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5 WAYS TO SAVE HUNDREDS OF $’S…FROM 5 REAL PEOPLE

The ‘S’ word is almost as boring as the ‘D’ (diet) word…Before we lose you right there, read on. We asked 5 real people, who don’t like saving money either, how they saved hundreds of $$’s in a 2 week challenge.
1. Quit your vice
What: Not buying coffee & wine
Money usually spent: $312
Money spent during challenge: $10
Money saved: $302
Kathryn Pelham took up this tougher than it sounds challenge to see how much extra cash she would have in her wallet by the end of the week.
But her challenge was made even harder by having to quit buying both for two weeks, which for takeaway coffee lovers is a nightmare from hell.
So how did she go?
Kathryn drank her morning coffee at home instead of buying one at the local cafe. She admits she did have a few glasses of wine when it was offered, but didn’t buy the four or so bottles she’d usually buy to consume over a fortnight.
The result of not buying either was an extra $150 in her coffers each week.
Kathryn’s tip: “Surprisingly, I didn’t have to give up my social life.
2. Only spend the cash in your wallet
What: Withdrawing $100 cash as the week’s spending money
Money usually spent: $854
Money spent during challenge: $410
Money saved: $444
We all know how easy it is to get an extra $20, $50 or $100 out of the ATM when we need or want something.
Karen Gluck says her debit card stayed firmly in her wallet & she only used it for purchasing items electronically.
To better understand exactly where the money was spent, she used an app which helped her spending & unsurprisingly found wants outweighed the needs.
Not only did this curb any unnecessary spending but it was also a forced her to stick to a budget in that she reminded herself “if you buy this, you won’t have enough for lunch tomorrow”.
Caroline’s tip: “Use an app to track your spending.
“It was a great way to see exactly where your money goes each week & just how quickly those small purchases add up. It also forced me to say no to anything that wasn’t absolutely necessary.”
3. Live for less
What: For this challenge, saver Gemma had one week of normal spending & the next week of cutting back on everything.
Money usually spent: $552.30
Money spent doing the challenge: $142.49
Money saved: $409.81
For the first week of the experiment, Gemma did her usual grocery shop at ‘Woolies’ & brought work lunches & coffee each day.
But the next week, the grocery shopping was done at ALDI with buying both coffee & lunch sacrificed. This week also involved stringent meal planning & using pantry items to create meals.
Gemma’s tip: “Knowing the challenge was one week on, one week off, meant I was happy to make sacrifices knowing it was only short term. Meal planning was really helpful & I was happy to make sacrifices knowing it was only short term. Meal planning was really helpful & I was amazed by how much you can create with tinned tomatoes”
4. BYO work lunches
What: Not buying lunches during the working week
Money usually spent: $123.20
Money spent doing the challenge: $40
Money saved: $83.20
Everyone loves buying lunch, let’s face it, freshly made often beats leftovers, right?
But for two weeks, Chelle brought leftovers for lunch instead of buying usual takeaway lunches. And while she admits it was hard, she said all it meant was that she brought extra ingredients & planned meals more often — even cooking on a Sunday night. The only extra food costs incurred were the odd snack e.g. fruit or nuts.
Chelle’s tip: “Plan ahead”.
5. The $10 note challenge
What: Save any $10 notes you receive as change
Money usually spent: N/A
Money spent during the savings challenge: N/A
Money saved: $70
Stevan saved seven ten dollar notes but admits he didn’t necessarily spend less.
Not being able to use cash when he needed to meant the debit card was used for purchases or any extra ATM visits but his balance did grow by $70 in a relatively short space of time.
Stevan’s tip: “Occasionally I had to resist buying things because I didn’t want to use the stash of cash so that was a positive outcome.
“I also used my own bank’s ATM so I didn’t incur any fees when I did need extra cash.”
The experiment simply showed how setting yourself a personal savings challenge could not only keep you on track, but could have a big impact on your success at saving money.
Each method may not work for everyone but it did show how making simple changes can save you more than you think.
When it comes to money saving methods there’s no one size fits all, so my advice is to experiment with different options to find the savings method that best fits your personality,
preferences & lifestyle.

The Goss!
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