Budget Tips from Sort My Money founder David Rankin
We are delighted with the prominent media attention which Sort My Money’s award-winning personal and business budgeting services have attracted throughout Australia in today’s (Monday November 14th) Herald Sun, Daily Telegraph, Courier Mail, Advertiser, Mercury, Cairns Post and Townsville Bulletin.
A positive message about how successful budgeting is really all about abundance through gaining financial control, peace of mind and empowerment… relevant to both income earners and business owners alike.
MORE DOUGH: David Rankin is a budgeting adviser who suggests baking your own bread and brewing your own coffee are novel and effective ways to be thrifty.
SPENDING money to save money may not seem smart at first glance. But if a few dollars spent today brings you savings down the track, the cost is worth it.
David Rankin, the founder of personal budgeting service Sort My Money, says saving by spending can start with your stomach.
Rankin bakes his own bread and says affordable modern bread ovens have made it easy.
“A $200 bread machine pays for itself in no time,” he says.
THINK OUTSIDE THE LUNCHBOX
Going gourmet for lunch is cheaper if you do it yourself rather than buy it at work. “Make it enjoyable and you make it sustainable,” Rankin says. He says a good coffee machine can dramatically cut your costs.
“If you already have a daily habit, this could be the best investment you ever make.”
BUY MORE MOBILE DATA
Rankin says a tight mobile phone data plan often turns out to be a false economy. “With the wrong data plan, you’ll be paying extra on a regular basis, in order to finance a monthly data blowout,” he says.
Halogen light bulbs use much more electricity than LED globes and downlights. Rankin says this can potentially translate into hundreds of dollars of unnecessary costs.
LET THEM ENTERTAIN YOU
Buying a local Entertainment Book full of discount vouchers in your area is usually a no-brainer, Rankin says. “You’ll save on restaurants and movies, and you’ll also get into others’ proverbial good books with some great gift ideas.”
ONLINE AND UPFRONT
The Australian Securities and Investments Commission’s senior executive leader in financial literacy, Miles Larbey, says you also can search online for discounted shopping, travel and dining experiences.
“Consider paying for activities and services, such as your annual gym membership, upfront rather than in instalments to help you save money later,” he says.
Larbey says before committing to extra spending, review your finances.
“The best way to do this is to prepare a budget as this will show you where your money is going.”
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