3 simple steps to save money without giving up your morning coffee
05 Jul 2018
What are you saving for? A holiday or home loan? Want to splash some cash on a new set of wheels or even a new wardrobe. It’s nice to sit back and dream about what you could do with your hard-earned dollars but when it comes to actually putting money aside for saving, it is easier said than done.
We have all been privy to the cost cutting measures we can introduce into our daily lives so big things grow from our little efforts. Taking the bus, skipping take out coffee and staying in on a Saturday night are all valid ways to save dollars but they also require personal restraint and plenty of will power to enforce.
Don’t worry, there are ways you can save with little to no effort, all it takes is some careful planning and a few helpful tools.
1. Create A Saving Habit
They say it takes 21 days to form a habit but truth is saving habits can form even quicker. Start by setting up a seperate savings account, one that is seperate to your spending money and they give it a name that gets you excited about your saving goal (‘Cocktail Fund for Fiji’ has a nice ring to it). The set up an automatic direct debit to come from your spending account to your saving account on the day you get paid.
These two simple steps to saving heaven are made all the easier via the Commonwealth Bank of Australia’s easy online portal, Netbank which makes it super easy to set up your different accounts so you are less tempted to spend your slush fund on day-to-day expenses.
2. Calculate It and Cash In
So you’ve got your saving goal in mind but you are not sure how to get there? Now is the time to get acquainted with a savings calculator to help you work out a plan to save big as quickly as possible. We love this one which not only helps you to visually see how much you can save or need to put aside each week to reach a goal but it also factors in your interest which is a nice bonus.
3. Spend Smart
This wouldn’t be a blog on ways to save without some thrifty saving tips thrown into the mix. If coffee and night’s out on the town are considered necessities you are not willing to negotiate on, look at other money funnels in your life that you can block up without causing yourself too much grief.
Can’t think of anything you are willing to scrimp on? The Money Smart site has a bunch of things you probably haven’t even considered. Don’t worry you will be sipping on those cocktails in Fiji in no time and they will be all the sweeter knowing you saved for your holiday rather than racking up a debt.
Feel like you need some one-on-one help to get your savings in order? The Commonwealth Bank of Australia opens at Chevron Renaissance on 9th July.