Posted on 15 Aug 2021

13 Tips To Help You Save An Extra $1000 In A Month

This sounds hard but I am intrigued.

Content Producer

NBC

A common mistake that people make is saving for the sake of saving, instead of saving towards a specific goal. People who have a goal they really care about are much less likely to give up, and more likely to go above and beyond to achieve their goal. One Mastering Money student, 21-year-old Henry, managed to save $23,000 in less than nine months because he had a very powerful goal in mind — saving to fund a contributory-parent visa for his mum to come to Australia.

"My mum’s visa is my key driving force...Having that goal has given me a lot of focus and clarity, so I’m a lot more mindful of how I spend my money because I know that every dollar I spend is a dollar away from that goal.”

20th Century Fox

We all have stuff lying around the house that we never use anymore, which could come in handy for someone else. The great thing is that it's never been easier to sell your clutter.

SkilledSmart CEO, Paridhi, managed to save $750 in less than a month by selling various household items on Facebook Marketplace, including kitchen appliances, furniture, handbags and board games. "I've sold things that usually I'd just throw out, assuming no one would buy it...but you really just never know!"

Viacom

From gym memberships, to apps and streaming services — over time, it's easy to accumulate subscriptions that we forget to cancel or review. It's always a good idea to regularly make some time to review all your subscriptions. Ask yourself the hard question: "How much do I actually use this?" If you don't want to completely get rid of it, consider downgrading your plan.

The great thing about this is, it's not just a one time saving — you're going to save money every single month!

Cartoon Network

We all need to eat, but few people realise just how much they spend on food. Have a real look at how much you spend on eating out, how frequently you eat out, and ask yourself why you eat out. Is it because it's just easier? Or is it because you enjoy the social aspect? How much would your lifestyle be impacted if you started cooking an extra 1-3 times a week?

You don't have to cook at home 100% of the time, but even doing a little extra cooking each week — and a cheeky bit of meal prep for lunch the next day — can make a massive difference to your bank balance.

CBC

Housing is by far the biggest expense most people have. Even a slight reduction in your housing costs can equate to a massive saving. For example, just $10 off per week means you'll save $40 that month, and $480 over the course of a year.

Most people don't realise that you can actually negotiate your rent. Landlords need good tenants who will take care of the property, and will hopefully stay for a long period of time. So if you've been a really good tenant, and the market is a little damp, then you could try your luck with negotiating your rent — just like this couple did.

Fox

Thanks to the internet, it's never been easier to have additional sources of income on top of your regular day job. You could start tutoring primary or high school kids, or even babysitting or pet sitting. Consider turning a crafty hobby into something you can sell on Etsy, doing odd jobs on Airtasker or driving Uber every now or then.

It doesn't have to be all-consuming, either — you can choose how much time you want to invest into your side-hustle. But even an extra $50 a week adds up to $2,600 over a year — which could fund a sneaky trip to Bali.