As Australia has officially entered into a recession, it is more important than ever to be smart with your money and to focus on growing your savings. Whether it’s helping you get out of debt or to start saving for a European holiday, read our recommendations that will help you save hundreds every week.
Shop Around for the Best Deals
The online world has made it much easier to find better prices at the click of your finger. Get multiple quotes for utilities, a 10% discount for subscribing to a newsletter, use your phone to keep a record of cheap products and where to find them.
When purchasing online, download the free extension Honey that scans the website for active discount codes.
Budget! Budget! Budget!
To save your money, you need to know where it is going. Allocating weekly/monthly budgets will ensure you have enough to pay expenses and not incur more debt but also stop you overspending and instead grow your savings. To kick-start your budgeting, use or find spreadsheet inspiration on Google or Pinterest.
Get Spending Notifications to Your Phone
Apple Pay has revolutionised the way we pay, and although it is much more convenient, it comes with some dangerous repercussions. Gone are the days we could resist unnecessary purchases because we didn’t have our cards or cash.
Getting phone alerts with every purchase will help you keep track of your spending, be more conscious of purchases and potentially deter you from purchasing unnecessary products.
Buy Second Hand
There is an undeserving stigma surrounding second-hand purchases, but these stores hold more treasure than trash. Most of the time, these items are in near-perfect condition for half the price. Aside from the physical second-hand stores, online pages to look at should be Facebook Marketplace, Etsy, Depop, Gumtree, ASOS Marketplace, eBay, or Facebook pages such as the ‘Buy Nothing Project’.
Delete Food Apps
This one will be hard, but it has to be done. Removing the temptation – such as free delivery promotions – will fast-track your savings account, guaranteed. Whatever you’re craving, you’ll be able to make a cheaper and higher quantity of by making it yourself.
Untouchable Savings Account
Try allocating a specific percentage/amount of your earnings into a savings account every month (the budgeting will help with this). This should not be touched. Ever. Look for accounts that have a high-interest rate, but make sure to read their strict terms and conditions to make sure you do not incur more debt.
Learning the simple ways to grow your savings will help you save up for a car or house, maybe start your own business, redecorate your house or allow you to go travelling. If you follow these recommendations, those distant goals will very quickly become your reality.