5 ways to save, starting today

We are already heading towards April and if your summer-holiday credit card debt is still lingering, it might be time for some concerted saving. To get you started, here are five easy ways to save this month.

1. Get a low interest rate card. The average credit card interest rate is more than 18% – and some cards are much higher. You can slash that rate though, with the interest rate onsome cards currently less than 13%. So take some action to minimize the amount of interest you pay each month.

2. Go cold turkey on a vice. Why not cut out a vice – just for a month or two. It could be alcohol, smoking, caffeine, sugar – even going digital-free for a while could save you money. It all adds up; just one coffee per day at $4 a pop is $112 over the course of a month.

3. Shop around for your insurances. Home and contents, health insurance, car insurance – they cost us a bomb! So shop around! Even saving just 10% on each of those costs could be hundreds of dollars a year – or more – in your pocket.

4. Make your own. No school tuckshop! No takeaway! No buying lunches! Stock your pantry and fridge and make your own meals every day. Try it just for a month or two – you may be surprised how easy it is. For extra incentive, set yourself a rule that if you don’t make it yourself, you don’t eat it. A few lunchless days at work will act as a good daily reminder to get organised.

5. Have a garage sale. It’s not cost-cutting as such, but if you’re needing some spare cash then why not do a spring clean and have a sale? Most of us have way too much stuff, so clear it out and make some cash.

There are plenty of other ways you can save, such as reviewing your utilities and phone accounts, swearing off iTunes for a month or so, using your local library, and sometimes just saying no! It all starts with the decision to take cost-saving action.

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