So, you want to start saving for something big? Maybe you are planning a holiday at the end of the year (or another major purchase), but your monthly budget is tight.
It’s a big stretch to find extra money for unexpected emergencies, let alone for saving. How on earth are you going to save enough for that particular purchase?
Well, if you want to know exactly how to build up the savings kitty, this article is for you.
How to Find and Put Extra Money into Savings
We all know that money doesn’t grow on trees. If you want to add to a savings fund, the money must come from somewhere and probably from where it is currently being used.
Let’s have a look at some options that can help you save:
Review your energy bill
Cut down on grocery costs
Sell unwanted stuff
Change savings accounts
Make use of cashback sites
Score cheap petrol with a handy app
One thing is for sure. You’ll have to face a lifestyle change, at least for a while, until you’ve reached your savings goal. Coming out of the pandemic, the average saving rate per household dropped from 13.60% in Q4 of 2021 to 11.40% in Q1 of 2022.
This is a significant drop for such a short period and just shows the sad state of our economy.
But that’s no reason not to plan a holiday, buy a car, have a make-over, or even spoil a loved one with an extra-special birthday present! Whatever your circumstances, there is no excuse for not saving.
So, shall we take a look at how we can reshuffle your income and budget to increase the amount going into savings every month?
A Deeper Look at Top Tips for Increasing Savings
We’ll have to find ways to cut your monthly expenses, so there’s more money available for saving. That’s not easy when you’re already running on a tight budget, but let’s dive in and look at these top tips to see if we can solve your problem.
Review your energy bill
There are more ways than you might realize to save on your energy costs. Cooking double quantities and freezing for another meal will save energy costs because it cuts down on your cooking time.
Making sure all your “vampire” appliances are turned off at the wall can save you up to $100 per year. This $100 can go straight into your savings account.
Cut down on grocery costs
Cutting the grocery bill is not as difficult as you might think. One doesn’t need to eat meat every night, and lentils and other pulses are a good, nourishing, and much cheaper source of protein. You can substitute these for meat once or twice a week. Also, use your leftovers. Don’t throw them out. Get creative and use them as a base for another full meal.
Sell unwanted stuff
Get rid of white elephants. Most Aussies have hoarded up quite a few things over the years. For instance, the children’s old bikes that are now just gathering dust in the corner of the garage; or the stepping machine that you used for the first six months but haven’t touched again in over three years.
Think of the old paintings your nana left you, with all the other forgotten things. Hold a garage sale for the fiddly bits, and get a pawn shop assessor to evaluate any other unwanted items. The proceeds from these can go directly into your savings fund.
Stop, or slow down on your drinking
Aussies are known as a fun-loving nation. We like to drink and want to party, all of which cost money. Try to take a breather for a while. You’ll be amazed at how much money you save by cutting alcohol out of your budget. Or limit yourself to one good night out per month instead of going out every weekend.
Change savings accounts
Do a little investigation into which savings accounts give you a higher interest rate. Do some homework and check out Australia’s best banks and savings account deals for 2022. Comparing your options can make a difference to your savings pot.
Use cashback sites
If you want to save, cashback sites are a great way to do it. Cashback sites are generally free to join and provide cash rewards, coupons, and discounts. You can save quite a lot of money by taking advantage of these clubs and offers.
Score cheap fuel with a handy app
These are apps that provide up-to-date fuel prices across territories and states. Here is a list of the best fuel-saving apps in Australia so that you can save on fuel and add to your savings.
Conclusion
Savings take time. Increasing your savings fund is not going to happen overnight, but you can give yourself a push-start by choosing the best interest-bearing savings account you can find and giving it a little boost to start things off and start earning interest straight away.
If you need a temporary boost while you’re saving, Credit24 offers quick loans online of up to $10,000, with affordable repayments.
IPF Digital Australia Pty Ltd, trading as Credit24, ABN 59 130 894 405. Australian Credit Licence 422839. The information in this article is of general nature and does not take into consideration your objectives, financial situation or needs. Lending criteria, fees and charges apply. For more information about our products, eligibility criteria and terms and conditions, please visit www.credit24.com.au.
