PENNY PINCHERS

WHILE BUDGETING MIGHT BE HARD RIGHT NOW, IT'S NOT IMPOSSIBLE

Saving money can be hard at the best of interest rate rises (rates have increased by four percentage points since May 2022) and wages not rising to match, and putting money aside is getting even harder.

However, according to financial adviser and author of Financially Fit Women, Amanda Thompson, our current cost-of-living times. Throw in crisis can be the catalyst for behavioural change when it comes to our saving habits.

"While the immediate situation might be challenging, forming positive financial habits during tough times can lead to long-term benefits," she says. "We begin to realise the importance of financial stability, and often this prompts individuals and families to re-evaluate their spending habits and financial priorities."

Amanda shares her five top ways to save money even when you're feeling the squeeze.

TRACK YOUR SPENDING

It's a tip we hear often from financial advisers, and Amanda's advice is no different: the first step to boosting your savings is to keep a record of all your expenses, dividing them into two categories: essential and discretionary.

"Essential expenses include things like rent or mortgage, utilities, groceries and transportation," she says. "Discretionary expenses cover non-essential items like dining out, entertainment, and shopping."