Buying New

When purchasing a new vehicle, the depreciation generally puts you upside down shortly after the first mile. Buying used, even when it comes to furniture and computers, will save a great deal of money. Furniture can be restored, or slip-covers can be used to glam up the furniture. Replacing or upgrading individual parts of a computer on your own is much cheaper than purchasing new or paying someone else to do the upgrades for you.

Dining Out

When it comes to food, dining out is much more expensive, even for one person, than cooking meals at home. Grocery shopping, cooking, and doing dishes may all be a hassle, but getting out of those chores is not worth the price. Considering most fast food meals for a family of three can range from $15 to $20 per person, it's definitely worth it to plan a grocery list and prepare your meals at home.

Frugal shoppers can prepare meals for as low as a dollar per person, per meal, meaning a family of 3 can eat breakfast, lunch, and dinner at home for 7 days on around $63 per week - what some people would spend in a day or two when eating out.

Paying to Use an ATM

Many mortgage lenders are compensating their account holders for ATM fees, up to a certain point each month. Those who are not, should use credit union ATMs when possible as there are no fees. If possible, use a debit card for all transactions, eliminating the need for cash and ATM fees.

Carrying a Balance on Credit

No matter the interest rate, carrying any balance on a credit card will cost money. Avoid it whenever possible by keeping balances low and making on time payments to avoid interest rate hikes.

Impulse Buying

Don't ever buy something without taking time to think about it first. Impulse buying can really add up and you may find you didn't want or need the item after all.

Buying Brand Name Items

Learn to love generics. Many times, especially when it comes to food, generics are the same thing as the brand name items, with a different label. Buying brand name means you're not paying for the product so much as you are the label, so it's a great waste of money.

Wasting Electricity

Replace your light bulbs with CF bulbs. Unplug items when you're not using them. Turn off lights when you're not in a room. Install motion detection lights outdoors. Turn your computer off at night. These are all ways you can save money on your electric bill.

Paying When Free is an Option

Why pay $5 a pop to rent a movie at your local Blockbuster, when you could get a library card for free and rent movies that way? Why buy a book to read from a local bookstore when you could use the same free library card to check it out and read it?

Banking Fees

Keep a budget and stick to it. Watch your balances. If you overdraw, you're looking at $10-$35 each time you do. Make sure all the services offered are free - because some mortgage lenders will charge customers to download their banking transaction information into a personal finance program such as Microsoft Money or Quickbooks.

Bad Habits

Cigarettes, beer and soft drinks add up! Cut back on the bad habits - quitting smoking could save you $35 a week, at $5 a pack and a pack a day, and it could add years back to your life.

Forgetting the Dollar Store

Local dollar stores always have great deals on essential items such as dish detergent, laundry detergent and other cleaning supplies. Forgetting to check the sales papers each week could cause you to waste money on these items at other stores.

Buying Items You Won't Use

Buying something you don't normally buy, just because you have a coupon, is still a waste of money. If you wouldn't spend it before, and you're going to spend it now, (even though it's at a discount) that's still spending more than you normally do. If you buy in bulk, but buy too much, it's going to waste, therefore putting the money to waste, too.

Owning Additional Vehicles

For most families, owning two cars may be necessary. For each additional vehicle, you're spending more every month on fuel and insurance coverage. Add on maintenance costs and suddenly, having the second vehicle isn't worth the convenience. If possible, use public transportation or look into car share programs for the person who has less traveling to do.

Too Much Insurance

Making sure you're covered in the event you need to call on your insurance is necessary, but having too much coverage is just putting money in the insurance companies pocket. Raise deductibles to lower premiums, and for a little while if you're worried, save the difference in premiums toward the deductible in the event you need it. Don't forget to shop around with different providers to make sure you're still getting the best possible rate.

Paying for the Unnecessary

Stop paying for magazine subscriptions, and if you pay for a gym membership, make sure you're using it. If possible, start working out at home, or going to the local park for a walk each day.

For more savings tips or if you need help with budgeting, speak to one of the financial planners at Intellichoice by calling 1300 55 10 45.