Create separate savings accounts for your short term goals a house deposit and holidays as well as one for bills and set up automatic transfers from your everyday account to make saving automatic.
Lock your savings
When you have a decent sum of money saved up, use a term deposit to lock it away until the term ends. This could remove the temptation to access your money.
Reduce your bank fees.
If you have multiple bank accounts, check what transaction fees you could incur. You can also try asking about fee exemptions or packages for which you might be eligible.
Visualise the progress
Whether you go for a tried-and-tested thermometer, a pie chart, or a fancy savings app on your phone, tracking your progress can help you keep your eye on the prize.
Keep track of your spending using a diary or a mobile app. Make sure to look at not only your everyday spending but your large bills such as car registration and insurance.
Choose the right accounts
Think about how often you will need to access your savings and how you would like to earn interest. Make sure you consider things like bonus interest offers and incentives for making regular deposits when you choose your accounts.
Talk to someone about whether consolidating existing debts could help you save on interest.
Plan your weekly menu
By planning out your menu a week in advance you could reduce the amount of food you throw out. Spend less by minimising the number of times you go to the market and only buying what’s on the list.
Try meat-free Mondays
Meat can cost a lot. Try a meat-free Monday meal or add a few vegetarian meals to your weekly plan.
Eat out less
Buying lunches at work can cost a lot more than bringing home cooked meals.
Change your habits
Change the activity
Switch out expensive fun for cheap fun. For instance instead of going to an expensive café for lunch, do a BYO picnic with friends.
Every time you walk past, transfer all your loose change into the jar. To fast-track your savings and make things a little more interesting, you could add a ‘note rule’. Every time your wallet has a note of a certain colour (start easy, with a pink $5 note), then it goes in the jar, too. If you are living a digital lifestyle, set up a daily transfer of $1 every day or $10 a week.
Hunt for bargains online or plan your shopping around sales – for example End of Financial Year or Boxing Day sales. You could also plan your gifts in advance or try handmade gifts instead of that expensive wine.
Identify what triggers (like people, places, occasions, emotions, or thoughts) precede a behaviour you want to change. Using the Friday night $50 spend on dinner after work as an example. Try to change things – for example, you could make a date with a friend outside of work to go see a movie instead. Or, invite your workmates home.
Instead of thinking about how you’re $50 worse off each week because the money is being re-directed into your savings account, think about the round-the-world trip that the $50 is going towards.
Fight the impulsive buy
Put a pause on any purchases that are expensive or unnecessary by giving yourself some time to think. If you are shopping online, leave the item in the shopping cart for a day or two.
Make a budget
Work out your extra income after you cover all your necessary costs.