'I've helped thousands of women boost their savings. Here are 5 money rules I tell them to live by.'

We're more than halfway through 2024, and it's safe to say many of us haven't hit our anticipated savings goals. 

But what if we told you there's a tangible way to do a 'financial reset' now, to help boost your savings and tackle the cost of living in a practical way? Sounds quite nice. 

Téa Angelos is a money expert, author and the founder/CEO of Smart Women Society. It's one of the world's largest and fastest-growing online education platforms helping hundreds of thousands of women get smarter with money.

"Women in particular face unique challenges — we live longer than men, we earn less, and we also save and invest less. Money equals freedom," Angelos tells Mamamia. "The biggest decisions in your life should be made by you, not dictated by your bank account. That's what inspires me to help women create financial independence for themselves."

Téa's 5 rules to live by in 2024.

In comes the financial reset. 

Origin Energy has partnered with Smart Women Society to create a five-day challenge that people can follow when suits them best. It's all about building up your bank accounts and saving your hard-earned money.

1. Create your budget.

A budget is simply a plan for your money. As the experts say, knowledge is power.

"A well-planned budget helps you understand where all your money is going and it helps you work towards your financial goals. A budget should have balance, it shouldn't be too restrictive."

What Angelos recommends starting with is figuring out how much money you have coming in and out every month.

"These activities are simple for a reason. Understanding your cash flow here is key. To do this, I recommend people print off their last one or two monthly bank statements. Get two different highlighter pens and mark your essential and non-essential spending of the month."

From here, Angelos says it's far easier to assess your spending. Maybe you don't need as many entertainment subscription services or takeaway food orders, or could try instead choosing one thing to keep and challenge yourself to reduce your spending elsewhere.

2. Reduce your energy costs.

One of the biggest game-changers for boosting your savings is reducing your energy bill.

"I'm a big believer that you should regularly review all your bills to make sure you're getting the best deal, especially with your energy provider. You can do this annually," says Angelos.

"Look at how much you are paying, and then have a look at what other providers are offering and any deals they have, such as Origin Energy which is one of Australia's leading energy companies."

Once you have your comparative list — and if your provider could be doing better by you — then it's time to call up your existing provider.

Angelos recommends: "You can say, 'I've been a loyal customer of [insert company] for X years. I'd like to remain a customer of yours, however I've recently noticed [insert competitor company A] and [insert competitor company B] are providing [insert better offerings]. Would you be able to price match, or improve on these offers?' It never hurts to ask."

Other energy efficiency tips include:

• Turn off energy vampires: switch devices off at the wall, and this could save you up to $100 a year. 
• Invest in tech-savvy gadgets that help you control your energy usage, such as smart plugs, timers and remote AC controllers.
• Switch up your meal prep. Slow cookers are great for saving time and energy — using a little more energy than a traditional light bulb.
• Door snakes are an easy way to combat draughts. In winter, draughts can steal up to 25 per cent of your heat, while in summer, hot air leaks can steal up to 50 per cent of your cool air.
• If you’re buying new appliances, pay attention to the Energy Rating Label to ensure a quick deal doesn’t cost you more in the long run. 

It's also wise to keep tabs on your energy usage. Some providers like Origin have an app that makes monitoring easy — tracking your usage, seasonal trends and more. 

3. Meal planning and grocery shopping. 

Start with a grocery audit!

This entails going through your fridge, freezer, pantry and making a list of all the food that's close to expiry.

"We all have random ingredients in our kitchens that we've forgotten about, but that are still good to eat. Do an audit of what's in your fridge and pantry, and work backwards to see what you can make with what you've already got before planning out your meals for the week. It means less wastage and more bang for your buck."

Money expert Téa Angelos shares her top tips with Mamamia. Image: Supplied.

Meal plans then take the mental load out of having to figure out each night what you're going to have for dinner.

Next is your grocery shop. 

"Go to the supermarket with a pre-written list, or do your grocery shopping online to avoid temptations. Walking around aisles aimlessly means you'll opt for excess snacks and items you don't need or won't use. Also try visiting your local farmers' market for cheaper produce, bulk-buying at stores like Costco if you have a big family, and embracing supermarket loyalty programs and deals."

4. Low-cost social activities.

Amazingly, there are so many fantastic options to keep your social life buzzing (but without costing an arm or leg).

"With the cost of living, going out for drinks and dinner with friends can get expensive. But a date night or catch-up with loved ones doesn't have to be pricey," notes Angelos.

"Some great options include a games night, a book or wine club at home, volunteering, going to a museum or an art gallery, visiting the beach or a green space. Even going for a nice walk and grabbing coffee or having a picnic at a scenic spot."

5. Boost your income.

Last but certainly not least is learning different ways to boost your income.

"An easy one is to sell old items that you no longer need. Take some photos of the item, write a description and pop it up on social marketplaces such as Facebook, Gumtree, Depop and more.

"The other big focus would be to review your salary. Are you overdue for a pay rise at work? Do you need to change jobs to land a higher salary? These are important things to consider, and can lead to a significant boost in your income," says Angelos.

"Plus, if you have any hobbies or skills that you could monetise as a side hustle — such as artwork or tutoring — give it a go. Even an extra $100 per week equals around $5,000 per year."

Feature Image: Supplied.