5 Budgeting Tips for the Lazy Saver

by Darwin on September 24, 2014


Hate saving? Hate budgeting even more? Sometimes it all seems like too much effort doesn’t it? There are, however, quite a few ways to save money that require very little effort on the part of the saver; a passive saving strategy, if you like. There are five ways to do this listed below. You can also find out more about budgeting and saving online by visiting websites like www.debtrescue.com.au.

Automate, Automate, Automate

One of the easiest ways to save money is to automate your payments. Whatever your financial management strategy, there will be components of it that you can set and forget. This could include regular bill payments like rent and utilities, as well as credit card bills. This way you save money on late fees, interest, and overdraft charges.

Deposit Directly

Having all sources of income deposited into your mortgage or offset account will minimise your interest payments. It is also a fairly easy saving to make by arranging for your salary and any other sources of income to flow into the correct account.

Discover Cash Back Schemes

There are quite a few cash back deals around for big ticket items like insurance. Many of them ask nothing of you; all you have to do is remain with the organisation and you receive 10% or so of your premium back every twelve months or so. This is a pretty easy way to save money. You can also find cash back offers on laptops, mobile phones, household whitegoods, and small appliances.

Reward Yourself

You probably already have a credit card and are part of a reward scheme. Using your reward points to make purchases online is a very easy way to save money. You can even purchase supermarket gift cards and save on your grocery bills here and there. All you have to do is make the gift card purchase with your reward points and wait for the cards to arrive by mail. Then use the cards instead of your own money – and voila – a saving.

Get Fee Free

These days you have the right to demand a lot from your bank – and you can start by taking a close look at their fees. Are you paying much in bank fees? If so, why is that? There are banks offering fee-free accounts all the time now, and many use existing branch networks. If you can save by avoiding regular account keeping fees, it’s certainly something to be considered.

Even lazy savers have to put a few plans in place in order for their savings strategy to work. If you’re interested in budgeting but don’t have a lot of time to devote to it, lazy saving could be the way it works for you. While it won’t save you masses of money, it is a way to make small changes with hardly any effort except at setup – and then watch your savings build better over time.

Do you have any money saving tips for lazy savers? Share your wisdom in the comments box below.

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