101 savings tips for FHB

[Monopoly]

I know I'm going to get shot down in flames for this but hey thought it may get people thinking...

There's been a lot of discussion from some of our newbies, especially those starting out, arguing that things are tough but that saving for a house is only part of the problem.

Sure housing prices have gone up since when I first started, but so too has the overall cost of living. I'm afraid I don't fully subscribe to the "it's tougher now" mentality, it is in my opinon much of a muchness, the only things that makes it more difficult is one's preparedness to save.

So having said that, let's look at and offer some constructive tips on how to make those pennies add up to dollars, and in turn, help our FHB make the journey to home ownership less daunting.

I'll start....

1. Downgrade your mobile cap plan from $79 to $49 - saving $30 per month

2. Smokers (preferrably quit, save a heap) but alternatively cut out just 2 cigarettes per day (28 almost a packet) over a fortnight - saving $20 per month

3. Savers/Vinnies have some great clothing options, much of the old stuff is in vogue again, and a few dollars can go a long way to making you look fashionable

4. Car pool - hey it may sound nuts, but if you talk to your workmates you can work out a system that will not only save you all time and money, but you'll actually get to make more friends!

 

[Cupcakes]

I know I'm going to get shot down in flames for this but hey thought it may get people thinking...

There's been a lot of discussion from some of our newbies, especially those starting out, arguing that things are tough but that saving for a house is only part of the problem.

Sure housing prices have gone up since when I first started, but so too has the overall cost of living. I'm afraid I don't fully subscribe to the "it's tougher now" mentality, it is in my opinon much of a muchness, the only things that makes it more difficult is one's preparedness to save.

So having said that, let's look at and offer some constructive tips on how to make those pennies add up to dollars, and in turn, help our FHB make the journey to home ownership less daunting.

I'll start....

1. Downgrade your mobile cap plan from $79 to $49 - saving $30 per month

2. Smokers (preferrably quit, save a heap) but alternatively cut out just 2 cigarettes per day (28 almost a packet) over a fortnight - saving $20 per month

3. Savers/Vinnies have some great clothing options, much of the old stuff is in vogue again, and a few dollars can go a long way to making you look fashionable

4. Car pool - hey it may sound nuts, but if you talk to your workmates you can work out a system that will not only save you all time and money, but you'll actually get to make more friends!

-I'm on a $45 vodafone unlimited cap
-I don't smoke or drink and not many gen Ys really smoke actually - none of my friends do anyway, a few went through a teen smoking phase but they all quit pretty quickly
-I spend very little money on clothes. Other than a few basic singlets and underwear I haven't purchased any clothes this year- it's sooo depressing! People actually comment that I wear the same thing too often! This is one area I will spend more money on when I start working full time
-I drop my mum to work in the morning on my way to uni- it doesn't really save me money, but it's a nice thing to do! When I start work in the city I'll be getting the train though.

Some other ways I save money...

My diet:
Breakfast - cereal
Lunch - toast
Dinner - mi goreng

lol you end up deficient,underweight and fatigued but you can get your grocery bill down to less than $30 per week!

I also get all my entertainment online. I download movies & TV shows. It's illegal but at least I'm not wasting money on going to the movies or renting DVDs or foxtel!

There are plenty of restaurants with meals for around $10. There is literally no difference between $10 restaurants and $20 restaurants. Just go to the restaurants which are full people and cheap!

 

[twobobsworth]

Shop around on your car insurance. Bingle was $200 cheaper for me over NRMA.

 

[Dazz]

you can get your grocery bill down to less than $30 per week!

So one big Gucci handbag would feed you for how many years....3 or 4 ??

 

[Ridin-High]

5.) Live with family/friends and share costs if you can
6.) with cars easy on the gas, lite on the brakes. Make sure tires are inflated properly
7.) Pay down most expensive debt (save money on interest) eg. credit cards, store cards, personal loans

 

[Cupcakes]

Shop around on your car insurance. Bingle was $200 cheaper for me over NRMA.

Car insurance is the WORST! I've never had an accident and for some reason my insurance WENT UP! They said it was because of natural disasters etc. I spent hours on the phone researching different insurers and begging my current insurer to lower the price. I think I got about $300 off in the end which was good. I also did this safe driver course and got 10% off!

 

[Cupcakes]

5.) Live with family/friends and share costs if you can
6.) with cars easy on the gas, lite on the brakes. Make sure tires are inflated properly
7.) Pay down most expensive debt (save money on interest) eg. credit cards, store cards, personal loans

I live with my mum. My car is a tiny girl's car. I have no debt.

Do you people really think Gen Ys don't do this stuff? lol

 

[Cupcakes]

So one big Gucci handbag would feed you for how many years....3 or 4 ??

