101 savings tips for FHB

[Corey Batt]

1. Get a good job.

2. Laugh while spending $200 on lunch taking your mother out on mothers day without blinking.

3. OPTIONAL: Trade the market, doubling weekly income.

Oh lol.

 

[weg]

Withdraw exactly what you think you'll need for the week and don't touch your card till the following week. A single cash amount is easier to monitor than numerous card transactions. If you run out, too bad - not only will you live, you'll learn how to budget too.

 

[Monopoly]

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

You're right, not all Gen Y's know these tips, so where's the harm in putting the info out there for them to read??

So just to clarify, this isn't about criticising Gen Y's even though it's aimed at them only because it seems they're the ones crying out "it's too hard" that's all.

Instead of saying, no it's not, now go away. A few tips like this may be more constructive.

 

[VYBerlinaV8]

The day you get paid, put your savings for that period away into the account where they won't be touched.

Then go about the business of living.

 

[Bon]

Live rent free with your parents - how I wish!

I was lucky that when I moved out of home and started working full-time I had my employer pay my rent for several months, then I moved out and shared a room for $130/wk which was the most rent I paid for a few years (subsequent rooms I rented were even cheaper), that helped a LOT!

If I could do that now, I'd have an extra $200/wk which would be HUGE, about 20% of my take home pay each week.

 

[tgarthe]

1. Get a good job.

2. Laugh while spending $200 on lunch taking your mother out on mothers day without blinking.

3. OPTIONAL: Trade the market, doubling weekly income.

Oh lol.

I agree. Some people on here need to live a little! Get a well paid job and the little stuff become trivial....

 

[Edmond Dantes]

eat lots of beans, chickpeas, lentils, etc. Extremely healthy, very cheap, fills you, and it lasts... eat this 3 times a week!

 

[Monopoly]

Offer to help a friend with a reno, sure they may give you a cold beer or cook you a meal afterward, but more importantly you'll get some great first hand experience which you can use when you get your own place!!

 

[RealBus]

A few smart tips that require a little planning with no sacrifice. To much talk about saving money restricts my airway LOL !

 

[BuildingBlocks]

The funniest are the ones who eat like pensioners and complain about never having money, then go for weekends away every few weeks and out drinking on the town several nights a week.

Penny rich, pound poor. Make sure that you choose to fight the right battles.

 

[Monopoly]

The funniest are the ones who eat like pensioners and complain about never having money, then go for weekends away every few weeks and out drinking on the town several nights a week.

Penny rich, pound poor. Make sure that you choose to fight the right battles.

Exactly BB, kudos to you.

There are those who can/do or know how to save which is half the battle, but then they go and foolishly blow it all down at the pub/night club etc. So all that good work goes undone in a few unplanned weekend benders or splurges.

 

[wobbycarly]

Read Anita Bell on how to really be a tight-4r5E.

 

[weg]

I agree. Some people on here need to live a little! Get a well paid job and the little stuff become trivial....

I don't think it's necessarily how people here are living. The thread is about savings tips for FHB, and more specifically the ones starting out who argue that the cost of living is too high, and saving for a deposit difficult.

These people sometimes do have well paid jobs and they usually don't sweat the little stuff... bottom line is they need skills (and tips) to manage their finances.

 

[Monopoly]

I don't think it's necessarily how people here are living. The thread is about savings tips for FHB, and more specifically the ones starting out who argue that the cost of living is too high, and saving for a deposit difficult.

These people sometimes do have well paid jobs and they usually don't sweat the little stuff... bottom line is they need skills (and tips) to manage their finances.

Excellent point weg, and yes it's more about what to do with your money, because it's pointless earning huge amounts of it, if you're going to spend more than earn!!!

Having said that though, it can also be as simple as keeping an eye on the "small stuff" to begin with.

 

[Jindaro]

Tips

Take your lunch to work each day.
Track what you spend ALL your money on via a spreadsheet.
Each month, put 1/12 of each of your annual bills into a 'bills account' so the entire amount is there when the bill is due. If you do already have a home loan, sit this money in an offset account.
Plan your fortnightly menu and only go shopping once a fortnight and only buy what is on your shopping list. This is a big money saver.
Call around for insurance quotes when your insurance is due and save money.
Prepare meals from scratch - don't buy preprepared meals.
Start a vege garden.
Make your own cleaning products from vinegar etc.

 

[Cupcakes]

I think saving a deposit is the easy part! I think I could save $30k per year. So in two years I'd have $60k, that would be enough for a deposit on a $300k apartment.

It's the repayments that scare me! They would easily chew up 50% of my wage! I'm just going to make sure I find a bf who earns a good amount of money and put off having children for a very long time!

 

[Property Meister]

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

$49 per month !!! $29 is enough, if you really really feel that you need to text like an idiot, get one of those $5 add ons for unlimited text or $30 recharge with unlimited text

a few of my suggestions,

- if you have foxtel, and are complaining you cant save money, then you are a F'ing idiot

- get home brand/coles brand for basic stuff, eg milk, toilet paper, cleaning stuff, then you can still spend on your perceived important stuff

- home phone - get rid of it if you don't need it

- internet - go naked dsl and go on the cheaper plans, you don't need 500GB per month, unless you are a nerd, in which case you'd have plenty of $$$ saved up since you don't go out

- daily coffess- forget it, $3 per day, $15 per week, $750 per year in your pocket!

- buying lunches, pack last nights left overs or cook extra, bring it to work, $10 per day, $50 per week, $2500 per year in your pocket

- cigarettes- at almost $20 per pack, it should be a no brainer what to do with it

there we go! I just save $3300 just by cutting back on other stuff?


I could write a book on other more delicate and dedicated stuff however these are a few off the top of my head and hopefully can relate to a lot of young ones

 

[Property Meister]

another one I remmebered was this!

sell any crap you have lying around on ebay, sure clothes won';t get you much

but maybe the DS lying around, or the PSP or the xbox

an old tv, an old laptop

$15 here, $50 here, $100 here

I recall, I got about $1000-$1500 doing this a few years ago!



THIS is a good one,

if you have a mobile phone contract expiring, and don;t need a new one, and plan to stay on teh same plan!

get a new phone, sell it on ebay!! if you get the iphone, you could probably easily sell it for $700-$750!

 

[Property Meister]

It's the repayments that scare me! They would easily chew up 50% of my wage! I'm just going to make sure I find a bf who earns a good amount of money and put off having children for a very long time!

How does a bf fit into the financial situation? are you expecting him to support you and to leech off him>?

 

[Cupcakes]

How does a bf fit into the financial situation? are you expecting him to support you and to leech off him>?

Umm yeah! lol no..I just think it takes 2 incomes to afford a mortgage these days! If I have a $240,000-270,000 mortgage I'll have to make repayments of about $400-$500 per week. That's a really large amount for one person to pay! It would be much easier for a couple!