Is it time to recover from over indulging during the holidays? While we nurture our bodies and begin the year with new diet and fitness regimes, it’s the perfect time to attend to our financial habits. Why not boost your savings by taking the Frugal Challenge.
- First take a look at your last few everyday banking statements and look at how much you spent.
- What was really necessary, and what was not? Be honest!
- Work out what your average monthly ‘fun and luxury’ spend is and make it your new Frugal savings goal!
- Then follow our simple tips to help you reach it.
It’s fast becoming a rare species in our wallets, but paying for everything in cash could be a sure way to help you spend less and save more. You can control your daily spend by setting a weekly budget and only spending what you have at hand. Forking out cash each time makes you think twice about your purchases and whether you really ‘need’ it. Money left at the end of the week can go straight into an ING Savings Maximiser! If you don’t have an ING Savings Maximiser already, you can open up an account in just minutes.
Step it up
Combine an increased fitness regime with your savings goals during February. Instead of hitting the shops why not jump on your bicycle for a scenic ride, it’s not going to cost you a cent and it can help you increase your fitness. Your friends may be relieved at the suggestion and share similar fitness and financial goals. If you need to do the groceries, consider walking or riding. Not only will you save on petrol, but having to walk home with a shopping bag could stop you from going crazy in the aisles.
Utilities stock take
Are you getting the best value for your phone, internet, insurance or energy bills? Compare and shop around to see how much you could save. If you find a better price, you could even negotiate with your existing suppliers and see if they can beat the competitor’s price – it’s worth a try! The money you save can go straight into your savings and towards that Island hopping holiday to Greece. Try comparing energy services with consumer group Choice’s canisaveonenergy.com.au to get you started and call ING to get a new quote on your home and contents insurance.
Cut the commute
Look at how you can reduce the cost of your commute to work too. Are you within walking, cycling distance? Or could you walk half way? If not, how could you make your commute cheaper? Perhaps you could keep the car in the garage and switch to public transport to save on petrol and tolls. Or share rides to work with a friend – a way to save money and make traffic jams more fun.
Weave the old into gold
Is your home filled up with new items you don’t really need? Or do you have clutter lying around? Go crazy on eBay, Facebook Marketplace and Gumtree and spin gold from unused or unloved clothes and furniture taking up much-needed space. You can clean out your wardrobes and living spaces and in return help fill up your savings accounts. To get the most value from your stuff, try exploring Facebook for buy and sell pages for local trade or specialist pages specific to your product. Just make sure you always stay safe when trading, and if you’re not posting the item, always meet up in a busy public place for transactions.
Zip up your wallet
For the ultimate challenge, try go for a month without spending a dollar besides your essentials. To make yourself more accountable and avoid sneaking luxuries into your basket, write down everything you spend as you go. Bring your friends in on it, too. Mix up your social life and organise free outings such as galleries and museums. As well as exercising outdoors, perhaps it’s time to be creative – dig out those paints, a camera or writing pad and give it a go. For a lazy option, binge-watch those Netflix series’. As for food, put your chef’s hat on, stick Uber eats on hold, drop the take away caffeine fix each day and pack your lunch.
Make it last
See how long you can make the Frugal Challenge last! Make it fun and challenge a partner or friend and see who can save the most. Name your ING Savings Maximiser account ‘Frugal Challenge’ so you can take pride in your savings and easily see who’s winning! While you’re only spending on the bare essentials, check into your ING app regularly to watch your savings grow and keep you motivated. You could use the joint savings to go on that Greek Island holiday together. But don’t let the good work drop, try and keep up sustainable healthy financial fitness habits for life and make the new year, the year of the savings.
ING does not endorse and is not affiliated with third parties mentioned in this article. ING is not responsible for any services provided by third parties nor does ING accept any liability or responsibility arising in any way from any products or services supplied by the third parties.
The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. Living Super, a sub-plan of OneSuper ABN 43 905 581 638 is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.