4 totally underrated savings tips from mums

Tara McCabe

Friday 08 May 2020

No matter what continent they live on or what language they speak, you can always count on mums to tell you exactly what they’re thinking. Yes mums sometimes have some painfully honest opinions to share, but they can also often give you extremely useful, shrewd tips to live by.

Mother giving son savings tips.

With MyState Bank reporting that 58% of Australians will be spending Mother’s Day apart due to social distancing and the Coronavirus pandemic continuing to put a strain on the economy, reflecting on some of that sage mum advice might not be such a bad idea.

To help you tighten your belt we’ve come up with a list of totally under-appreciated, but as it turns out invaluable savings tips from mums.

“We have a food at home”

However much you might have dreaded hearing these words when you were little, there really is nothing more comforting than knowing that you have food at home.

Plus while you’re unlikely to be dining out anytime soon, takeaway food is still very tempting, so in the interests of keeping your bank account looking healthy and not letting the food in your fridge go to waste, treat takeaway as something to be indulged in once in a while, rather than a weekly habit.

“We’re not made of money you know!”

If you’ve flown the coop and you now pay all your own bills, then you’ll know just how true these words are. 

RELATED: May 2020 Financial Checklist

So even though you might be tempted to do some online shopping during lockdown, remember that social distancing won’t go on forever and if you give into boredom you might be left with more than a few things that you don’t really need or want.

To keep your savings account in the pink, instead why not explore fun, free things you can do while you’re stuck at home.

“Were you born in a barn? Shut the door!”

While leaving doors open all the time is a constant source of annoyance for mums, this is one beratement we should all pay heed to.

Whether it’s winter or summer, one sure fire way to up your electricity bill is to leave your doors wide open while you have either the air conditioner or the heater on. To make the most of your appliances and to protect yourself from bill shock, close all your doors and windows so that the warm or cool air can’t escape.

“Don’t spend it all at once!”

Though these words were originally spoken after a visit from the tooth fairy or (if you were lucky enough) while doling out pocket money, they are also an extremely sound piece of advice for adult life.

If you can afford to, always make sure you save some of your salary for later. Your piggy bank may be long gone, but that doesn’t mean you can’t shift your coins into a savings account. Set up an automatic deposit for the day after you get paid, that way you won’t even miss the money or have time to spend it on other things. 

In fact, with the whole world is feeling the economic pinch, the importance of having a rainy day fund has never been clearer. To make sure you’re prepared for the worst, why not read our article: 5 steps to create a crisis budget.

And don’t settle for any account, find one that’s going to give you the best return by comparing savings account interest rates or check out the list below for a quick gander. 

Finally, remember to thank your mother for all those totally underrated, useful pieces of advice!

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