Saving money doesn’t have to mean giving up fun; there are ways to build your savings without feeling like you're missing out. Here are some ideas:
Pay yourself first
Set up a direct debit to a separate bank account of what you feel you can afford to live without. So, when your pay or benefit hits your regular account, this amount won’t be there, so you can’t spend it! It’s even better if you have this money go to a bank account in a different bank to your regular bank – and don’t get a debit or EFTPOS card for it.
Use cash, not cards
Using physical cash can help you control spending. Using EFTPOS doesn’t really feel like you are spending money – cash does! When the cash runs out, you know it’s time to stop.
Buy generic brands
Store-brand products (think Pam or Macro for example) are often just as good as name brands but much cheaper. Try switching a few items—like rice, pasta, or cleaning products—and see the difference in your bill. (another tip – this does not work for baked beans or coffee!)
Unsubscribe from temptation
Get emails from your favourite stores tempting you with sales? Unsubscribe! Less temptation means less spending on things you don’t really need. Ditto for Temu, AliExpress, Amazon, TradeMe…
Eat out less, but don't cut it out completely
Instead of eating out three times a week, try once a week and cook simple meals at home. It’s healthier, cheaper, and can be fun too! Think of eating out as a treat – a want not a need. You could even do your favourite takeaways yourself at home, and just watch the savings grow.
Shop carefully
As well as buying store brands, always check the information on the shelves. Stores by law must give the “per 100 gms” or “per each” etc information, so you can compare like for like.
This will help you to avoid easy overspending errors like buying something weighing 350 grams because it looks cheaper when the other brands weigh 400 grams.
And be careful when you go shopping. Don’t go when you are hungry as this tends to make you over buy. Don’t go when you are in a hurry, as you will just grab whatever is most convenient.
Use the 24-hour rule
Before making any non-essential purchase, wait 24 hours. Often, you’ll find you don’t really need it after all. Again, think needs, not wants.
Look for alternatives
Think of other ways of getting what you need. These are just some ideas, there are many more. Like books and/or magazines? Use your library. Need to get fit? Cancel the gym membership and go walking. Need clothes for a party/wedding/holidays? Visit the op shops.
In summary
Saving money isn’t about being perfect—it’s about being consistent. It’s about being realistic about your needs and wants. Small changes can lead to big results over time. Start today, and your future self will thank you!
And if you need help – that’s what we are here for.
