Everybody wants to save money, but actually saving money is difficult. It’s natural to feel like saving money is a sacrifice, as we are deferring present spending for use in an uncertain future. Struggling to actively make changes to your spending habits will often leave you frustrated. 

However, by not saving you are constantly having to worry about that unforeseen event happening – something which is often out of our hands. Thankfully, there are relatively easier ways to save money which don’t require much effort.    

Preparing a shopping list

Going to the shops without a clear idea of what you want to buy will result in you buying items you didn’t actually need. Putting a little effort into making a shopping list can go a long way to help you save money by reducing unnecessary spending and impulsive buying. 

Additionally, aim to shop at the places you have a loyalty or rewards program with in order to maximise savings. With your kitchen full of the necessary items, you won’t need to make unnecessary trips to expensive petrol station kiosks. 

Time your big-ticket purchases 

Time your big-ticket purchases of appliances, furniture and expensive electronics. These big ticket items should not be purchases hastily. Once you’ve made a decision, always wait a few days before buying to limit buyer’s remorse. 

Do your research, ask friends about any sales they have noticed and try to time your buying to happen during annual sales periods – like the period around Black Friday and Cyber Monday. 

Make online shopping difficult

Online shopping during the Covid-19 period has exploded. Not falling prey to impulse buying has become more important than ever. It is difficult because unlike going to the shops which implement mass marketing, online platforms are able to personalise marketing to you.

The solution? Make it more difficult to shop online. Instead of saving your address information and card numbers force yourself to put these in each time. Logging out of online shopping platforms and making the password a long and unusual combination of numbers and letters, which you need to write down, can minimise the impulsive need to spend online.   

Opt out of auto-renewing subscriptions

For subscriptions that made more sense during Covid-19 or for ones which are unnecessary, opt out of the auto-renew option. When the subscription isn’t renewed you will need to think twice about even wanting to renew it.  

Implementing these money saving hacks will help you to not only save more but also make better-informed decisions regarding your money. Lengthening buying decisions and reducing the convenience of platforms designed to make us spend are indirect ways in which we can trim our spending without the effort of having to tell yourself “no”. 

Ross Reid

Written by .

Ross has joined the 22seven team as a Slice and Blog writer. He's a keen financial writer who enjoys demystifying the world of finance. Ross is currently pursuing the CFA designation and has a background in Real Estate finance and investment. In his spare time, he can usually be found reading, running or on the football field.
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