24 ways to save in 2024: the big, the small and the quirky

As we wave goodbye to the tumultuous year that was 2023 and welcome 2024 with open arms, it's the perfect time for a fresh start, especially in our financial lives.

Seeing 2024 as a year of new beginnings offers a great chance to either enhance your existing savings strategies or lay the foundation for solid saving habits.

Fortunately, there are numerous methods to achieve this, from major savings techniques to minor spending adjustments, and even some unique, unconventional saving tricks.

The big: 

1. Don’t spend on big ticket items you don’t need: Considering a new car or the latest TV model but don't urgently need it? Hold off on these big-ticket items throughout 2024. This delay not only helps you save but also gives you time to reassess your needs. Who knows, by the end of the year you might have saved enough to make the purchase without financial strain using the money you've diligently set aside.

2. Start a side hustle:  If you have a hobby that could potentially generate income, consider turning it into a side hustle. With the booming popularity of social media and online marketplaces, 2024 is an excellent time to sell products or services online. Dedicating time to this venture could significantly boost your savings, offering both financial rewards and the satisfaction of monetizing your passion.

3. Refinance your home loan: Borrowers have been feeling the brunt of a high rate environment due to the RBA’s rate hikes. By switching to a loan with a lower interest rate you can reduce your monthly repayments, potentially saving a substantial amount over the life of the loan. Always compare current rates and consider the long-term financial benefits before making a decision.

4. Review your current savings account: A higher rate environment means that some pretty great savings products are on offer. Some options we track in our database are offering rates above 5%. These accounts may provide bonus interest for growing your savings each month or making regular deposits. Upgrading can be a smart move to maximise your earnings on the money you've already saved.

5. Consolidate your debt: Paying interest across a number of different lending products (like personal loans, car loans or credit cards) can add up. You may be able to save on interest by rolling all your personal debts into one debt consolidation loan as well as make it easier to manage repaying what you owe.

6. Take advantage of a balance transfer offer: If interest repayments on your credit card are holding you up from achieving your savings goal, a balance transfer credit card might be a good option for you. Depending on the card you may be able to pay down your balance interest-free over a period of months or even years.

7. Reevaluate your energy provider: Some Aussies have been feeling the brunt of higher energy prices. One way of taking advantage of lower prices is by checking out other energy provider offers. Compare these deals with your current energy plan. If you find you're paying too much, don't hesitate to switch to a more cost-effective plan. Regularly reviewing and changing providers, as needed, can lead to significant savings on your energy bills.

8. Check in with your insurance: No matter if it's home and contents insurance, car insurance or pet insurance, review what you're paying compared to what you might pay with another policy. Don’t be afraid to chat with your insurance provider about any discounts available, but remember loyalty doesn’t always mean you're getting the best deal. 

9. Invest in Energy-Efficient Appliances: Replacing older, less efficient appliances with energy-efficient models can lead to significant savings in utility bills over time. Although the initial cost might be higher, the long-term savings in energy consumption can be substantial.

The small: 

10. Automate Savings: Set up an automatic transfer to your savings account each payday. This "pay yourself first" approach ensures that you consistently save a portion of your income, making it easier to build up your savings over time. By automating the process, you remove the temptation to spend the money elsewhere.

11. Be savvier with your grocery shop: Cost of living pressures have meant higher prices at the store. Prioritise buying items that are on special and avoid buying things you don’t need or that are overpriced.

12. Switch to a cheaper NBN plan: These days getting a solid deal on your internet can make a big difference to how much you spend each month. You may want to look out for and switch to a broadband provider that offers low prices for the speed and data your household needs.

13. Clean up your subscriptions and memberships: Not watching a particular streaming service anymore or paying too much for a gym you hardly go to? Ditch the cost! It’s a good idea to go through your bank account history and cancel any direct debits that you don’t need to be paying.

14. Shop smarter: Whether you commit to buying fewer new clothes or only buy items during sale or discount periods (when you need them), cutting down on indulgences is always a good way to grow your savings stash.

15. Go for reusable rather than single-use: Items like plastic bags, cling wrap or foil cost money each time you buy them. So, while purchasing a reusable wrap or bag may cost more upfront in the long run you’ll likely save money. Plus, you’ll be doing your part for the planet which always feels good. 

16. Reconsider how often you turn on the aircon or heater: Whether you're in the habit of cranking the aircon in summer or curling up next to the heater in winter, you may want to start thinking twice about how long and how often you leave them on. By cutting down your aircon and heater usage you could reduce your electricity or gas bill over the course of the entire year. 

The quirky: 

17. Freeze, freeze, freeze: Being savvy with food is a good way to save money, so make sure you become well acquainted with your freezer this year. Not only can you bulk buy items that are on special and freeze them (if it's safe to do so), you can also save food from going bad, like bread or leftovers, by popping them in the freezer.

18. Walk more: With petrol prices still high, any time you can ditch your car and walk somewhere is good for your wallet. Similarly, the money you save on a bus or a train fare could be used for something else or help plump up your savings incrementally.

19. Reduce your ‘use’: There are many ways around the house to reduce your use. For example, do laundry less and in bigger loads - that way you lessen how much detergent you use as well as save on electricity. Another way is to use things like tissues or toilet paper in a considerate manner, by reducing the amount you use each time the box or roll will last longer and mean you have to buy them less often.

20. Build yourself a pot of gold: Who doesn’t love a pot of gold? Make sure you stash any coins or cash you have lying around the house into a jar or money box and don’t dip into it until it's full. It may seem like an old-fashioned way of doing things but it's still a goodie - plus it feels great when it's time to smash it open.

21. Reduce the spending on cosmetics: consider reducing your expenditure on cosmetics. This doesn't mean compromising on quality or personal care; rather, it's about being more mindful and selective. Look for multi-purpose products, take advantage of sales, or explore DIY beauty solutions. By cutting back on unnecessary or luxury cosmetic items, you can contribute significantly to your overall savings.

22. Become your own barista: While takeaway coffees can seem irresistible, when purchased everyday or multiple times a day the cost can really add up. Cut down on the amount of takeaway coffees you buy and become your own barista with a homemade brew or using the work coffee machine (if it’s free to use).

23. Don’t throw away your toothpaste too early: Same goes for your shampoo, conditioner, body wash etc. Make sure you are using these products until they are empty before you purchase a new one.

24. Sell or re-gift unwanted presents: Got unwanted Christmas or birthday gifts? Sell them online or re-gift them to someone. Similarly, if you have any clothes that you no longer wear but are still in good condition you may want to sell them rather than sending them to a charity shop or putting them in the bin, you never know how much you might get.  

What to check out some of the best savings accounts around, or just looking to compare your current account? Head over to our savings accounts hub or check out the table below.