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Saving tricks
We asked a bunch of our experts, and they all said the same thing: saving money isn’t about finding some outrageous life hack – it’s the little things that count. Here are some quick tips that might help if you’ve struggled to save in the past.
2. Start small
Build up your savings momentum with one small action: whether it’s putting all your coins in a piggy bank (how retro!) or rounding up your shopping.
Spent $96.50? You could make it $100 and transfer $3.50 to your savings. Some banks can even help you to round up your transactions automatically.
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3. Cut down, not out
Sacrificing your 'wants' can go a long way, so consider how long you’ll be making this change and if it's worth it. Some expenses might actually help to improve your life and are worth prioritising in your budget.
Instead of cutting out, consider cutting down – if you're eating out once a week, try doing it once a fortnight and put the rest back into your savings. Reducing the frequency of things we love can actually help trigger a positive dopamine response when we start to savour them. It’s the best of both worlds.
Use the calculator below to see how far your 'small change' can take you.
This is an estimate only. It is provided for illustrative purposes only and is based on the accuracy of information provided. ANZ does not store the information provided in this calculator.
4. Put your savings on autopilot
Figure out how much you can safely save with help from our awesome budget tool, then set up a recurring payment on pay day to transfer some of your income straight into your savings. Then, don’t touch it.
By automating your savings transfers you can take temptation and thinking out of the equation.
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5. Play hide and don’t spend
Having everything at your fingertips can make it feel oh so easy to just dip into your savings from time to time and then suddenly it's all gone. If you need to join the 'out of sight, out of mind' movement look at how you can hide your savings. Whether you enlist a trusted family member or your bank to add extra obstacles (like having to visit a branch to withdraw money), restricting your ability to dip right in can help to enforce some good habits.
While keeping the account out of sight can work to help you beat temptation, tracking your progress can be an important step to savings success. So, check in on it regularly to see how your efforts are having an effect.
Brain hack
How many times have you thought to yourself, "I'll just have a couple of chips and then I’ll put the packet away", only to be pouring the last of the crumbs into your mouth a few minutes later? It turns out, overestimating our will power is incredibly common.
Folding when faced with temptation isn’t the end of the world, but every little bit you keep out of your savings is putting your goal one step further away, so whatever you can do to get ahead of temptation (hiding it, moving it, automating it) will help. When it comes to finance, asking yourself a few quick questions like, "Is this a need or a want?" or "Do I really need this today, or can it be delayed?" will help you overcome your impulses and develop some spending restraint.
The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.