To start, track your spending to see how much you spend each week. To achieve your savings goal of $5000 - you need to save around $97 per week.
First, create a household budget.
Your grocery bill can make a huge dent in your bank balance, but there are some easy ways to save:
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Start by meal planning around what you already have in your fridge/freezer and pantry. You may find that you only have to add fresh fruit and veggies for a couple of weeks!
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You can also look at the weekly supermarket specials online and plan around those to save.
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Stop buying pre-packaged food. Those chopped onions may seem convenient, but they will cost you a lot more.
Take a look at your other costs - there is often a way to trim them a little.
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One simple way to save is by switching insurance providers. When your premium is due for renewal, give them a call and ask for a discount - and if they can't or won't give you one, find another provider!
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Set up an automatic transfer to a savings account on a regular basis. If you use an offset account, this will save money on your mortgage interest too!
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Join your local library. You'll be amazed at what you can access for free, including the latest online magazines!
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Your local toy library also has a great range of toys and puzzles to borrow if you have kids (and it also solves the problem of long term storage space!).
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Most people should be able to lower their power bill. Take a look at our helpful tips
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Become an awesome op shopper! You'll save money and be supporting charity organisations.
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It's become a bit pricey to run a car, so here are some ideas to save on fuel and on running your car.
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Cut up your credit cards unless you are very disciplined! They are good for emergency bills if you pay them off before the interest period expires, but they are also very tempting to use for impulse buys that you don't really need!
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And last but not least - Here's how you can stop buying stuff you don't really need!
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