Tips for saving Money Faster

A debt always comes in different forms and types. Getting out of debt and staying out of debt is not easy. It takes ages.

One of the biggest downfalls that most of us have is the reliance on credit cards. Hire purchases, student loans, mortgages, car loans are different types of debts we are always involved in.

Learning how to manage your money can bring great peace in to your life, and you can spend your mental energies on more fun things.

*Choosing a good mortgage broker will help you choose the right mortgage and that will help you repay your debts faster and that will save you heaps.Always think twice before you borrow any type of loan. Borrowing money is comparatively easy than repaying it. It takes ages to repay your debt.

How to save money in NZ

1) Shop around!

Last month our car WOF was due. We had a voucher, but the garage (main dealer for our make of car) said we needed a lot of work done. We asked around and went to VTNZ to get the WOF done. They said we didn’t need the things the dealer said we need to pass the WOF. So we saved about $3000. Check pricespy.co.nz and other such sites before buying any electronics items. Oneday has good deals sometimes too: https://www.1-day.co.nz/

2) DO NOT buy any goods unless on sale

Anything you want to buy there will most definitely go on sale.

3) It’s OK to bargain

More expensive items ( $100 and more), like furniture, appliances, mortgage and term deposit rates are negotiable. Even in an upmarket shop, even if something is already on sale. Asking ‘Is that your best price?’ will very often get you some money off.

4) Keep an eye on the the side of the road sales

People sell their surplus there, and it's fresh. Buy all fruit and vegetables separately from a fruit and veggie shop - they are much cheaper. Stock up when non-perishables are on sale in the supermarket, you can often save quite a lot.

5) Cook as much as you can from scratch

Homemade bread, cakes, preserves, humus are so much healthier. You’ll know what you’re eating and the money saving aspect is a bonus. Go to the veggie market and have a veggie patch.

6) Get the best deal on power

Check powerswitch.co.nz

7) Use vouchers for services.

Get special offers from GrabOne or sign up for providers' email offers.

8) Use trademe.co.nz cautiously

Some used items are as expensive as new ones.

9) Join a Toy Library

It can cost $70-100/year to join and most toys are free to take out. Some of the bigger/ on high demand toys cost $2/fortnight. Kids love the toy library (especially the 5 and 1 yr old).You save money and you don’t collect heaps of toy junk over the years.

10) School fairs, garage and car boot sales

are good places to buy second hand books, toys, clothes, plants etc.

11) Cut on holidays expenses

Get a car or camper van from Wanaka to Christchurch, then another from Christchurch to Wellington with the ferry charge paid for you, but you have to do it within a certain amount of days http://www.rentalcarrelocation.co.nz/
You can hire a campervan for $5 a day – this works when you take it in the opposite direction from the one most tourists follow. You’re acting as an unpaid delivery driver, delivering the van back to where the hire company needs it – it’s win-win for you and the hire company.

12) Go to the movies from Sunday to Wednesdays (when tickets are discounted)

The Friday and Saturday shows which are usually more expensive.

13) FlyBuys card from New World and various other places

It's worth collecting the points and getting the rewards.

14) Buy an Entertainment Book for lots of money saving offers

However, you might end up going out more because you get one good deals.

15) Free activities

Check out the local community newsletters. They will list free activities in the area: family events, fun fairs, etc.

16) Buy a Kindle or Kobo

E-books are as cheap as 99p. You'll save on storage space.

17) Regularly checking tyre pressures in your cars

The correct tyre pressure improves your mileage considerably.

More tips

* Spend Less:

Always spend less than you earn. It sound s very simple. But practically, we just cant save as we decide. There are so many tempting things around us, we just can’t resist ourselves! If you think its a matter of just a dollar for each and every item, at the end of the day it keeps adding and you end up spending more money. Its always good to make a list before you go shopping and stick to it. That way you will spend less and save more.

* Stop increasing your debts:

such as number of credit cards. Cut on them and only use one credit card and use that for the things you know you will be able to pay off in a short amount of time.

*Get rid of credit cards:

Dont keep more credit cards. That way you will end up buying more on credit and you will pay more interest on them. That quickly mounts up and will become a major debt.

* Cut back on convenience foods, fast foods, microwave meals and so on. Make your own meals and don’t buy expensive clothes and stuff.

* One big way to save money is just turn your television off. That will give you more time to focus on some other important things, will save some power so less electricity bill and more family time and so on.

* Always make a budget and stick to it. Spend less and save more. Use our budget planner and that will give you an idea about how much you can save.If your interest rate goes down, don’t minimise your repayment instalments,that’s not at all advisable. If you keep the same repayments, that will help you repay your loan faster.

* Get rid of the debts sooner as that will help you save more. Credit cards and hire purchases. Always make sure, you pay those debts first which has got the most high interest rates. Increase your repayments and that will save you money.

Always research about the loan products available in the market. If you want to borrow money, ask yourself how much you can afford? If the interest rate increases, will you be able to manage with your repayments? Just don’t decide to buy a property or a car just because your friends are buying.

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