Money Tips 1 to 10 Explained
Money Tips 1 to 10 Explained (#MoneyTips)
I love tips!
If you are American, or one of the many other countries that abuses the idea of tipping, I hate tips. Pay your staff a decent wage and let tipping be a smaller amount or for genuinely exceptional service. The tips I am talking about are succinctly encapsulated ideas that provide insightful information. Or as Google puts it in the third usage as a noun under the second definition: “a small but useful piece of practical advice.”
I think there is nothing better that a good short sharp piece of practical advice that accurately encapsulates an entire idea or concept into just a few words. I don’t think I am alone in this as Twitter currently has over 500 million users with over 300 active each month, although I am not sure that all tweets meet the “practical advice” requirement! That is a lot of people. Australia has a population of 23 million people. In fact, it is so few that when I searched for “Australia population” to check we had crossed the 23 million mark, Google felt sorry for me and decided to add Canada along side to boost our numbers. Lucky they didn’t add the US, China or India to the graph or you wouldn’t be able to see the Australian line down the bottom. Interestingly when I search for “Canada population” they included the population of California, which just so happens to be both growing faster than and be larger than Australia.
Anyway, I have been posting my thoughts on money to Twitter (using the hash tag #MoneyTips) and found that some of them were very hard to keep within that magic but annoying 140 character limit. So far I have managed it, however sometimes a little of the meaning seems to get lost and occasionally I wanted to add a little more explanation.
Enter this page – a place where I will keep my money tips and expand on them with some additional information and thought. Not all of these will apply to everyone of course. But they are tips that I use from time to time in my own life. As I have mentioned before, I am always open to changing my position on things as my understanding grows – so hit me up if you have a different position on some of them. Also tweet @RememberToWater if you have any of your own tips you want to share.
Money Tips 1 to 10:
So these are the first ten tips explained. I attempted to start out simple and so the first ten are just a few simple ideas that came to mind first. There is no real order to them; which is strange as there is normally order in most things I do. Ah well, you can’t win them all! These (along with all future ones) are all listed on the Money Tips Explained page if you are after more.
- Build up 2 or more months of living expenses in an emergency account.
- An emergency account will allow you to pay unexpected bills without going into debt. It will also greatly reduce your worry around whether you will have enough money to pay a bill. Just remember to top back up the account if you use it.
- Ask the bank for a better home loan rate – take examples, even banks price match.
- Almost all banks will come to the party on interest rates. Shop around and find the best rate. Then shop around to find the best few banks (branch locations, loan features etc) and see which will come closest to matching the best rate you found. Most banks managed to get within about 0.1% of the lowest rate we found for a comparable loan.
- Consider selling your items rather than throwing them out – some of it will sell.
- $10 here and $20 there can quickly add up. There is nothing better than having an extra few bucks at the end of the month for items that you were getting rid of anyway. If you know what they are worth list them on sites like Gumtree (no fees), if you don’t and haven’t got time to research go for an auction site like eBay.
- Rent a less expensive place while you are looking to buy.
- Bring a reusable water bottle. You will snack less and pay less for drinks out.
- Drinking more water is not only healthy, but can help minimise snacking. It also means that if you need to buy lunch out you don’t have to get the overpriced drunk with your meal.
- Never shop on an empty stomach – everything will look so tasty.
- I am guilty here. I want just about every food item I see when hungry. If you don’t have a list, or can’t stick to one then make sure you have eaten before shopping. That way you won’t be tempted by those salt and vinegar chips and sweet chilli cashews when you see them.
- Buy a deep freezer and buy cheaper in bulk – some math may be required.
- Buying in bulk can save you money. The problem is that you need a way to store that bulk. A chest freezer will allow you to buy larger amounts of perishable items and freeze them.
- Move your emergency money to a high interest online savings account.
- One problem with having an emergency account is that the money is just sitting there not earning much interest. Why not move it into a high interest online savings account. You can still get at the money almost instantly – just make sure you have a transaction account with the same bank.
- Take public transport. Compare extra time costs vs parking & petrol costs.
- Only once in my life has it been cheaper to drive rather than catch the bus. Even then it was close and required free parking. You should consider how much the convenience/time savings from driving a car to work is worth to you. Then compare that amount with the savings you would get from taking public transport.
- Bring your own snacks on budget airplane flights.
- The price for snacks can be more than double on inflight menus. Bring some snacks with you and enjoy the instant 50% saving you get. Not to mention the expanded choice from a full-sized supermarket.
Well, that is it for the first ten. But there will be another ten #MoneyTips coming soon. Now its time to list some stuff on eBay that I want to get rid of (and yes, I am serious – that is not just a throw away line!)