We asked Nova staff to share their tips for saving money
In partnership with Dodo, we asked Nova staff to share their hottest tips on saving dough.
Money, money, money. Every cent saved is a cent earned... but it's not always easy to resist the urge to splurge. We asked our staff to share tips for keeping their pockets full.
Bec M – Social Media Manager
Since moving to Australia, I've joined the coffee snob mentality. One day on my way to work I realised how much money my two a day habit was costing me.
I've since bought a coffee machine watched many YouTube videos on how to make that perfect cup of joe and have now saved enough money for a holiday! Plus, I’ve learned a new skill – latte art!
Save money on the things you need so you can spend on the things you want!
Another saving hack: start a ‘fun fund’.
Every month when payday comes, I pay off my bills, put 10% away in savings and add to my monthly fun fund to let me go on my bar crawls/go on holidays/buy a new pair of shoes.
Making sure you have money aside for the good things in life will make payday even more fun!
Tahlia M – Digital Producer
Research your savings accounts and make sure it has a high interest rate. Most people still use the savings account they opened when they were five. Different accounts serve different purposes - bills, personal expenses, short-term savings, long-term savings etc. Work out how much you’ll deposit into each and deposit that amount as soon as you get paid. Again, do your research – you don't have to go with the same bank every time.
If given the option, lock your savings account. Some banks don't offer a debit card with a savings account.
Collect all loose change. Honestly, it adds up.
Brooke D – CREATE Project Manager
I take out the cash I have to play with each week to budget my entertainment and spending money. That way I can see exactly what I have left and decide if I can afford another wine or lunch tomorrow!
Ian M - Graphic Designer
I save money by establishing a budget for the month, working out on average how much I'd spend on the essentials such as rent and groceries, whilst allowing for a little added extra for the important stuff (the pub....ahem). The remainder sits in a savings account. This gives me a more accurate representation of my cash flow throughout the month, rather than my bank balance suddenly dipping, which can be a daunting experience (we all hate the countdown to zero at the end of the month!
Kerry N – Head of Campaign Delivery
Instead of buying salads for lunch or dinner, try growing your own! Plant seedlings in a pot in the garden and replenish them throughout summer – honestly, you'll have salad for weeks without the daily spend.
It's getting harder and harder to find a free park in the city. Ditch the car and hop on your bike. If it's raining, hop on the train, tram or bus. You'll save money, get some fresh air and reap the benefits of daily exercise.
Another hot tip: design your own brunch. Instead of heading to a cafe for a $20 smashed avo, almond milk lattes and bottomless mimosas, host a picnic in the park. You can BYO mimosas and snacks and laze around in the sun!
Lyn C – Audio Engineer
I make a budget for the following pay month a couple of days before each payday. I include money for savings, any expected power/water/phone bills, birthday/celebrations and food/petrol, then see how much I’ll have left as fun money for the month. Half way through the pay cycle, I’ll re-assess to make sure I’m still on track and adjust the budget accordingly.
Years and years ago I watched Oprah interview a finance expert on her TV show. One of the comments the expert made that stuck with me was that you always pay yourself first, even before bills and life necessities. It didn’t matter how much you pay yourself, but you need to pay yourself first. Since then I’ve paid myself (or saved) at least 10% of each pay packet in a high-interest savings account. I touch that savings account maybe twice a year to pay for holidays and other expensive luxuries that I wouldn’t normally buy.
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