LOL you can't really eat like that forever though! I ended up getting so tired and started fainting..I went to the dr and they did a blood test and I had the results of a person with an eating disorder according to the dr lol. But what can you do? That's the life of a student! I take lots of vitamins now to try and make up for my diet, I'm still soo tired though! Only 6 more months of this tortureee and I graduate!

 

[dan c]

8) take advice from condescending people, and don't ask if they did, or would do, any of the things they are telling you to do.
9) become a breatharian. The on food are HUGE.

 

[Monopoly]

Do you people really think Gen Ys don't do this stuff? lol

Yes I do, because MOST (not all) of them don't!!

 

[dan c]

Yes I do, because MOST (not all) of them don't!!

How do you know what most Gen Y's do? (A genuine question, by the way)

 

[Monopoly]

How do you know what most Gen Y's do? (A genuine question, by the way)

Okay fair point, I'll rephrase that....

MOST of the ones I know, don't.

MOST of the ones in which survey data is based on, don't.

 

[Cupcakes]

What surveys?

What kind of bogan Gen Ys are you spending your time around?

All my friends are really frugal actually lol. Maybe my sample is biased because they're all at uni though..? 1 of my friends has major credit card debt - I think it's $10k. Other than that all my friends are debt free (except the ones with mortgages). I think you would actually be suprised at how switched on most young people are. All of my friends want to own a home and they save really hard for it. It's their number 2 priority after getting an education!

I think Gen Y is really tech savy. We sell our old stuff on ebay and even buy stuff from op-shops and resell online for more. We purchase online from overseas, download everything illegally (e-books and movies). We're really cheap actually haha. Maybe that's why we have such a problem with the rip-off house prices we're facing!

 

[Monopoly]

What surveys?

What kind of bogan Gen Ys are you spending your time around?

All my friends are really frugal actually lol. Maybe my sample is biased because they're all at uni though..? 1 of my friends has major credit card debt - I think it's $10k. Other than that all my friends are debt free (except the ones with mortgages). I think you would actually be suprised at how switched on most young people are. All of my friends want to own a home and they save really hard for it. It's their number 2 priority after getting an education!

2008
http://www.news.com.au/gen-y-spending-on-as-times-get-tougher/story-0-1111117228258

2011
http://www.smh.com.au/business/gen-y-shrugged-off-crisis-and-kept-spending-20100310-pzbz.html

To name but a couple of news articles. True, I don't believe EVERYTHING that is reported. I'd much prefer to study the raw data rather than read through sensationalised news reports though sadly I don't have the time to be bothered let alone really care, but if I did it would still point to the same trend that MOST Gen Ys like to spend spend spend!!!

And yes you're absolutely correct, uni students are a different breed. They are virtually living from one tutorial sleep-deprived day to the next!!

Don't forget the upside to all of this, Gen Ys have served a great purpose in encouraging tech manufacturers to cater to their needs and of course, benefit us all (in some way or other). So they're not all bad!! (just teasing...)

 

[Jane Bennett]

1. Don't buy coffee. I just drink the Nescafe 45 in the office.
2. Quit smoking
3. Limit your take away to once per week
4. Only watch movies during Tuesday.
5. Withdraw money only in your bank's ATM.
6. Put 10% of your monthly salary in UBANK or high earning saving account
7. Don't buy newspapers. Read it online or go to a library
8. Turn off DVD, computer and other electrical equipment before going out

 

[Monopoly]

Jane, I love your no.4 - movies on "Tighta$$ Tuesdays" !!!

 

[Nikolina]

1. Don't have/use a credit card if you know you can't afford to pay it back before the interest period starts. If you really wan't something save up for it. Plastic pays for pretty much anything these days, no wonder some are drowning in debt.

2. Take your lunch to work with you.

3. Fill up your car with fuel on the cheaper days.

 

[warrioress]

4. Only watch movies during Tuesday

My local TAFE sells movie money for $11 a ticket - I think normal tickets cost $16 each. Saves you having to go on a Tuesday.

I hear what you're doing monopoly - not all gen y's know these tips etc., but I tend to agree with cupcakes - most of my friends have IPs, PPORs or have saved up for travelling or have savings. Of my IPs, in both cases I have people in their 50s renting and will continue to do so until their days.

This thread could easily be directed to any generation

 

[mrsdawnrazor]

Write down absolutely everything you spend. Do it in a note book, spreadsheet or quicken. Don't forget hen you take cash out to write down what you spend that on too. If you don't know where or money is going you won't know where to save or worse when to stop spending as you are about to run out of money.

 

[Ballaratian]

1. Join local library to borrow books and CDs
2. Recycle and reuse e.g. join Freecycle group, and if really keen dumpster dive
3. Use PT rather than car
4. Only take out set amount for each fortnight and spend no more than this
5. Reward yourself for savings milestones
6. Take your own plunger and coffee to work