According to the data sourced from the ABS, the census and CoreLogic, and compiled by Bankwest, it could take a couple up to 4.9 years to save 20% for an average property value of $535,000.

No wonder, Australia has a large population of working mothers! “According to the 2016 Census, there are more than six million mums in Australia. 77 per cent of all women over 15 are mums and of those, 114,800 work, study and care for their children at the same time.”

While being a mum is simply amazing, it often comes with some unique challenges, especially in the financial arena. And, if this is you, we have compiled a list of 5 easy things you can do to save easily and focus on the important things in life – like snuggling your little one!

1. Know Where You Are Spending

Before you can figure out a way to cut down your expenses, you need to find out where you are spending your money. Auditing your spending is a simple process that will tell you where you are spending your money and how you are spending it. Of course, you needn’t note down every single purchase with a pen and paper. You can simply connect your cards and bank account to a budgeting app or software (such as PocketBook or TrackMySpend) to track and categorize your spending effortlessly.

Once you have a categorized record of your spending, you may find some eye-opening revelations like too much expenditure on eating out or buying sundry items. The next step is simple – you know where to cut down the frivolous expenditure.

2. Be Prepared

Utilize your weekends to prepare meals in advance and stock up on groceries to prevent any unnecessary trips to the mall. Involve the entire family so that you can make some healthy yet tasty meals for the week ahead and pack them up in advance to save precious time during hurried mornings.

“But I only get one Sunday!” Is that what you are thinking? We agree with you.

But can you imagine how much money you will save by spending a couple of hours in prepping ahead on the weekend?

Well, if an average meal outside costs you $10, you’d save $30 every day of the month for a family of three. That’s an extra $900 in your kitty in addition to healthy homemade food that will keep your body nourished.

3. Cut Down on Unnecessary Memberships

Once you go through a categorized record of your spending, you might find a list of unnecessary subscriptions that you have never used or no longer need. For example, you may have an ongoing gym membership that you rarely use. Why not cancel it and trade your occasional workout for a regular jog around the block?

Or, while you may have moved to ‘Netflix and chill’, you could still be paying for a cable connection that you don’t use. Other examples include magazines or digital subscriptions that quickly add up to your monthly expenses.

4. Make Use of Apps and Discount Sites

Shopping online on retailer-specific apps is often more economical than buying physically as mobile apps keep you notified of upcoming sales and discounts that can help you save money on your regular purchases.

Besides, many retailers offer tier-based loyalty programmes on their apps, which can help you save through cashback and reward points. Talking about reward points, you can also use your credit card optimally to earn free reward points that can be redeemed against air tickets, household products, electronics, etc. However, if you are using a credit card, make sure you keep a track on your spending and automate your bill payments so that you don’t pile up debt. Remember, a missed credit card payment can stay on your credit file for years and impact your borrowing capacity negatively.

5. Negotiate Your Bills

Ask, and you shall receive a discount! Yes, Australians are paying $11.6 billion in lazy tax each year by not shopping around or negotiating for the best deals offered by insurance companies, utility providers and financial institutions.

In a competitive market like today, it is recommended to negotiate every bill you pay.

You can use an online comparison site like https://electricitywizard.com.au to compare what you are paying for utilities. The same applies to your insurance premium. You may be paying for extras in your cover you don’t even need or paying for an increased amount of cover which you won’t use. Call your insurer and understand each detail in your policy before cutting down the unnecessary frills.

Another area to check is your home loan. When over 85% of home owners don’t know the interest rate on their home loan, it is a sign that you might be paying thousands in extra interest for the same home you are living in.

At RetainMe, we understand that negotiating a better home loan can be a daunting task for many and that is why we are creating a unique home loan platform that allows you to demand and negotiate the best home loan from your own bank in under 10 minutes. No un-necessary credit checks, no paperwork, no cost, and no obligation.

With nothing to lose, other than 10 minutes of your time, get started now and put us to test. We take shopping around to a new level by not only negotiating with your current bank for a better home loan, but also impartially comparing your mortgage with other available offers.


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