Most of us get excited during pay day, making us blow our money on useless stuff. According to the poll, Aussies waste more than $20 billion per year on things they don’t really need. Curious as to what’s keeping you from saving money? Read on to find out what you can cut back on, so you can add money to your savings ASAP.
1. Food Wastage. This is the main culprit when it comes to financial waste in Australia - and the ones doing it are mostly high-income earners, young adults, and families with children. Ronni Kahn, OzHarvest’s chief executive, claims that each household gets rid of at least one in five shopping bags of food, which can cost around $1000 annually. The best way to get rid of this is by checking your cabinets even before going to the grocery store. This way, you will see what you do and don’t have, which will prevent you from piling food upon food inside the fridge.
2. Travel Fees. Using your cards during a trip overseas can definitely cost you a lot of money. In fact, data shows that additional transaction costs on traveller’s cards incur around $330 million to Australian’s travel expenses every year. If possible, use a multi-currency cash passport to avoid hefty withdrawal fees and charges when travelling overseas. You should carry enough local money to avoid using your credit card as much as possible. This way, you can spend less and save more during your family holidays.
3. Bank and ATM Fees. If you’ve got a lot to do with the bank, then you’re probably spending a lot of extra money. Things such as account keeping fees, cash advance fees, minimum monthly balance fees, credit card fees, personal loans, and mortgage accounts can easily add up and make your spendings blow up. Another mistake is withdrawing money from a bank that your card is not associated with - as this often incurs additional payment. Look for a bank account that offers free services, as well as those that don’t have ongoing fees. A lot of bank will actually waive your fee if you make a monthly minimum deposit. When it comes to withdrawing money, make sure to withdraw the amount that you need before you can visit the bank or ATM again. This way, you can avoid paying for that extra ATM fee.
4. Traffic and Road Fines. According to the data, over $1.3 billion is incurred yearly due to traffic fines alone. The solution to this is pretty simple: follow the rules and you’re all safe.
5. Gift Cards That Are Being Thrown Away. Believe it or not, over $360 million annually are being wasted due to unused gift cards. People give it to their family and friends as gifts, but unfortunately, these cards are being pushed aside, forgotten, and just expire. Instead of pushing them aside, you can opt to sell the gift cards. You can even donate them to your selected charity or re-gift them to some of your friends.