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Spending Habits That Can Wreck Your Budget...

When considering ways to save money and create an effective budget, it can be common for us to focus on the big things that we rarely use. However, sometimes we forget to consider the things that we do daily that could be costing us a lot.

Consider these habits that may be costing you money that you may be able to reduce in order to budget more effectively or put towards a home deposit.

1. Fast Food

The average family can spend up to $60 on just one takeaway meal. Assuming you were to buy take out for your family just once a week, that can add up to $3,120 per year!

If your bank statements show that you're spending more on fast food and take out than you'd like to, why not look for ways to reduce it. Planning and preparing ahead for your meals can save you thousands.

2. Bottled Water

If you’re a big water consumer then well done, it’s so much healthier than soft drinks and shakes that are full of sugar. But if you are one who buys bottled water regularly, be careful! Buying bottled water daily could cost you over $20 a week.

That could be $1040 a year! Tap water is always a cheaper option however if you don’t like drinking tap water consider a good water filter or buying cheap bottled water in bulk.

3. Leaving the Power On

It’s often something we just do from habit that seems harmless, however, leaving your phone charger, computer, fan or lights turned on all day is just going to be wasting you money.

According to Energy Australia, appliances left on stand-by can account for up to 10% of your annual electricity bill. Ouch! Switch things off at the wall when possible.

4. Lottery Tickets

Lottery advertisements sell the dream of winning millions over night and then life will be just perfect. The truth is, the odds of winning are about one in 45 million. The average Australian spends around $6 per week on the lottery, some will spend even more. That can be over $300 per year!

5. Expensive Brands

Would you know the difference between a generic brand and an expensive brand if they shared the same packaging? Some may say yes. However, often the difference between generic brands and expensive brands is very little.

The truth is, we like to spend the extra money for the attractive packaging or well-known labels. According to the ABS, Australians are spending around $153 on food and beverages each week. Shop wisely, look beyond colours and labels and see the product for what it really is!

6. Being a ‘Lead Foot’

Getting there faster may save you time, but not money. If you have a tendency to put the pedal to the metal when driving it is going to cost you, and that’s not just in speed fines.

Over revving your car and doing those quick take offs at the traffic lights will waste fuel. Slow down, take it easy, put on some tunes and cruise. Save yourself a little (or alot) of extra cash!

7. Coffee

Oh yes we said it…. Coffee! Argh we love it so much, but our wallets don’t! One standard coffee can cost us around $4. Multiply that by 365 days in a year and you’ve spent $1460 on cups of water, milk and a few coffee beans.

Sound like a good investment? Our taste buds say yes, our bank account says a big NO! Consider ways to save on your coffee addiction… invest in a cheap coffee pod machine or instant coffee.

Start saving and create a budget plan!

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Disclaimer: The articles featured on this website are for general information purposes only and designed to help educate our readers. Any financial decision should be considered wisely with the help of a qualified professional and based on your own personal goals and financial circumstances. Always seek proper advice before committing to any course of financial action. This is information is not to be deemed as advice. View our full disclaimer here.