7 strategies to help you save in 2016 5



View Profile

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.

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.

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

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.

Kirsty Lamont

Kirsty Lamont is money expert at Mozo.com.au which helps Australians compare banking and insurance products like savings accounts, credit cards and travel insurance, and make sure they’re getting the best deals. Kirsty believes it’s never too early nor too late to improve your finances, and is particularly critical when you’re heading into retirement.

  1. Some basic tips here. Also I use an envelope system where I put a certain amount away each fortnight in an envelope for different expenses – have been doing it forever. You can also put amounts onto your utilities prior to the bills coming out so you are not bombarded with bills all at once.

    1 REPLY
    • Agree Jeanette – don’t use or need an envelope system, just put the payments directly to your bills, at any time. There is no rule saying you only pay the amount when the bill comes in.

  2. I’ve cut down on everything I can but there’s always those fixed costs we can do nothing about. We still need to ‘live’ otherwise we are only existing and what’s the point of that.

  3. I put all my $1 $2. 50cents in a jar and have a Xmas club acct it soon adds up

  4. My best tip – is don’t wait for bills to come in. You KNOW the rates bill is going to come in, so don’t wait for it to land in your mail box (or email box) to pay it. Pay some regularly. Same with car rego… get a card from the post office and pay it off regularly. This is a great way to avoid temptation if you know you have a nice bank balance in your bank account. Just received my rates bill – and am in credit enough to cover next bill. Car rego due in June – only have to pay around $20. It’s not as though you will ever ‘lose’ that amount, and it really is a huge help if something unforeseen pops up. Last year when I was out of work for a few months, there was no need to panic. Because I knew all those horrid bills – electricity, phone, rates, rego, etc – were covered.

Leave a Reply

Your email address will not be published. Required fields are marked *