The ‘One Less’ Savings Policy
I believe that people can save money on most incomes, save those on the truly lower end of the income scale. But believing it and making a reality can be a tricky thing. Finding space in our budgets is a significant part of the battle, and approaching your budget with a savings axe is likely to leave you dispirited within a couple of weeks. Much better to consider trimming your budget, so it fulfils the key elements of a great savings plan; sustainable, secure and effective. The thing is, you don’t have to make huge changes straight away. Making small changes across most sectors of your life (having ‘one less’ of most things) could be a great way to start making long-term changes in your spending habits. Here are some suggestions for where to start.
‘One Less’ Haircut A Year
Hairdressers and media have had us convinced that six-weekly haircuts are a necessity. They are paramount to the health of our hair. An article in the Sydney Morning Herald recently suggested this was not in fact true, and that our hair could well do with fewer cuts. At $50- 100 a pop, that’s great news for our wallets. Try and stretch your haircuts out to 8 weeks, equalling one less haircut a year.
‘One Less’ Meal Out A Week
You might only head out with your mates for dinner once a week, or spend some quality time with your partner at your favourite local eatery on a Sunday night, but chances are you eat out more often than that, without even thinking about it. Keep the romantic date, but lose the lunch time at the local sushi place. Or get up half and hour earlier and make yourself breakfast, so you don’t buy a muffin and coffee on the way to work. It’ll add up over the course of a year to a significant saving.
‘One Less’ Shopping Outing A Month
Across the genders, we all spend a lot of money on non-essential items. We might spend our money on different things, but we all tend to do it. Work out when you tend to hit the shops- I have a Wednesday predilection for a bit of spending, because I get paid on Wednesdays and it’s the only time of the week that the reality of a savings plan isn’t reflected in my bank account. Maybe you’re a Thursday night shopper, or like a stroll through on a Saturday morning. To begin with, just consciously stay once a month. Miss out on a Saturday morning at the shops, go to the park instead. It’s about bringing thoughtfulness back into our automatic spending habits.
‘One Less’ Trip To The Grocers A Week
I live just down the road from a supermarket, so doing a weekly shop is not something I consider. And I spend a lot of extra money because of it. You might not be in the mental zone yet to get to the shops only once a week, but consciously cut down on your trips. Don’t head in on the weekends, make sure you have everything you need by Friday afternoon. It’s just about changing our habits, which eventually is reflected in our hip pockets.
‘One Less’ Credit Card Swipe A Day Or Week
Lots of people don’t use credit cards, or don’t use them frequently. Should you be someone who uses them a lot, think about switching to cash once a day, or paying for Friday night movie tickets with a debit, not a credit card. We spend less if it’s not delayed financial pain, and it’s a habit that will prevent you starting to rely on the ol’ zip zip.
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