How you can save money in 2016

We’re now more than halfway through 2016, and if you’re realised that your finances need a serious overhaul, you’re not alone. Most people are just one pay check away from not being able to pay their rent, and since our culture teaches us to value having the latest iPhone more than being financially secure, it’s not surprising that very few people feel like they have their finances in order.

If you’re hoping to turn 2016 around and save some serious cash, here are some ways you can save money this year:


Cut up your credit cards

Often we’ll get a credit card thinking it’ll make our lives easier and we’ll use the points for travel. The problem is that the interest is huge and when it’s time to make that payment, other things can get in the way. Often people will pay some of the balance each month but not the entire amount owing, which means that interest will accrue, causing you to be in an even worse financial position. Do yourself a favour and get rid of the credit cards. Consider consolidating your debt onto a card that has little or no interest for sixth months and commit to paying back everything you owe- you can always get a new card later when you’ve sorted out your finances.

Check your spending

If you’re hoping to save some money over the next sixth months, it’s a good idea to look at where it is that you’re spending the majority of your income. Maybe you have a gym membership that you’re never using, and you assumed you couldn’t get out of it. You can actually often sell these memberships, so if you’re not using your membership enough for it to make a difference to your health and fitness, commit to running outside or doing a workout video at home and save the $50-$100 each month.


Many people often spend all of their money on going out, vowing that they’ll save whatever is left over. However with this type of spending, it’s rare that you’ll even have anything left over, meaning no savings and all of your money spent. If you’re the type who loves eating out, commit to cutting it back to once a week and trying out new recipes at home. If you love going to the casino, save money (and have the chance to win big from your couch) with

Get everyone involved

Whether you have a family or just a significant other, saving will be much easier if you can get everyone involved. That means having a meeting and discussing why it’s so important to get your finances in order. Maybe you want to save for a house deposit, holiday, or retirement, or maybe you want to commit to paying off all of your debt.

Discuss ways that everyone can contribute to this goal, and consider how you’ll celebrate when you meet this goal- so everyone can have something to work towards.

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