If rolling into another year and thinking about your finances is already sending you into a
panic, have no fear – we have simple budgeting tips and tricks to try.
1. The 52 week money saving challenge (save $1,378)
This is one you see all the time from finance blogs to social media, and that’s because it
works. It’s easy and doesn’t require you to put big chunks of money away at a time, making it
perfect for those who earn a lower income or may have debts to pay off.
In week 1, you start by saving $1. Then in week 2, you save $2. You continue to do that
throughout the year until you get to week 52, where you save $52. And when you add it up,
you’ll have saved $1,378! Of course, those later weeks may this mightseem a bit tricky for some people depending on how tight their budget is, particularly around Christmas time but remember you have been slowly saving a little bit more in the preceding months. You’ll already be so used to setting aside some of your salary each week, that you’ll barely notice when it goes up to the bigger numbers!
For those who think they’ll struggle toward the end of the year, why not do it in reverse?
Save $52 from Week 1, and decrease it until you’re down to saving one dollar in the final
week of 2019. There’s no hard and fast rules for this
challenge. You could transfer more money when you’re able to account for weeks where
you can’t transfer as much, or simply add extra dollars here and there to beef up that final
2. Spare change challenge
Use cash a lot? Whether you’re picking up your morning coffee or bigger ticket items, put the
change into a jar and bank it at the end of the year. You will be surprised how much money
you have saved!
3. Make money on the side
It may sound a little daunting, but looking at ventures outside your main source of income
is a great way to save money. For starters, you’re fairly used to what you’re earning now, so earning additional money on top of that means you’re likely to save most, if
not all of what you earn from your side project.
The options are limitless – whether you sell items you no longer need (clothing, furniture
etc.) to completing odd jobs on Airtasker, picking up extra work at your current job or
even getting a second job.
4. Don’t buy things you can get for free
You’re probably thinking to yourself: “I don’t buy anything that I can get for free!” But I bet
you that you’ve purchased things on this list before. Consider getting them for free instead
and saving yourself some $$$:
Books: go to a library or do a book swap with your friends – how often do you re-read your
books? There really is no need for purchasing copies of your own. Also, we have plenty that
you could win for free in our book giveaways each month!
Plants: Ipswich City Council provides a Free Plant Program each financial year to assist
residents in developing a greener and more
beautiful Ipswich. Plant species are chosen and propagated
to suit local climate and soil conditions. Visit: www.ipswich.qld.gov.au/about_ipswich/
beautiful-ipswich/free-plant-program for more information.
Furniture: Facebook marketplace and curbside collections are often a treasure trove
for free and decent furniture. Just be prepared that you may have to do some work on your
Streaming services: In Australia, you can access streaming services like iView (ABC) and
tenplay (Channel 10) for free.