We all know that if we cut back on the morning latte, put the credit card in the freezer and took our lunch to work each day, we’d save money. But just as diets that have you eating celery for 12 weeks straight, cutting back on spending for long periods can make life feel a little bland.
To spice up your savings routine and bulk up your bank account fast, try one (or some) of these tried and tested quirky savings strategies that put the fun back into saving, and really work.
1. Going cold turkey
This requires you to cut back on your spending completely for a short time. It could be one week in a month, one day a week or try a whole month of just basic living. This means no movies, no morning coffee and no lunches or dinners out. Pay the rent or mortgage, allow money for transport, bills and a set budget for groceries, then put all of your remaining money straight into a savings account. The money saved will be bigger than if you only did one of those things over a longer period. You can opt to do this more than once a year to save for bigger goals.
2. Sweep your account
Have you ever looked over your monthly bank statement and counted up all those miscellaneous expenses? When you’ve got money just sitting there in your bank account it’s so much easier to overspend. By sweeping your account each week, or payday you’ll be surprised by how much extra you can save. First you’ll need to work out a budget then any money remaining in the account at the end of the week/month gets swept into your savings.
Top Tip: To make life even easier, open a UBank USaver-Ultra Account – it does the sweeping for you. You set a maximum balance and each night your account will be swept so that you’re always earning top interest.
3. Pocket your tens
This can be done with any note denomination ($5, $10, $20 or $50) but the idea that is any time you get given your nominated note when you get change, you have to save it. You could save $30 one day and nothing the next. Would you miss $10 from your wallet? Probably not, but $10 a day over a month is $300.
4. Dump a vice
The popularity of events like Dry July and Buy Nothing New Month have demonstrated how when we put our minds to it how easy it is to go without. It doesn’t matter what your vice is: chocolate, beer or shoes, mark the calendar and get to it.
5. Cull the pantry
If you did a quick stocktake of your pantry, chances are you’ve got a couple of hundred of dollars worth of food just sitting there. In fact, it is estimated that Australian household throw away over $1000 in food each year. That’s money that could go towards a Summer holiday.
One weekend, pull out the tins of tomatoes, beets, lentils, pasta and tuna and sit down with the cookbooks. Plan out a whole week’s worth of meals using only things in your pantry, fridge and freezer. You’ll be surprised by what you’ll be able to whip up.
Where to put your savings?
Don’t just leave your money sitting in a standard bank account earning paltry interest, put your money into a high interest savings account. Here are some of the top deals right now:
||4.60% p.a. (Bonus rate for 5 months. Conditions apply)|
||4.35% p.a. (Special variable rate for 4 months. Conditions apply)|
||4.30% p.a. (Bonus rate for 6 months|