6 Little Changes That’ll Make a Big Difference With Your Savings

Ah, savings. Almost impossible to build in a world where we can’t go without our avocado toast and extra coffees. There are ways to help that bank balance go up instead of down, and you might have heard of them before. Sometimes, though, good advice has to be repeated.

Put change in a jar

If you go to a farmers market you’ll find that most stallholders only accept cash. Aim to have $5 left over and put it in a jar for safekeeping. Try and make this a ‘thing’ whenever you withdraw cash. Put the change in a savings jar instead of spending it on an after-work treat. The yearly result is $260 if you save $5 every week.


Download budgeting and investment apps

This one is tricky because not everyone is sold on an investment app. It’s not our place to tell you they’re best, either. But Acorns, downloaded by several hundred thousand Aussies since its 2016 release, is also a great educational tool.

We can though, advise on installing a spending tracker/budgeting app for your debit and credit accounts. You can set daily alerts to show how much you spent so far in the month. It’s slightly sobering and might help you reign in the spending.


Automatically invest

No doubt you already have an investment account.


Well, it’s time to get on it ASAP! Book an appointment with a financial advisor and tell them you want to start saving up a nest egg. Investment accounts are handy for adding to your super, or for important purchases like your first house. Link your investment to whatever account you’re comfortable withdrawing from and set an automatic debit account each month. The amount of growth will depend on your risk tolerance, but you can accrue a couple of hundred dollars in savings annually.


Pay on time

Don’t put off paying that credit card. If you ‘forget’, that’s more interest you owe. Rip off the band-aid and pay on time, or switch to an interest-free card.


Change providers

There’s always a cheaper deal and comparison sites for car insurance policies, life insurance, and mobile phone plans. Browse around after checking over your bank balance (gulp). Side note: some providers offer discounts if a family member already has a policy. Defense Health also offers good private health for members of the defense forces and their families. You could have a few hundred dollars in savings if you find something that works.


Swap supermarkets

Yes, you really can save money when you change to ALDI. There’s a whole bunch of newspaper articles to prove it. But there’s a couple of other options, one of them being outlet shopping. Golden Circle Outlet is one example. Bulk buying from Costco is another. Not exactly outlet shopping but if you have a friend with a membership, ask to tag along.


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