How to avoid bad spending habits

For many COVID-19 lockdowns were an opportunity to save money. Effie Zahos offers tips on how to splurge sensibly.

For the past 18 months I’ve pretty much been living in trackie dacks. To be fair they are pretty stylish and they didn’t come cheap – $179 from Aussie designer Camilla and Marc. When I break it down to cost per wear, though, they’ve worked out to be a bargain – just 49 cents each wear.

For the past 15 weeks I’ve also spent less money on petrol, no money on dining out, no money on Ubers and no money whatsoever on maintenance. I can tell you now that my super fund has been the beneficiary of these savings as I’ve made regular top-ups via BPAY.

Of course, this could be under threat now. Lockdown may have ended for most Sydneysiders last Monday but my first venture out will be lunch with the girls this Saturday. I’ve worked out that two Uber rides (one there and one back), three cocktails and a three-course meal at a swanky restaurant will set me back around $300. Yes, it is extravagant and yes it will hurt me to part with my cash. The question is though, will it take just one lunch to undo all my good work over the past few months?

As reported through various news outlets NAB merchant terminal data showed NSW residents were only too willing to open their wallets on ‘Freedom Day’, spending $100 million at the shops last Monday. This was a 185% increase when compared to the $35 million spent the previous Monday. Restaurants, pubs, bars, hairdressers and barbers were all winners. NAB CEO, Ross McEwan, expects similar splurges to be repeated in Victoria when the state comes out of lockdown.

While there’s nothing wrong with enjoying life there’s no need to pay a premium. If you’re dining out, consider using vouchers and coupons through sites such as Groupon and Scoopon to save on your meal. If you live in NSW be sure to download any unused dining vouchers.

If you’re driving around more be sure to check a fuel pricing app for the best price before filling up. Take advantage of discount codes when it comes to Uber rides (you should find these in your Uber app) and continue to hunt for bargains. I know my super will thank me for looking for ways to save.

Here’s to splurging sensibly.

Effie

Cover image source: Cabeca de Marmore/Shutterstock.com