We are all time poor so finding ways to save money easily is what most of us are looking for.
I am not going to tell you to cut your daily coffee or anything like that.
This list is different, aimed at easier ideas with a bigger impact.
I’m also not sharing tips like DIY everything.
While it is great to have life skills such as knowing how to garden, bake your own bread etc.
All those things take time and often the savings are minimal compared to how long those things take.
Homegrown produce tastes better and my kids prefer my home baking so we still do those things but they aren’t on this list.
Instead, this list is focused on the things that have a BIG impact on savings and can be done easier.
Disclosure: This post may contain affiliate links to products and services I use.
Get A $75 Bonus From ING
ING has their $75 Orange Everyday sign-up offer on. They share different rewards at different times and right now you can get $75.
If you are a new customer of ING you can get $75 for opening an everyday account with them. Here’s what you need to do:
- Open an everyday account, put the promo code CNW116 in the promo box (you must use the code to get the $75 bonus), and complete all the steps below in the first month.
- Deposit $1,000 into the account such as your income or Centrelink payments
- Make 5 settled transactions
- Open a Savings Maximiser (current interest rate is 5.5%)
- Make a deposit into the Savings Maximiser
Then you get your $75 the following month when the promotion is running. Promotion periods vary. The current promotion runs until 31 March 2024.
1. Do An Annual Financial Review
I have done this for years and while it does take a little time on the day I do it, it is so worth it.
What is an annual financial review?
It is where you sit down and review all your expenses, and compare providers for everything such as electricity, insurance, phone, internet etc.
Make sure you are getting the best deal for everything you pay for and make changes if you’re not.
It is also where I check all payments are correct, review subscriptions and that any paperwork has been lodged.
Check out how to do an annual financial review.
2. Get Out of the House (Get Active)
Spending time away from home means we are not using electricity in our house, not snacking constantly and are creating memories.
Our electricity bills are lower than most people we know despite having a house of 6.
We choose to do free activities when out such as hiking, swimming at the beach, fishing and free events in our area.
Hanging out at the shopping centre, markets or places we are likely to spend money is not what we choose to do because that is where most people waste money.
Instead of catching up with friends at a cafe or spending time at the shops, go for a walk, meet at the park or do something else that is active.
It will save you money, improve your health and keep you connected.
3. Choose a Savings Challenge
Some people struggle with regular savings such as setting aside an amount in a savings account each time they get paid.
This is where savings challenges can help.
Pick a challenge to do either for the year or do some short challenges throughout the year to boost your savings.
Ideally, you’d get in the habit of saving money on a regular basis though.
For example, finding a way to make and save an extra $27.40 a day will mean you save $10,000 extra in a year.
$10,000 can be a huge help for whatever your financial goals are.
Other challenges such as the $5 note challenge or putting all your coins in a jar and cashing in once full can be fun.
People often like them because they can see their savings in front of them but they aren’t the best way to increase your savings.
Check out these 9 savings challenges you might want to try to get an idea and get started.
4. Track Your Savings and Debt Payments
I know this is boring but it is important and if done well, can be motivating.
Print off charts for your savings goals and clearing debt, we have some here.
Put them somewhere you will see them and can mark them off so you can see you progress.
Having it in front of you and visual can help you stay motivated plus feel good about yourself for how far you’ve come.
When you feel good about it, you are more likely to continue doing it.
Plus, if these are goals for the whole family, it can help the kids to see how goals are progressing and that you are close to a house, car, holiday or whatever.
It helps them, and you, feel better about choices you are making to save money as well.
If the money is in a high-interest savings account, or the debt is being cleared and saving you interest, your finances will improve even more.
Read these 6 tips to easily reduce debt and deal with debt collectors.
Check out how to get your family on board with saving money and how to increase your net worth for more tips on tracking, staying motivated and why you should.
5. Have a Clear Goal
Saving money is so much easier when you have a clear goal because you can ask yourself “Do I want this or do I want xyz (whatever your goal is)?”
With my goal in mind (and visual reminders of it in the form of images in my wallet, on my phone, screensavers and vision boards etc) I am more likely to make good financial choices.
The goal needs to be something I am truly motivated by and want, not just something I think I should want because everyone else does.
Learn how to set and achieve goals, have a look at my motivation wall and then print some photos, create some images and set up our own goals with visual reminders.
6. Spend Your Time Wisely
How we spend our time directly impacts our finances.
If you spend a lot of time at the shops, you are more likely to spend money.
Spending a lot of time scrolling is likely to make you want stuff and buy things online.
The amount of ads you will see, not only sponsored and company ads, but ads and links from influencers, social media pages etc. is huge.
