Can you imagine owning a business, going on a cruise or entering the property market at the age of 20? We recently came across an article on Stuff.co.nz with two savings savvy Kiwis who were able to do just that. What’s more they achieved all this through a "saving-to-spend" lifestyle.
10 pearls of wisdom were gleaned from these super savers and we thought it would be interesting to see what your favourites were. So, last month, RaboDirect conducted a Facebook poll asking you to vote on your top three.
Here's our take on the top 3...
1st, Don't touch it
Of course, it doesn't matter how motivated you are at saving, sometimes your wants will get the better of you. Maybe you will see a great garment or want to eat out again this week, so you may need to dip into your saved money. It's a matter of willpower and how easy the money is to access.
Tip: Make your savings harder to reach by using a secondary bank where you need to wait overnight for money to reach your transaction account. A RaboDirect account is a perfect 'Don't touch it' option.
2nd, Buy Secondhand
In at number two is buying second hand. It’s no longer taboo or seen as 'cheap' to suggest second hand clothing; in fact, it's becoming a social norm. Going to the op shops with friends on a Saturday to hunt out bargains, or going to the markets is a fun and cheap experience. It takes a crafty and watchful eye, but you can always buy something great second-hand, if you really look for it.
Trick: While op shopping, you could also do a shop at vege markets for fresh and healthy food which can cut your fruit and vege costs in half!
3rd, Many a Mickle Makes a Muckle
Every little bit counts. The trick here is to round down incoming sums of money and save the little bits of extra cash here and there. So if you had $4,332.91, you would transfer the $332.91 straight into your savings account.
Hint: Some banks can even do this for you automatically. At RaboDirect a Regular Savings Plan can be setup to coincide with when you receive regular income, e.g. your salary, and skim the amount you want saved straight into a high interest savings account.