15 Clever Ways To Save Money
A lot of people think saving money means making big sacrifices and hoarding cash for a rainy day. But it’s really about making smaller, more manageable changes in how you spend. From choosing generic brands to tackling debt, there are plenty of clever ways to save money and help your nest egg grow. In this guide, we’ll explore some key budgeting tips and clever money-saving strategies to help you stay on track–without needing a debt consolidation loan!
Overview:
- Track your spending
- Set a realistic budget
- Eat at home
- Automate your savings
- Maximise energy efficiency at home
- Cancel unused subscriptions
- DIY repairs and maintenance
- Review your providers annually
- Find free entertainment
- Opt for secondhand deals
- Avoid using your car
- Buy generic brands
- Invest in reusables
- Plan ahead for major purchases
- Consolidate or reduce your debt
15 easy money-saving hacks to get you started
1. Track your spending
Before you can begin to save money, it’s important to know how and where your money is going. Tracking spending saves money by revealing where your money goes, highlighting unnecessary expenses, and preventing overspending. It helps set realistic budgets, align spending with goals, and avoid late fees or overdrafts. This awareness fosters better financial habits, empowering you to make smarter choices and achieve savings more effectively.
2. Set a realistic budget
Budgets don’t have to be scary or restrictive! Once you know where your money is going, you can set a realistic budget for yourself. A realistic budget can be made up of small and achievable financial goals that will help you work towards an overall financial goal. Budgets can help you keep on track and avoid impulse purchases, leading to smarter financial decisions that will save you money in the long run.
3. Eat at home
Avoid eating out or getting takeaway and instead make use of the food you already have in your pantry or fridge. If you want to be really proactive, you could budget out a meal plan that’ll help you minimise food wastage and keep your grocery spend under control. To reduce your spending even more, prepare easy lunches at home to take to work, you’ll be surprised how much you save!
4. Automate your savings
Set up direct debits to your savings accounts as soon as your paycheck arrives. It’s a painless way to build a rainy-day fund without the temptation to spend.
5. Maximise energy efficiency at home
You’d be surprised how much money you can save each month by reducing your electricity bill. You become more energy efficient and reduce your power bill by:
- Turning off appliances not in use at the wall
- Only using your washing machine and dishwasher when you have a full load
- Only heating or cooling the room you are using, ensuring you close all doors, windows and blinds, and block any draughts
- Using energy efficient appliances and low wattage light bulbs
- Using your appliances outside of peak times
Looking for more ideas on how to keep warm in the winter months without hiking up your electricity bill costs? Check out: 15 of the Cheapest Ways to Heat a House
6. Cancel unused subscriptions
Review your bank statements for subscription services you rarely use. Whether it’s streaming platforms or gym memberships, cancel what you don’t need. For extra frugalness, split the costs of shared services with family or friends.
7. DIY repairs and maintenance
Instead of immediately calling a handyman, learn to tackle minor repairs yourself. From fixing a leaky tap to sewing a torn shirt, YouTube tutorials can guide you through a variety of projects.
8. Review your providers annually
From health insurance to your electricity provider, it’s important to review your providers every year to make sure you’re still getting the best deal around. Providers you should review once a year include:
- Electricity and gas
- Health insurance
- Car insurance
- Home and contents insurance
- Internet and phone
- Superannuation
You may find you’re still getting the best deal available or you might find there are more savings to be had!
9. Find free entertainment
It often feels difficult to have fun when you’re trying to save money. But many cities offer free events, outdoor cinemas, and live performances that will still give you a great time out. Check local council websites or community boards for free activities near you. Plus, national parks often have free entry days!
10. Opt for secondhand deals
Instead of buying everything brand new, try to hunt for second hand thrifty bargains. Websites like Gumtree, Facebook Marketplace, and Depop are goldmines for preloved items. If you’d looking for a great deal that also supports a great cause, then shop around at op shops like Lifeline or the Salvos. Whether it’s furniture, clothing, or electronics, you can find quality products at a fraction of the retail price–and support a great cause!
Want to make some extra cash by selling on Gumtree? Find useful tips in our blog: How to Sell on Gumtree
11. Avoid using your car
Skip the car whenever possible! Walking, biking, or using public transport can save you money on fuel and maintenance. If you need a car, consider carpooling with colleagues or exploring car-sharing options like GoGet.
12. Buy generic brands
Supermarket own-brand products are often just as good as name brands and significantly cheaper. Try generic alternatives for pantry staples like flour, rice, and canned goods.
Struggling to reign in your grocery budget? Check out: How to Save Money on Groceries in Australia
13. Invest in reusables
Cut costs and reduce waste by investing in reusable items, such as water bottles, coffee cups, and cloth shopping bags. These small changes can lead to big savings over time.
14. Plan ahead for major purchases
Planning ahead for big purchases helps you save up and avoid impulse buys. It gives you time to shop around for the best deals and skip using credit cards with high-interest rates. Plus, it keeps your budget on track and takes the stress out of managing surprise expenses later.
15. Consolidate or reduce your debt
Being in debt often means you’re likely paying a lot in interest alone–especially if it’s multiple debts. Where possible, try to consolidate your debt or reduce your debt to save you money on interest in the long-term. If you’re struggling with debt and don’t know how to start, seeking advice from a financial counsellor, professional, or the National Debt Helpline can be a good idea. While this may not save you money in the immediate future, it can save you money long-term.
Unsure what debt consolidation is? Learn more: What is Debt Consolidation
How much should I save each month?
Once you have your frugal habits in place, exactly how much should you aim to save each month? Well, ultimately it depends on your goals and income, but a good rule of thumb is to aim for 20% of your income. Start by building an emergency fund—aim for 3-6 months of living expenses. If that feels too much, start smaller and work your way up. The key is to make saving a habit, even if it’s just a little each month. You can always adjust as your financial situation improves. The more you save consistently, the closer you’ll get to your goals, whether that’s a vacation, a house, or retirement.
Are multiple debts holding you back? Swoosh is here to help!
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