RateCity.com.au
powering smart financial decisions

Five everyday money saving tips

Five everyday money saving tips

If you wish you had more money in your pocket, or stashed away for a rainy day, you’re not alone.

Here are a few quick tips to keep in mind to help you save more money every day, even if you don’t have a specific savings goal in mind:

Stop setting and forgetting

You know all those direct debits that come out of your bank account or get added onto your credit card each month? How many of those are for products and services that you’re no longer using?

If you joined a gym then lost interest after a few classes, or are still paying for a streaming service you hardly ever watch, think about cutting your losses and pocketing the cash you were previously spending.

Reduce your fees

Do you pay an annual fee on your credit card, but never use the rewards it offers? Does your bank charge fees for the account features and benefits that you use regularly?

If you’re paying more than you feel you should for using your bank’s services, it may be worth looking at what other options are out there. Switching banks can be simpler than you expect, and by switching to a lender with reduced or waived fees, you can free up more of your household budget to go towards your savings.

Be virtuous

It’s not as easy as it sounds, but cutting back or giving up your vices, such as caffeine, alcohol, or tobacco, can make a big difference to your weekly budget. Over time, cultivating these good habits can translate into big savings.

Watch your money, literally

With debit and credit card transactions being so convenient, both in shops and online, it’s easy to lose track of exactly how much money you’re spending on an everyday basis. A little here, a little there, a lot somewhere else… it all adds up.

One way to keep a closer eye on your money is to go old-school and get back into the habit of paying for small purchases using cold hard cash. Go to the ATM and get a wad of the stuff each week, make that your spending budget, and save whatever is left over each week.

Save seriously

Even if you don’t have a specific savings goal at present, such as paying for a new car or a holiday, the money you save by following these tips may be better off in a dedicated savings account than an everyday bank account.

By making regular deposits into a savings account, you may be able to earn interest on your savings and slowly but surely grow your wealth, which may be able to make paying for your next major expense that little bit less stressful.  

Did you find this helpful? Why not share this article?

Advertisement

RateCity

More savings accounts articles

More articles? Read more here

Learn more about savings accounts