How to save an extra $100 each week

No matter what the time of year, we could all do with an extra $100 a week in our pockets. So here are a few easy ways to save; hopefully including at least one or two that you haven’t yet tried.

First up, if you have a mortgage, the quickest way to save $100 a week is to shop around for a cheaper loan. Currently on Canstar’s database there’s more than 20 basis points difference between the highest and lowest floating rates on offer and three-year fixed rates as low as 4.49%.

Mortgage aside, another great way to save money (by working out where your money is going) is to do a budget. Print out six months of all your bank statements and go through them line by line. This will show you the cold, hard truth of exactly where your money goes. Once you know that, you can work out how to save plenty of cash without changing your lifestyle. For example, you could:

• Shop around for car insurance. Chances are you could get a great-quality policy at a cheaper price. Check out our customer satisfaction survey results to see what other Kiwis think of various car insurance brands.
• Shop around for your home and contents insurance, life insurance and health insurance as well. You may well be able to save plenty of money without compromising on the quality of your insurance cover.
• How about your phone plan – have you checked it lately? And if you still have one, do you actually need a landline at home? You can check out our telco customer satisfaction survey results here.
• How much do you spend on groceries? Seriously – being food-smart is an incredibly easy way to save a lot of money. Here are some easy ways to save on groceries.
• Similarly, swear off all takeaway for a few weeks. No bought lunch, no drive-through on the way home.
• How about iTunes and Paypal? Any set-and-forget subscriptions that are coming out each month and which you no longer need? Check your account carefully – you could be surprised.

If you can’t save well over $100 per week by putting aside a couple of hours to do all of the above, then you’re really not trying. And, you might notice, none of the suggestions above impact on your lifestyle at all! That’s a win/win!