With Christmas only a month away, now is the time to buckle down and save. However, unless you’re expecting extra cash to fall out of the sky, you may need a little help filling up the presents piggy bank.
Here are a few ways you can inject some extra cash into your savings account this holiday season.
1.Ditch the smokes and save $1,110
If the obvious health benefits aren’t enough of an encouragement, giving up smoking for just 30 days may save you $1,110 by Christmas.
According to Tobacco in Australia, a 25 pack of Winfields costs $37.00. On a pack a day habit, this would cost you $1,110 over 30 days. If you’re able to curve the cravings, even to one packet every two days, you could save big for the silly season.
2.Cut out one coffee a day and save $120
Most of us know that going without coffee wouldn’t see us lasting until Christmas. However, if you’re a multiple-cups-a-day drinker, cutting out one $4 coffee a day could save you $120.
If your office has as coffee maker, consider giving it a go to get your afternoon caffeine fix. It won’t be the same, but it’ll be worth it for the extra savings.
3.Switch UberEats for home cooking
It’s no surprise that eating out or ordering takeout can quickly get expensive. If, for example, you and your partner order $50 worth of takeaway once a week, this would cost up to $200 over four weeks. Cooking at home is far cheaper, and you can easily put those savings into your present piggy bank.
4.Install a discount code extension
If you’re planning on doing some of your Christmas present shopping online, consider installing a discount code browser extension, such as Honey. It automatically finds discount codes that you can apply on checkout.
5.Follow a money saving challenge
If you’re not prepared to give up any of your vices, consider following one of many money challenges you can find online.
For example, here’s a guide to save $465 in 30 days:
High interest accounts to boost your savings
With interest rates so low at the moment, you won’t see your savings grow much at all in 30 days. However, if you get on top of things now, by next Christmas you could seriously boost your savings.
A good rule of thumb to follow is trying to keep your savings account rate above the rate of inflation. According to The Reserve Bank of Australia, this is currently sitting at 1.70 per cent.
If you have a conditional savings account with a max rate below 1.70 per cent, you may want to consider switching to a more competitive account.
Market leading conditional savings accounts:
|Company||Min. rate||Max. rate||Conditions|
|86 400||0.40%||2.25%||Monthly deposit of $1,000|
|Up||0.50%||2.25%||5 card transactions per month|
|Bank of Queensland||0.35%||2.15%||Monthly deposit of $1,000|
|UBank||1.04%||2.10%||Monthly deposit of $250|
|ME Bank||0.35%||2.05%||1 Tap&Go purchase from everyday account|