If you’re under 40 and in Australia, it seems everyone has an opinion about about what you should be doing with your money, and no one is short of a savings tip or two. But more often than not, these involve some lifestyle sacrifices that don’t seem reasonable- or even to make sense.

Sure, giving up your morning coffee could save you in the region of $1040 a year, but with new studies reporting the incredible health benefits of a daily dose, maybe that’s not the best idea?

Before you give up the simple, and often very necessary joy of a morning cup, here are some savings areas to address:

Recurring payments

It’s very easy to hand over your card or PayPal details and sign up to a recurring payment. It’s even easier to lose track of all the recurring payments you’ve committed too. Between the gym, insurance payments, Netflix, Spotify, extra storage, the odd recurring donation or two, you could be spending a lot of money without realising.

Log your recurring payments in Moneytree, and conduct a bit of an audit. Unsubscribe from any you’re not sure about, and remember you can always sign up again. You might even get a better rate from some services as they work to lure you back!

Late fees

Whether your provider is charging late fees or offering a discount if you pay on time, either one is a no-brainer. Hit your bills on their due date and save those extra dollars. Moneytree will alert you when your bills are due, so there’s no need to add these dates to your calendar. Oh, and if you’re not getting a better deal for paying on time, shop around! Many providers will add a little sweetener if you prove to be a customer they don’t have to chase up, so take advantage of this to make savings.

Bank fees

Going into overdraft or missing a payment generally means a fine from the bank. Add $5 or $10 in fees here and there, and you’re wasting money each month. Before you agree to payments, hand the card over, or punch the details in, take the time to check your accounts and then make sure you’re using the best card. Moneytree provides a quick account snapshot in one easy location, so there’s no need to login to multiple apps to check on all of your accounts.

Letting points expire

Points from loyalty or reward programs can be as good as dollars when you stay on top of them and use the programs you’ll get the most benefit from. When you carefully pick your programs and get smart about how you’re using your points, this becomes a valuable source of savings, or even income. So there’s no need to let your points expire needlessly. Moneytree will give you a warning if you’ve got points that are in danger of expiring, to make sure you have a chance to use or redeem them.

Learn more about choosing loyalty programs and using points.

Kickstart your savings. Get started with Moneytree now.

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Author: Moneytree Team

Giving you the skinny on spending, saving, and everything in between. We're sharing our favourite tips, trips, tools, and insights, to help you get more out of your money.