Tiresome tips: The savings advice we love to hate
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Research by Finder shows certain pearls of wisdom just don’t hit the mark. One in two Australians say the most annoying piece of savings advice is being told to cancel their TV subscription services. The next pet peeve – reported by two out of five people, is being told to take care of their own grooming needs at home, presumably saving on the cost of a trip to the beauty parlour.
All these responses are fair enough. Sure, it pays to sweat the small stuff. But not many people build personal wealth on the foundation of giving up Netflix. And there can be ways to lower costs without feeling deprived – like sharing a TV subscription account with friends and family.
On the flipside, the most appreciated savings advice, cited by 77% of Australians, is recommendations to cook at home instead of eating out or ordering takeaway. Tips to track spending is another favourite (74%), and happily there are plenty of free apps to do just that.
One piece of advice that has stood the test of time is the value of setting a budget. On one hand, budgeting confronts us with just how much money slips through our fingers – and how little we often have to show for it. But that’s the whole purpose – getting the jolt is good for us.
Budgeting also encourages us to take a controlled approach to spending and saving, enabling us to reach short, medium and long term goals, which might otherwise never be more than a pipedream.
The beauty of budgeting is the freedom it provides to allocate money towards 'fun' expenses, without feeling guilty or thinking that you're putting your financial future on the line. It’s also a tool to break free from the stress of living pay day to pay day – something that’s a reality for 21% of Australians according to Canstar’s Consumer Pulse report.
Long story short, I’m a fan of budgeting. It lets you see where your money is going, and where you can cut back on the least necessary areas so there is something left over to save. At that point you’ve got control of your money, and it’s a lot easier to have control of your life.
Paul Clitheroe is Chairman of InvestSMART, Chair of the Ecstra Foundation and chief commentator for Money Magazine.
For more information on saving for the future click here:https://www.investsmart.com.au/what-we-offer/wealth-planning
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