Ways to cut costs and save |
Potential savings |
Shopping tips |
Pay credit cards off in full each month |
This can save you a substantial amount in overall interest. |
Use lay-by or put a little aside each week/month towards Christmas |
The secret to buying more expensive items is to put aside a little and often. See if your retail store offer a lay-by option. Put $20 a week into a Christmas Savings account, which will give you over $1,000 plus interest over 12 months. Remember: a little, a lot. |
Make a shopping list before you go grocery shopping – and stick to it |
It’s all too easy to pick up extra items as you walk around the supermarket. Those extras add up. Make a list before you go, and stick to it. And always shop on a full stomach. |
Budget an allowance for fun, leisure and personal expenses |
There’s no point budgeting and not feeling as though you have any fun or pleasure in life. Allow a regular amount for the fun stuff. |
Bill tips |
Bring all your accounts to Teachers Mutual Bank |
Save on fees and charges. |
Automate your bill paying |
May save fees attracted from regular processing. |
Use a debit card attached to your everyday account |
Our Visa debit card gives you the convenience of a ‘credit card’, while accessing your own cash, not credit. |
Use pre-paid cards for mobile phones |
Use a pre-paid card in your mobile phone instead of taking out a contract. It’s easier to track what you’re spending, and it’s easy to top up. |
Use self-catering holiday accommodation |
Saves on eating out at cafés, hotels and restaurants. |
Other tips |
Take your own food to work |
It’s surprising how much you can spend on breakfast or lunch when you’re working. Toast and coffee in the morning, and a sandwich and juice at lunchtime can easily add up to $15 a day. That’s $75 a week, $300 a working month, or $3,600 a year. |
Put aside a fixed amount every payday |
Small, regular savings soon add up. |
Save unexpected income such as tax refunds or bonuses |
It’s tempting to spend extra income such as a tax refund or pay rise. Try not to: live within your existing budget, and save the extra funds. It’ll earn interest - and be a buffer for the future. |