Save hundreds of dollars and keep warm this winter

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RateCity shows you how you can save more and still keep warm during the winter months ahead.

June 16, 2010

As the first month of winter has hit and the official cash rate remains steady (for now), it's time to take this opportunity to get in control of your savings and not let the cold affect them too.

Just by cutting back and making small changes to your spending habits, you could potentially save hundreds of dollars. To help you save this winter, here are some ways that you can consider implementing to cut back your expenses and essentially keep yourself and your savings account warm.

Sale time. Most major stores have sales at the beginning of winter. This is the best time to grab a bargain and avoid paying full price. Also, if you know of someone who has a birthday or you need to buy a present for an upcoming occasion, sale time is a great time to buy and save that little bit more.

Cook in bulk. Soups are not only hearty and warm in the winter months but they are also easy to make, very cheap and can feed a family for days. Make a big batch up and store in containers to freeze, then thaw and reheat for dinner or lunch. Other cheap meals to make in bulk are casseroles, curries and stews, then you can make your own bread to accompany them.

Recycle. If your clothing from last season is still wearable but no longer fits you because you have lost weight, or there is something that you want fixed or changed, why not invest in visiting a good tailor. They can mend your items so you can get another season out of them and save you having to spend more money buying something new to replace it.

Knitting. Instead of buying a scarf you probably "could have made anyway", why not do just that and make it yourself? You can pick up great knitting books at some second-hand book shops or online, or borrow one from a library. Not only can you show off your talents and get a chance to be creative but it's fun and it could save you money.

Energy-efficient heaters. Some heaters can be expensive to use as they chew up a lot of electricity to keep you warm. If you really need to use a heater in your house, look for one that uses the least amount of energy. Not only will you save more on your electricity bill but you will help the environment at the same time.

Winter is a great time to send your savings into hibernation and increase your money for summer. If you were to invest the money that you could save from cutting back during the winter, let's say $500, and put this into a high-interest online savings account, such as RaboDirect at 6.40 percent. You could earn an extra $32, which could be a night out for two to the movies.


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