7 strategies to help you save in 2016

Having a good savings strategy in place now can make all the difference between a future of financial success and failure. There are plenty of quick and easy ways out there to help you save, simply choose the right one for you –and stick to it.

Whether you’re saving up for a long cruise around the South Pacific or would just like a few extra dollars in your hip pocket at the end of the month, check out these time-tested saving tips:

Keep track of your spending

Before working out how much you can afford to save, you’ll need to have a clear understanding of exactly where your money is ending up. Get out a trusty pen and writing pad or if you’re particularly tech savvy you can keep track of all your receipts on your smartphone using a money management app such as ASIC’s TrackMySpend.

You might even be surprised to see where your dollars are going and think twice before departing with your hard earned on things you may not even need.

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Buy home brands

When it comes down to it, the difference between purchasing a premium sugar brand and a generic label to put in your morning cuppa is negligible –but not for your wallet. Some premium labels can charge twice the price of the generic brand, for instance, a 1kg packet of CSR White Sugar is 120% more than the Coles alternative.

When buying basic ingredients like salt, sugar, flour and even spices, you can afford to tighten your waist belt and opt for home brand over premium labels because chances are it’s just as good and could end up saving you a bit.

Check for concessions/discounts

There are plenty of concessions and discounts for seniors on expenses both big and small from energy and travel to cinema tickets and shoe repairs. Check out what concessions and discounts you may be eligible for by heading on over to your state government website here.

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Rid yourself of bank fees

If you’re paying a monthly account keeping fee for your everyday bank account, it might be time to switch banks. There are plenty of everyday bank accounts in the Mozo database that don’t have any attached service fees but aren’t short on great features either.

Round it up

The round it up strategy is as simple as it sounds. Say you buy a coffee for $3.50, round it up to the nearest dollar and put that extra 50c away. An extra 50c put away here and there will eventually add up to a significant amount.

Have an on and off week

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For those craving a bit of a challenge try implementing on and off weeks, where you spend for a week and save for a week. The trick to this strategy is to not forget yourself in your ‘on’ week and spend more than you normally would.

Use a swear jar

Starting up a swear jar can teach you discipline in more ways than one. If you’re familiar with how a swear jar works, you’ll know that every time you say an unspeakable, you owe the jar a shiny gold piece.

It doesn’t stop at nasty four-letter words either, whenever you find yourself dabbling in a bad habit (aka smoking) you can make up for it by contributing to the jar. In the meantime, be sure to exercise restraint and only empty the jar once it’s nice and full.

What ways do you try to save money? Tell us your best tips below.

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.