simply made a poor decision. It’s devastating when your money-saving efforts brought more harm than good. With a huge number of money-saving hacks floating around, it’s hard to tell what’s actually legit. So, it’s best to scrutinise each and every hacks that you come across to avoid wasting your precious time and hard-earned money.

1. Trying A New Type Of Budget Without Assessing Your Needs

When it comes to saving money, budgeting always comes to the list. It may sound like a child’s play but it can be a daunting task especially if you don’t evaluate your spending habits. By distinguishing your “needs” over your “wants,” you’ll be able to reign in your spending habits. The old-fashioned, tried and tested envelope system could fail at the hands of a chronic spender.

2. Investing In Actively Managed Funds Without Taking Fees Into Account

Paying more for an actively managed mutual fund instead of an index fund usually doesn’t work out. Statistics show that after five years, 80% of actively managed mutual funds don’t beat the index. Another thing worth noting is that the amount you pay in fees is typically equal to or higher than the return the mutual fund generated above the index. Trying to figure out which mutual fund will be the best performing one is a fool’s errand.

3. Taking Advantage Of Introductory Deals Without Watching The Post-Promotion Terms

Taking advantage of inexpensive honeymoon rates may result to immediate savings but you may end up paying more after the introductory period. Check out the post-promotion terms and weigh in the costs before signing up for such deals.

4. Using Travel Deal Sites Without Checking Prices

Signing up for travel alerts in order to find good deals may end up a waste of time. Instead of uncovering great deals, the site may not offer prices better than what basic searches deliver. It’s wiser to book cancellable reservations directly with a hotel, so if ever your travel plans change, you don’t owe money and if prices fall, then you can rebook to save money.

5. Using Coupons To Save Money Without A Plan

Coupons may help you save and get out of debt but they can become a problem when you buy things you don’t actually need just because you have a coupon for them. So, instead of saving money, you’ll end up spending more.

Money is a devious little two-faced thing that no matter how much you budget efficiently, there are still instances that you’re left with nothing, without even having a clue on how it happened.

Like in any situation, you should first determine the problem for you to be able to find a solution. So, let’s leave no stones unturned and find out why money is slipping through your fingers no matter how tightfisted you are.

1. Purchasing Low Quality Products

Being frugal doesn’t just mean saving money, but it means spending your money wisely. Buying a sturdy product at a higher cost is far better than buying a cheaper alternative that breaks down easily. Investing in good quality products will not just help you by having a more reliable product but your wallet as well.

2. Spending On Services You Can Do Yourself

It’s true that you have to treat yourself every now and then, but you should take a good look on how often you’re indulging. We often you’re choose convenient services simply because we’re in a hurry or because you think the other person could do a better job. But really, all it takes is a little planning and practice to do those jobs yourself. You’ll be surprised how a simple recipe you’ve prepared and tweaked to your liking tastes better than that special delivery you always order.

3. Buying Things Just Because They Are On Sale

S-A-L-E! That four-letter word attracts you like a magnet and before you know it, you’re diving into that too-good-to-be-true 70% off or two-for-one deal. But if you think about it, that promise of a good deal is nothing but a marketing moneymaking ploy to lure you to buy things that you really don’t need. So, save yourself and cross that word out of your vocabulary.

4. Ignoring Banking Fees

Whether you withdraw money from out-of-network ATMs, fail to maintain a minimum balance, accidentally bounced a check or pay for something abroad, your bank is leeching on your money. So, you better plan ahead and pay extra attention to the fees that you’re being charged. Those $2 ATM fee’s start to add up and often your bank is only an extra block away.

5. Leaving Electronics And Appliances Plugged In

You may not realise it, but that plugged in phone charger or laptop charger though turned off actually raises your electric bill. So, make an effort to unplug as many electronics or turn them off at the switch, especially big-ticket items, when you’re not using them.

6. Overlooking Credit Card Interest

One of the fastest ways to becoming penniless and getting buried in debt is by not paying off your credit card every month. Credit cards usually have a high interest rate that compounds over time, so say goodbye to your hard-earned money if you’re delaying those repayment on your credit card purchases or just paying the minimum balance.

