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Money saving tips

Get closer to your saving goals. Some simple tips to start saving now.

Explore our saving tips


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Banking

Grocery

Retail shopping

Going out

Daily saving tips

Savings mindset

Banking saving tips

Save automatically

Create separate savings accounts for your short term goals a house deposit and holidays as well as one for bills and set up automatic transfers from your everyday account to make saving automatic.

Lock your savings

When you have a decent sum of money saved up, use a term deposit to lock it away until the term ends. This could remove the temptation to access your money.

Reduce your bank fees.

If you have multiple bank accounts, check what transaction fees you could incur. You can also try asking about fee exemptions or packages for which you might be eligible.

Visualise the progress

Whether you go for a tried-and-tested thermometer, a pie chart, or a fancy savings app on your phone, tracking your progress can help you keep your eye on the prize.

Keep track

Keep track of your spending using a diary or a mobile app. Make sure to look at not only your everyday spending but your large bills such as car registration and insurance.

Choose the right accounts

Think about how often you will need to access your savings and how you would like to earn interest. Make sure you consider things like bonus interest offers and incentives for making regular deposits when you choose your accounts.

Debt consolidation

Talk to someone about whether consolidating existing debts could help you save on interest.

Smooth your bills

Bill smoothing is a payment plan offered by some utility providers (electricity, gas and water). Instead of being overwhelmed with large bills all at once, you may be able to pay fortnightly or monthly. This may help make budgeting a little easier and align with your pay cycle. On the other hand, in some cases you may pay less if you pay your bill in one hit, so you need to carefully weigh up the pros and cons of each option.

Grocery saving tips

Do not shop on an empty stomach

Make sure to eat before you go shopping so that you don’t end up buying things you don’t need. If you find yourself at the super market with a grumbly tummy, buy a healthy snack such as a piece of fruit or a small tub of nuts before you get started.

Buy online

Prone to straying from the shopping list for that goody in the candy aisle? Buying online may be the option for you. This could keep you out of the aisles and only buying what you need.

Start a veggie patch

Growing your own food at home may help you to save on those weekly grocery bills.

Give generic products a try

Swapping out branded products for cheaper generic brands may save money and who knows, you might not even notice the difference.

Don’t buy soft drinks or juice

Swap your soft drinks and juice for tap water to save on your grocery bill.

Buy in bulk

Buying in bulk is often cheaper than buying small quantities every week. This may be great for cooking large batches of meals and storing in the freezer.

Plan your weekly menu

By planning out your menu a week in advance you could reduce the amount of food you throw out. Spend less by minimising the number of times you go to the market and only buying what's on the list.

Try meat-free Mondays

Meat can cost a lot. Try a meat-free Monday meal or add a few vegetarian meals to your weekly plan.

 

Retail shopping saving tips

Sell your old clothes and unwanted items

Try having a yard sale, opening a spot at the local marketplace or selling on Ebay. This will clear out your closet and declutter your home and could put some money into your pocket.

Sit on your online shopping cart

Before clicking ‘checkout’, try waiting a few days. Sometimes you’ll find yourself questioning if you really wanted that dress or realising that you already have that top in a similar design.

Cook simple

Cheap staples such as lentil, rice and pasta can be jazzed up hundreds of different ways with a few simple ingredients. Try looking up recipes online for cheap meal ideas.

Shop smarter

Hunt for bargains online or plan your shopping around sales - for example End of Financial Year or Boxing Day sales. You could also plan your gifts in advance or try handmade gifts instead of that expensive wine.

Fight the impulsive buy

Put a pause on any purchases that are expensive or unnecessary by giving yourself some time to think. If you are shopping online, leave the item in the shopping cart for a day or two.

Going out saving tips

Fun for kids on a budget

Taking the kids to the zoo or aquarium every month can become expensive. Instead, consider exploring new parks or look for free events in your local city. If the trip to the zoo is something the kids really love, consider annual passes as these may work out to be cheaper than single pass trips, provided that you use them.

Pack a snack or meal for the road trip

Buying food can get expensive on the road especially when there aren’t many options and you’re hungry. Packing snacks or even meals saves money on food costs.

Share your meals

If you find that you can never finish your meal, try splitting with a friend or order a set of entrees to share with the group.

Dress up parties

Ignore the expensive costume stores and check out the op-shops for cheap inspiration. Or you could grab some cheap trimmings to jazz up an outfit.

Eat out less

Buying lunches at work can cost a lot more than bringing home cooked meals.

Daily saving tips

Change the activity

Switch out expensive fun for cheap fun. For instance instead of going to an expensive café for lunch, do a BYO picnic with friends.

Savings jar

Every time you walk past, transfer all your loose change into the jar. To fast-track your savings and make things a little more interesting, you could add a ‘note rule’. Every time your wallet has a note of a certain colour (start easy, with a pink $5 note), then it goes in the jar, too. If you are living a digital lifestyle, set up a daily transfer of $1 every day or $10 a week.

Savings mindset

Identify triggers

Identify what triggers (like people, places, occasions, emotions, or thoughts) precede a behaviour you want to change. Using the Friday night $50 spend on dinner after work as an example. Try to change things – for example, you could make a date with a friend outside of work to go see a movie instead. Or, invite your workmates home.

Think positive

Instead of thinking about how you’re $50 worse off each week because the money is being re-directed into your savings account, think about the round-the-world trip that the $50 is going towards.

More guides to help you

Create a budget

Follow these simple steps to create a budget, take control of your spending and reach your savings goals. Learn more about creating a budget

Track my spending

If you want to save money, you should track where it goes. Money missing is money lost. Learn more about how to track your spending

Saving on a budget

Create a simple, efficient budget and savings plan to help you set money aside for the things that are important to you. 

Learn more about saving on a budget

Hide and save

When it comes to saving money, you can be your own worst enemy. Just when you think you’re getting ahead, you withdraw a stash of cash for an unplanned purchase. Hiding your money can help.

Find out ways that you can hide your money to save it

The information set out above is general in nature and has been prepared without taking into account your objectives financial situation or 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.