Saving for a first home or investment property? Get in the habit of spending less during Buy Nothing New Month.
Saving for a deposit can seem like a struggle towards an impossible target. But there are real benefits to tightening your belt so you can enter the property market sooner. Plenty of handy apps can help you track what you’re spending and saving, but it can take a little extra motivation to say no to buying things you might not really need.
What is Buy Nothing New Month?
From it’s humble origins in Melbourne, Buy Nothing New Month, is now catching on in countries like the USA and Netherlands as a way to promote swapping, sharing and secondhand shopping instead of buying brand new. October is the month for jumping on the bandwagon, but the habits you pick up could help you save all year round.
Here are some ways to cut your spending on everyday items and treats – see how much you better off you could be by Halloween!
More modest meals
The average Aussie spends $32 a week on meals in restaurants. By cooking at home instead you could be saving around $140 this month. Raid your pantry for spare spices, packets and tins, and you could save on your grocery bill too.
Make mine a mineral water
Giving up take-away coffee can seem like an easy way to save. But chances are you’ll save more if you can ditch alcohol for the month. Aussies spend $14.1 billion on alcohol every year compared with just $1.1 billion on coffee. And if you’re already keeping away from restaurants it’s probably easier to say no to a glass of wine or two.
Clothes – swap or second hand
$44 is our average weekly spend on clothes and there are lots fun alternatives to splurging on our wardrobe. Getting friends together for a clothes swap can be the perfect way to score a new frock for free and clear some cupboard space too. Potential saving for the month – $190.
While you’re all getting together to exchange clothes, swap a manicure or pedicure and save even more. The average weekly spend on personal care is $11, so do a friend a favour and you’ll both save on the cost of your regular beauty regime.
Cut back on the car
Aussies spend an average of $193 each week on transport. But over the year, this adds up to $78.4 billion on cars and just $2.2 billion on public transport. Try leaving the car at home and taking buses or trains instead and see what you can save. Or better still, ride your bike and put your gym membership on hold for the month. Maybe you’ll be fitter as well as richer!
Speaking with an Aussie broker about getting a good deal on your mortgage could save you even more.
Are you making any changes for Buy Nothing New Month? Tell us about your ideas in the comments below.