Save
Trying to save money? Ask yourself these 5 questions
There are myriad reasons to cut back on spending, and according to a financial educator, these are the five key questions that will help savers stay on track.
Trying to save money? Ask yourself these 5 questions
There are myriad reasons to cut back on spending, and according to a financial educator, these are the five key questions that will help savers stay on track.

No More Practice Education chief executive Vanessa Stoykov said sometimes all it takes to improve a situation is to ask yourself the right questions.
“And if you don’t know what to ask, you can’t get a result,” she said. These are the five key questions savers should be asking themselves.
1. Is this the best deal I can get?
“It sounds basic, but we often don’t ask the question. The first suspects are your health insurance, utilities and super fund. It’s important to find out what fees you are paying, and ask the question,” Ms Stoykov said.

For instance, Ms Stoykov related, she discovered she was paying for unneeded maternity cover “long after the horse had bolted!”
“Nobody ever stopped to ask me did I still need it, and I never asked the question,” she said. “When I did, I saved myself over $100 per month – that’s $1,200 a year saved for asking the question of could I get a better deal.”
The same goes for utility bills, she continued, suggesting savers query whether there are promotions or plans to help them save.
“This can put major dollars back in your bank account, rather than theirs,” Ms Stoykov said.
2. How much can I invest in myself?
The educator explained that she works with a mindset of paying herself first. However, this can be hard, she acknowledged.
“Usually we pay whatever we need to, and whatever we have left is what we live on. This is ineffective because we are putting ourselves last – and to get ahead, you need to put yourself first,” Ms Stoykov said.
Noting that some people make sure they put away 10 per cent of their earnings prior to paying any other bills, she said it’s crucial that savers ask themselves how much they are worth and how they can invest in themselves more.
“Then open an account … that’s hard to touch and get it deducted the day your pay goes in! In a few months you won’t even notice it’s gone, and you have a tidy nest egg building up, and that feels good,” Ms Stoykov said.
3. Do I need this right now?
Usually the immediate answer is yes, but Ms Stoykov urged shoppers to keep this question in mind while out shopping, especially if they’re planning on putting the purchase on a credit card.
“If you don’t have the cash to pay for it, and it’s not a burning, critical, must have item, really question whether you need it. Because putting things on credit is just increasing the burden on you to keep working just to pay it back,” she said.
“Start thinking of how to make what you have last longer, or go further, and cut back on what you are spending on day to day.”
4. Can I get this cheaper buying online or in bulk?
The educator said convenience can be expensive, as buyers make purchases as is needed. However, by carrying out a bit of planning and research, they could save thousands.
“Google is the first port of call, and with online selling sites, and cheap bulk discount places like Aldi or Costco, thinking ahead and shopping around can save you a lot. Even buying in bulk and storing it can really work to get down your day to day shopping bills,” Ms Stoykov said.
5. What do I really want for my life?
Ms Stoykov said that while it seems like a daunting question, it’s an important one.
She explained, “By spending some time thinking about what you really want your life to be like, not just next week or month, but next year, five years and 10 years, you can start making some strategic decisions about life.”
For example, those that want to be travellers should consider how they can put more money away regularly and speed up the time in between trips.
Or, Ms Stoykov questioned, for those with their eyes on property, are there ways to live cheaply in the present or move to a more affordable area?
“Thinking long term can save you thousands of dollars making bad short-term decisions that don’t serve you and the life you really want,” she said. “This will be more fun than you think!”

Expenses
Expert tips to secure your financial safety net
New Zealanders are known for their "she'll be right" attitude, but when it comes to handling unexpected bills, being prepared is crucial. Read more

Expenses
Australians continue to opt for free VPNs, ignoring potential privacy risks
Australians, alongside citizens of Sweden, South Korea, and Mexico, are increasingly choosing to use free Virtual Private Networks (VPNs), despite the potential threats to their privacy. Read more

Expenses
Rooftop solar in childcare centres could cut energy bills by millions
The analysis conducted by Parents for Climate has revealed that the installation of rooftop solar and batteries in early childhood education and care (ECEC) centres could lead to savings of up to $130 ...Read more

Expenses
Corporate Traveller identifies key strategies for business travel savings
Flight Centre Travel Group's Corporate Traveller, a premier service provider for managing SME travel, has shared several effective strategies that enabled their business clients to significantly ...Read more

Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. Read more

Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. Read more

Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. Read more

Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. Read more

Expenses
Expert tips to secure your financial safety net
New Zealanders are known for their "she'll be right" attitude, but when it comes to handling unexpected bills, being prepared is crucial. Read more

Expenses
Australians continue to opt for free VPNs, ignoring potential privacy risks
Australians, alongside citizens of Sweden, South Korea, and Mexico, are increasingly choosing to use free Virtual Private Networks (VPNs), despite the potential threats to their privacy. Read more

Expenses
Rooftop solar in childcare centres could cut energy bills by millions
The analysis conducted by Parents for Climate has revealed that the installation of rooftop solar and batteries in early childhood education and care (ECEC) centres could lead to savings of up to $130 ...Read more

Expenses
Corporate Traveller identifies key strategies for business travel savings
Flight Centre Travel Group's Corporate Traveller, a premier service provider for managing SME travel, has shared several effective strategies that enabled their business clients to significantly ...Read more

Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. Read more

Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. Read more

Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. Read more

Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. Read more