Money mindfulness: Why saving $20 a week doesn’t have to be hard
Mindful wealth founder Lea Schodel gives some simple tips that can save you up to $20 a week.
If you grimace when you check your bank statement or get to the end of the week and wonder where your pay check has gone, there are some simple steps you can take to boost your savings.
Mindful wealth movement founder and financial adviser Lea Schodel says the first step of getting on top of your finances is taking control.
“You need to accept your role and the fact that you have one in your financial situation rather than blaming your financial reality on external circumstances or others,” she says.
Lea suggests there are three ways people can shift from being spenders to savers and be more financially mindful.
“The first is to put money aside for the future, and the second is to find ways that you can spend less,” she says.
“The third is to find a way to earn more money. Each of these will result in you having more money to save.”
Lea also gives some practical advice about how to cut spending and how you can save yourself as much as $20 a week.
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To end the week a little richer, she advises:
Look for new ways to save money
Apps like Acorns help you to round up your purchases to the nearest dollar (the same concept as putting spare change in a jar or piggy bank but done automatically online).
Another simple way is to check your supermarket dockets and petrol receipts which show you the amount saved in your grocery shop or when you fill up the tank. You can put this money aside in a savings jar or in your savings account and watch it grow. It’s really only a saving if put the money aside and not spend it on something else.
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Pay attention to your direct debits
Review your bank statement to see if you have regular direct debits and subscriptions that you no longer need or use.
Companies that offer subscription services make a fortune off people who don’t bother to cancel services they no longer need or use.
Evaluate the value you’re getting from your Netflix, gym, yoga, audible and Spotify subscriptions. You may be surprised at how much money you could save by cancelling them.
Sell unused goods
With the internet, it’s become easier to leverage our time and skills to earn more money in a side hustle, or to sell unwanted and unused items on Gumtree or eBay.
Make a list of the resources you have available to you and what you could use, make, offer or sell to bring in a little extra money.
Written by Erin Miller