Five fast tips to cut your expenses

The end of the year is no time to muck around, but it is a time when we all need a little extra $$$. These tips are quick, easy and will save you money.

1. Turn off social media

We’re all at the mercy of our phones, and Instagram is a big a culprit as any for influencing our spending habits. After a week of scrolling past clothing/sneakers/sports it totally makes sense to take advantage of that sale – you’re basically losing money not to!

But, let’s face it, we don’t need that. So if not just money, save some time and turn-off your social media for a week.

2. Find your most frugal friend

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Find yourself constantly picking up habits and phrases from friends? The technical term for this is “social contagion” and it’s a surprisingly great way to save money.

Seek out your frugal friend and spend time talking to them about their money habits. They’ll be guaranteed to instantly save you a few dollars – plus it’s unlikely you’ll be spending too much money while you hang out with them.

3. Hide money from yourself

What you can’t see, you won’t spend. So work out your budget and hide the extra money in an account you can’t easily see or touch. You’ll be surprised how quickly this accumulates cash.

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4. Consolidate your debt in two mins

Changes to credit are about to hit Australians (read our rundown here), so pre-Christmas is a great time to get your finances in order.

Consolidate any high interest credit cards or loans into a personal loan – or into your mortgage if you have one.

We don’t want to oversell MoneyPlace, but we save our borrowers thousands of dollars when consolidating loans and credit cards from a major bank.

Check your rate to see if we can help you save too!

5. Reuse and recycle

Wrapping paper, gift cards and the like can become expensive in the festive season. That’s why we don’t buy them. Use old magazines, newspapers and ribbons from presents past, or, best case buy presents at shops that wrap it for you.

No one will care, we promise.

Want more? Check out our tips on how to save $3100 before Christmas.