7. Drinks

Drinks are an easy way of throwing away your money. They vacuum that cash as quickly as you quench your thirst. Do you really need that soda, fresh juice or sparkling water to survive? You won’t just be saving money but you’ll also become healthier if you ditch these.

8. Not Planning Your Meals

Estimating how much food you’re going to consume in a week or a month sounds like an impossible task. But when food spoils, then that’s money down the drain. All it takes is a little attention and research to save money. Know how to store your foods properly and how long different foods stay fresh on the counter, in the fridge or in the freezer.

9. Taking Gift Cards And Coupons For Granted

Gift cards and coupons are as good as cash! So, check your drawer for some unused gift cards and use them to purchase item’s you’ll most likely purchase. Don’t throw those coupons away; use them on your next social gathering with friends , not only will you get to try a new venue though you’ll all receive the discount offer!

An average Australian home contains 67 household appliances, — for storing food, straightening your hair, checking emails, playing your favourite music, washing clothes, cleaning dishes and the list continues. Which means that the more appliances you use, the more energy you consume, the higher your electricity bills. The best way to start saving on your electricity cost is to get smart with how you use energy. Here are some tips on how you can reduce your energy use on essential household appliances and cut your power bill along the way.

1. Washing Machine

The first step to getting on the right track is to buy the right size of washing machine based on your circumstances. And in order to keep your costs low:

Instead of hot water, try using cold on wash cycles.
Always wash a full load because washing one full load uses less energy than washing two smaller loads.
If you really have to wash a smaller load, adjust the water level (if your machine doesn’t automatically do this).
Soak stained clothes before washing to remove most of the nasty stains before it goes into the wash to avoid having to wash the items again.
Regularly clean the washing machine to maintain it in good working condition. To keep the pump and hoses clean, run a mixture of a cup of vinegar and half a cup of baking soda on a hot cycle from time to time.

2. Fridge

This is generally the most used appliance in your home. So, make sure it’s working efficiently if you want to save.

Cool down hot foods before placing them in the fridge or freezer.
Keep the fridge full. An almost empty fridge needs more energy to operate. If your fridge is hardly ever full, then it’s probably too large for your needs.
Set your fridge temperature to 4 or 5 degrees and your freezer temperature between -15 and -18 degrees Celsius. There’s no need to constantly adjust the temperature.
Make sure the freezer stands level on the floor so the door closes properly.
Keep your fridge organised by putting all food and drinks that you regularly reach for in the same place so you don’t have to keep the door open too long. Cold air escapes every time the door is opened, making the fridge work harder and use more energy.
Keep your fridge clean and the seals mould-free for a more efficient operation.

3. Computer/Laptop

If not programmed to sleep when idle, computers can consume a lot of energy. Consider these energy saving tips for your computer/laptop:

Adjust the brightness of your computer screen by turning the brightness down to reduce its energy consuming.
Screen savers aren’t designed to save energy, which means your monitor is still using full power with a screen saver running. So, switch off the monitor when you walk away from your computer.
Shut your computer down if you’re not using it. This will also give the computer a chance to install any updates when it’s restarted.

4. Dishwasher

Though dishwashers can speed clean-up in the kitchen, you have to be cleaver in order to use them efficiently.

Only run a full load to save energy and water.
Use the economy cycle for everyday use. This washes the dishes on a lower temperature and may use less water.
Scrape excess food scraps into the bin.
Regularly clean the dishwasher by running an empty machine on a hot cycle using 25 grams of citric acid instead of detergent. This keeps the machine in tip top shape.

5. Kettle

Electric kettle are 50% more efficient than boiling water on the stovetop. Here are some tips to use your kettle efficiently without sacrificing tea/coffee time.

Don’t overfill the kettle and only fill it with as much water as you need.
Turn the kettle off the wall when not in use if it uses standby power.
Clean your kettle every month using a vinegar solution to remove built up limescale.

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