Published: 4th January 2021
Let’s face it: some people are just better at saving than others. But that doesn’t mean that you can’t improve or get to where you need to go via a different route
Ever noticed that some people always seem to have enough cash to jet off on holiday or put a deposit on a house, even though you know they’re not earning A massive pay cheque? Let’s face it: some people are just better at saving than others. But that doesn’t mean that you can’t improve or get to where you need to go via a different route.
We’ve compiled 5 tips and tricks that will make a big difference to your savings:
- Set up a savings account and make automatic payments into it on the day you are paid: Start with $50 a week. Call your bank and find a high-interest, low fee Savings Account and then set up an automatic transfer on the evening of the day you are paid into this account. Then don’t touch it for a year. $50/wk over a year is $2600.
- Print out your bank statements from the last month. Ignorance is not bliss. Get a pen out and Identify where you are spending your cash. This will help you recognise what you need to pay for vs. what is a ‘nice to have’. You can then work backwards to see what you can cut out. Many people will be surprised by how much they spend on seemingly small payments, like Ubers and taxis, streaming subscriptions and eating out.
- Review your streaming subscriptions: Spotify, Netflix, Stan, Amazon Prime, Hulu, Foxtel, Youtube. The options are endless. These accounts don’t seem like they cost much, but together they can equal a lot. Consider which services you want and which ones you can live without. Then get to cancelling. Do not procrastinate because subscriptions barely ever cancel themselves.
- Think before ordering Ubers, DiDis, Lyfts, Gett and taxis: It is so easy these days to catch an Uber or equivalent. However, they are also so easy that many people forget that they actually cost money. Where you catch public transport, catch it. Where you can walk, walk. Driving to events also helps, it’ll also mean you’ll have to limit your alcohol consumption, which will also help you save.
- Budget for the occasional treat: Saving doesn’t mean you can’t buy nice things. But you have to budget for it i.e. “I will allocate myself $200 a month to buy a treat” (clothes, massage, haircut). That way, you have more control and will really appreciate what you do buy, because you will have thought about it.
- Cook your dinner, pack your lunch: One of the biggest expenditures is often is eating out. But it is easy to forget that spending $15 on lunch each day equates to $300 a month and over $3600 each year. Making a sandwich or salad at home or packing leftovers is almost the easiest way to save money while you work. It’s also often healthier than most of the store-bought options as well.
- Run for fun: There are many options for exercise that do not involve paying astronomical prices for group classes and fancy gyms. Consider suspending your gym membership for 6 months and saving that money by going for a run around the park, a swim in the ocean or a public pool.
Source: Your financial wellness
Any advice given is of a general nature only and does not take into consideration your personal circumstances. Please consider the appropriateness of the advice before acting.