Tips for Saving Money

1. Take your lunch to work. This could save at least $30 per week or $1,560 per year.

2. Take away your main temptation access to money. Withdraw a certain amount of cash and leave your cards and cheque book at home.

3. When you are at the supermarket, think twice about reaching for the more expensive brand name. Try a few no-name products and compare the quality. Don't go shopping when you are hungry!

4. Plan meals in advance and prepare a shopping list before you go shopping. Studies prove that shoppers without a list buy more than those who come prepared.

5. The next time you want to buy something on the spur of the moment such as CD or clothes, first think about the purchase for a day or two.

6. Do you need two cars? It can be convenient but you could be paying through the nose for it. Aside from the cost of the car, ongoing expenses like registration, insurance, service and petrol cost more than $5,000 per year. Even catching a couple of taxis a week is cheaper than running an additional car. Even better, use public transport.

7. Become a comparison shopper by watching advertisements. Prices vary day-to-day on range of goods, from petrol to food.

8. Think about buying second hand instead of new, from auctions, garage sales and Cash Converters.

9. Cut down on takeaway food and prepare food at home instead. Some fresh food is also GST free. If you saved the $30 you might otherwise spend on takeaway, say once a month, you'd save $360 over a year.

10. Invite friends over for a meal instead of eating out. Your friends are likely to appreciate the savings too.

11. Buy fewer magazines. If you find them hard to go without, borrow and share with your friends.

12. If you smoke, giving it up is an easy way to save money. If you smoke a packet a day, you could save about $5,500 over a year if you gave it up.

13. Check your insurances- you could get a cheaper deal.

14. Check your phone bills. Shop around for a better plan.

15. Take care buying new clothes and shoes. Assess whether you really need them and avoid clothes that require dry cleaning.

16. For some of us, cutting back on alcohol or buying less expensive brands of drinks can also save money.

17. Buy Christmas and birthday gifts during the sales and put them aside.

18. Commit now to saving your next pay rise.