New to saving? Here are some simple saving hacks to help you reach your goal.
Save up those lump sums
Treat any unexpected windfalls or lump sums – such as work bonuses, tax returns or cash gifts – like forced savings, and put them in your pot immediately. They can really add up in the long run.
Think before you buy
‘Mindful consumption’ is a good habit to get into. Not only will it help you save in the short term, it will help you budget for larger financial responsibilities down the road too. Avoiding temptation can be tricky, however. The next time you’re tempted to make an impulse purchase, walk away and give yourself time to think it over, even if just for an hour. Chances are you’ll realise you really don’t need it after all.
Sell unwanted goods
Cleaning out your cupboards and getting rid of things you don’t use doesn’t just free up space, it can lead to some extra savings too. Try selling your unwanted items on eBay, Gumtree, or at a good-old fashioned garage sale. There’s a nationwide garage sale trail every October, which is ideal for first-time sellers.
Cut back on those little luxuries
More often than not it’s the smaller, everyday purchases that start eating into your budget. Do you buy your lunch and coffees every day? Make your own and save as much as $100 a week. Swap takeaways for homemade dinners and lunches. And instead of going out for dinner at the weekends, why not take turns with friends to host a casual dinner at home, or have a movie or games night?
Even the savings from simple changes – like taking public transport or car-pooling to save on petrol, or swapping your magazine subscription for an online one instead – can really add up. Remember, the short-term pain of giving up what you love will be worth it when you’ve saved for your first home deposit or that overseas trip.
Doing a little research on price comparison websites and tools can help save you money on both everyday purchases and big spends. Why not:
- Compare shopping on sites like MyShopping, Shopbot and GetPrice.
- Compare insurance and other contracts online to find the best deal.
- Compare the cost of your gym membership with group personal training sessions.
Ask your family for advice
Your parents and grandparents had to start saving at some stage too. They might’ve had to be thrifty to save up for their home or raise a family. So why not learn from their experiences? They could have some great cost-cutting tips you hadn’t even thought of. You can also read plenty more successful saving tips to help with your savings goals.