No so long ago it used to be uncool to be stingy, but if you want to be money smart, there are easy things you can do that will make a huge difference to your bank account.

With that in mind here are some of the things you can do to make sure your thirty or so years after retirement aren’t years filled with financial stress.

Tip 1

Buy all your toiletries and detergents at bargain shops

Toiletries are ridiculously expensive at the major supermarkets. Given that they are all made out of the same basic ingredients it is a no-brainer to grab them from a bargain shop. For comparison; in the major supermarkets you can pay as much as $16 for 2L of laundry liquid, but in a bargain store you can pay $7.50 for 5L. That’s a huge difference over a year. Further, you should also buy your soap, shampoo, razors, moisturising cream at bargain shops for a fraction of the price.

Tip 2

Unsubscribe from all email promotional newsletters

How often are you sitting at your computer, and a newsletter comes through with the latest bargains on a tech item or piece of clothing you didn’t know you needed? Unsubscribe. Little expenses can add up big over time, so aim to reduce your chance of making impulse purchases.

Tip 3

Don’t eat out (as much), and if you must eat out, get a doggie bag

It’s one of our great pleasures, going out to dinner with friends. When you go out, have you ever noticed how much food is left over? It’s seen as stingy to ask for takeaway in certain places — bugger that! Save yourself the cost of lunch tomorrow and have what remains of your Thai green curry.

Tip 4

Be sparing with your loyalty and surf the catalogues

Some stores are about the community as well as business, so reward them with your loyalty. One example is my local chemists who often charge more than discount ones. However, they also employ more people, remember who I am and can often care more about the customer than money. Don’t get locked into doing all your shopping at one place. Go where the bargains are but keep in mind that fuel and your time is also worth something.

Tip 5

Shop second hand

This is a no-brainer, but it’s also the scariest part of being stingy. Buying for yourself from op shops is fine, but giving someone else a present you’ve purchased from an op-shop? This can be scary stuff but can be beneficial, you decide.

Tip 6

Increase your super contributions

Most Australians’ interaction with super is kinda negligible. We expect our bosses are paying the correct amount into our super accounts and that’s about it. Here is what you should be doing; Firstly, sign up with the tax office to make sure this is happening. Secondly, add an extra 2% yourself. If you’re on the average Australian wage ($78K), that’s about $30 a week you’ll be losing from your take-home pay packet. Might feel painful now, but it won’t when it’s an extra $100K in your super fund after you’ve said goodbye to your working life.

There are of course many other things that you can do to limit your spending. If you have any fantastic tips, let’s see them in the comments below.