Savvy savings tips you won’t even notice

Ever wondered what the experts know about saving that us common folk do not? Apparently there are some relatively simple ways to save.

1. Automate small amounts of money

Small amounts are often unnoticeable! And they can make you more aware of how much you spend on frivolous things like lunch and coffee runs. Once you start automating smaller amounts, they will add up to bigger ones. Make a rule that every fortnight, $50 is automated from your pay, for example, and skip the coffee runs at work. If the money isn’t there, you won’t spend it.

Choose a savings account with a higher interest rate and transfer between $20 and $50 a week automatically across. You won’t miss the money (and you’ll appreciate those frivolous purchases even more, when you do make them!), but it will add up over months and a year.

2. Make a wait-and-see rule with online shopping

To ensure you’re both getting the best deal and not buying something ‘on impulse’, instal a wait-and-see rule when you want to buy something. If you wait 24 hours and you still desperately want it, or you can’t find a better deal, you’re allowed to buy it.

This is a good way to separate your needs from your wants, too. Often when you leave a purchase overnight you wake up and realise you don’t need it, anyway.

3. Walk, cycle or catch the bus to work

Driving a car to work would probably be one of the most expensive ways to commute. Aside from the running costs of your car, you have parking, tolls, petrol and insurance. And, it’s bad for your health (we already sit too much in the average work-day, anyway!).

By adding a walk or a cycle commute you could not only be improving your health, you could save anywhere between $50-$100 a week or more.

4: Switch banks

Yes, you read that right. A simple way to save a heap of ATM fees is to switch to an account with a bank that has no fees for withdrawals, and plenty of their ATMs around. Also shop around for an account without fees. You don’t need to be paying monthly fees, and you could also find a bank that charges no foreign transaction fees. Just by switching banks you could save another $50 or so each month!

5: Check for ‘free’ subscriptions that are costing you $$

Did you sign up to a free trial on Apple, Netflix, Stan, Amazon Prime, Your Grocer or any other website that has expired? You could be losing $15-20 a month on something you barely use. Check your bank statements and ask yourself whether or not you actually use the service enough to justify the monthly fee. If not, cancel the service.

6. Switch off at the power

Whether it’s your phone, TV, laptop, kettle or lamps, by switching things off at the power (and not running everything on ‘standby’, which sucks energy) you could save heaps on your energy bill. As one of the most expensive costs in running a home, wouldn’t you rather that money went into your savings account than the electricity providers’?

General advice disclaimer

The information contained in this document is provided for education purposes only. It has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of the information as it relates to you. You may wish to consult an adviser before you make any decisions relating to your financial affairs.