No matter your age, being smart with your money can make a big difference to your overall bank balance and financial wellbeing.
It's easy to get complacent with money and simultaneously feel frustrated that you're not saving as much as you should be. We've put together a list of our top tips to save more money now and in the long run.
Record your daily spending
Does it seem like there should be more in your account than there actually is? Keeping track of your daily spending can be the reality check you need to start saving more diligently. If tracking your expenses every single day isn't something you can stick to, try taking a look at your daily expenses each day for the next week. Things like transport fees, a morning coffee, buying lunch or shouting drinks can quickly add up.
Budget with buckets
Bucketing your income is an easy way to reduce debt, prioritise day to day expenses and save for future goals. The concept of bucketing is to split your income into sub accounts, or in this case, 'buckets'. Each bucket is labelled with a different purpose such as everyday expenses, bills, or entertainment. Unless the bucket is a long term savings goal, the amount in each bucket should determine you budget until the next pay cycle. To find out more, read our article about how to bucket your money.
Manage your subscriptions
An easy way to get some money back in your pocket each month is to pause or cancel any direct debit or subscription services you're not currently using. How often do you listen to Spotify? Do you need all of the streaming services? Are you paying for a gym membership that you're not using?
Find brand alternatives
For basic home supplies, switching to a home or own brand item can easily save you money each time you grocery shop without compromising on quality. Try switching items such as basic household cleaning supplies, kitchen cling wrap and baking paper or pantry staples such as sugar, rice and flour.
Use apps or reward programs
If you regularly shop at the same supermarket chain, sign up to their rewards program to earn points each time you shop. Scanning your rewards card at the checkout is an easy no-fuss way to save money on future grocery bills or even convert to frequent flyer points. There are also a number of reward and money saving apps available to help you save on the things you already buy. Try fuel apps for finding the cheapest prices near you, or downloading a money saving app that offers cashback rewards.
Research your entitlements
Depending your age or circumstances, you may be eligible for government support. If you're over the age of 66, services such as an Age Pension and Seniors Health Card can give you access to cheaper medicines and may provide other concessions.
Shop around your insurance and home loan
When it comes time to renewing your insurance it can be worth shopping around to find a better deal. Some providers may offer to price match to keep your business and you may be able to save on your premium by increasing your excess or by having policies under the one insurer.
Home loan is no different. If you've been with the same lender for quite some time, refinancing your loan to a better rate could shorten the term of your loan and reduce your minimum repayments.
Pay off debts
This may seem like a simple one, but paying off your credit cards or personal loans will save you in interest and once paid off, will give you more freedom for your daily expenses or to put the money towards savings.
This information provides general advice only. We do not provide advice about this product based on any consideration of your personal objectives, needs or circumstances.
Published: Tuesday, 01 Mar 2022
