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How to save money - 6 money saving tips for 2024

Financial Wellbeing Coach

2024-04-17 04:30

Estimated reading time
5 min

In this article

  • Commit to your financial goals
  • Make a budget and ace your money management
  • Grow your own product at home – it’s easier that you think!
  • Spend smartly and within your means
  • Open different savings accounts to make the most of your bank’s product
  • Use a long-term deposit account to save up for those big financial goals

The start of a new year – a time to reset, make some goals and get into a routine that will set you up for a stellar year.

After a typically busy and often expensive end to the year, it’s important to think about your money and how you’ll save for the 12 months ahead (and beyond), especially when the cost of living is ludicrously high. And with so many different tips and strategies on how to save money, knowing where to start can feel like finding a needle in a haystack.

But that’s why we’re here to share six simple money saving tips that anyone can follow.

1. Save money by making a pact with yourself (or others)

    There’s just something binding about a promise – and whether it’s to yourself, a friend or a colleague, saying your goals out loud and putting a cost in place for not meeting them can help you achieve them faster. It could be as simple as ticking off a certain number of chores or committing to the gym a few days a week – and if you don’t, transferring $5, $10 or $50 into your savings. Make sure your goal is realistic and your consequence is within your means – then watch your savings (or your productivity) grow.

2. Set up a budget to save some cash

    Whether you’re a spreadsheet budgeter or a pen and paper tracker – a good budget really is key to a good savings account. Budgeting simply means accounting for and allocating money to things to ensure you have enough funds for your everyday life. You don’t necessarily have to be restrictive, but you do have to be realistic when making a budget. For example, if you eat out twice a week, write a rough cost into your budget – this way you’ll know how much money you need to save for your splurge. There are many smartphone apps, websites and templates that can help, too. And remember, you can always edit or adjust your budget to better reflect your lifestyle or goals. You may find it helps to write down your budget or goals, too.

3. Grow your own groceries

    It’s not cheap to go to the supermarket at the moment – and buying fresh fruit and vegetables, despite being good for you, can sometimes be a stretch (we’re looking at you, $8 raspberries). So why not grow your own? Whether you have a big backyard or a quaint balcony, there are plenty of foods you can grow at home – from tomatoes to beans, carrots, pumpkins, raspberries, lemons, herbs and more. Just make sure you give them the correct amount of water, sunlight and nutrients and watch as your plants (and your savings!) grow.

4. Spend within your means

    We’ve all shopped the sales a little too hard, or tapped our cards, hoping for the best. And while it’s okay to indulge sometimes, knowing how much money you have, and spending within reason, is important when you’re trying to save. To do so, you need to have a pretty good understanding of your money situation, including how much you have in savings and how much you need to cover things like food and bills. This way you can work out how much money you actually have, and whether you can pop some into savings too. ANZ’s 50-30-20 rule is a great way to ensure your needs, wants and financial goals are covered.

5. Use different accounts

    Out of sight, out of mind, right? It really is true – if you can’t see it, you can’t spend it. And when it comes to money, a tried and tested way to do this is to open separate bank accounts. You might have a dedicated account for a house deposit, a holiday or just general weekend spending. Whatever your goals, splitting them into separate accounts makes it easier to see what you’re saving for (and to stick to it). To make this easier, you might be able to automate transfers into your savings account. At ANZ, you can organise your spending, including setting up direct debits and splitting your pay into multiple bank accounts, so that your savings are essentially on autopilot. Remember to consider your financial circumstances carefully and do what works for you! Always consider the fees and charges, eligibility conditions and T&Cs that apply to different accounts.

6. Open a long-term deposit account

    Planning to go on a holiday? Or buy a car? Perhaps you just want to have some security for the future? Long-term deposits are one of the best ways to save because you can’t access your money for a fixed period, and you also typically earn interest at a higher rate than a normal bank account. Save smarter, not harder. Again, do your research, check the fees, T&Cs and do what works for you and your circumstances.

How to save money - 6 money saving tips for 2024
Financial Wellbeing Coach

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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.