Scrolling, streaming, being online, watching TV, and watching how others live can all cause you to spend more and be unhappy with your life.
Plus you tend to snack more with those activities which cost money and your health.
Look at how you are spending your time, how it makes you feel and how you could spend it better.
By all means, have things you do to wind down, destress and have time for yourself.
Just be sure those are things that actually contribute to the life you and aren’t things that make you want to spend more.
18 time-saving tips for busy mums.
7. Opportunity Cost Review
Have you ever added up the cost of the things you bought and didn’t use?
When you add it up, it can be sickening.
Go through your bank account too and look at all those small purchases, take away, subscriptions and random stuff you’ve bought.
Think about how much time you had to work to make that much money to buy those things.
Often doing this calculation can help change your view and impulse buys.
Applying it to any future purchases can help a lot.
If you’re in the shops and you see something you want to buy, is it worth 1, 2, 3 or however many hours of your time?
On top of the amount it costs, how much time has been wasted buying it, getting it home, moving it around and eventually getting rid of it?
Was it worth it?
Read how to work out the real cost of everything to see what I mean.
8. Simplify and Automate Everything
Make money easy so you don’t have to think about it so much.
Create systems so your money automatically does what it needs to you can spend more time doing things you enjoy.
Set up direct debits but check the bills when they come in to ensure they are correct.
Have savings go automatically to a savings account each payday.
Look at everything you do and need to pay for.
How can you make it simpler or automated?
13 ways to make life easier by streamlining it has some examples.
How to streamline your finances by Aspiring Millionaire has more.
9. Pick Something to Quit and Transfer the Money
We all have our vices, some are ok, others need to go but the choice is yours.
Look at your life and if there is one you want to get rid of, do it and transfer whatever you were spending to your savings or debt.
Do it every time you are tempted to buy it or would have previously bought it and watch the savings add up.
To be clear, I am not saying give up every little thing that brings you joy or that you have to quit having a daily coffee on the way to work.
I am talking about picking something you know isn’t good, doesn’t really make you feel that great and you are better off without it.
It might be energy drinks (tips to quit energy drinks if you want), it might be alcohol or that lotto ticket you buy every week but never win.
Buying a treat for yourself every time you go shopping or takeaway too often because you cannot be bothered.
One option is to pick a month others are quitting something and do it with them e.g. Feb Fast or Dry July.
The main thing is to stick to it and transfer what you would have spent to either savings or debt.
Quitting Chocolate AKA Choctober
For me and a family member, that was chocolate and we did it together.
Choctober was a month (October) when one of my siblings and I quit chocolate.
We had gone through stages where we were great then both of us got hit by a lot of stressful events at once and without knowing it, both turned to comfort eating, mainly in the form of chocolate.
Funnily enough, one day we were talking and we had both personally decided to cut chocolate for a month, track it and save what we would have spent.
Hence, Choctober was born and we committed to it together.
Both having 4 kids, work, numerous family commitments etc we have similar lives so committing to something together was ideal as we understood each other and could keep each other accountable.
The fact it was Halloween and there were so many treats out made it harder in some ways but we were determined.
The amount we each saved was horrifying but in a motivating way.
I included all treats because I had gotten into the bad habit of dropping my kids at childcare and grabbing a treat on the way home.
10. Get The Freebies
Most companies have a discount for new members of their reward programs, birthday freebies if you register your birthdays and random giveaways throughout the year.
Sign up for the reward programs anywhere you shop and use these tips to combine discounts.
Check out the Aussie birthday freebies and sign up at least the month before to ensure you get your freebies.
Look at our huge list of freebies including everything from meal kits to home decor.
Lastly, read 50 ways to live for free.
11. Learn to Celebrate for Less
Birthday parties, weddings, Christmas and all sorts of celebrations can blow the budget.
Whether you are a host or guest, the things needed for these types of events can add up quickly.
It is your choice which ones you attend, what and how you celebrate as well as what you host.
We used to do a lot of hosting over the years and go all out but we learned most people don’t reciprocate and we prefer experiences as a family over big dinners or events like that.
For kids parties, you can find loads of tips to reduce the cost whether you are a guest giving a gift or hosting one for your own kids.
When it comes to all other events, there are ways make them more affordable or decline them politely if you’d prefer not to go.
12. Know Yourself
Ok, this one is not easy, it is important and extremely effective though as it can heavily impact your finances.
As an example, one of my children and I have ADHD which was diagnosed in childhood.
We are susceptible to impulse spending and could get into significant debt if we are not careful.
Since we know this about ourselves, we can put things in place to prevent this.
Learning what our core values are, what kind of lifestyle want and what is important to us helps us with our finances.
Knowing yourself, why you spend how you do, what you want in life and what you value can help you make decisions about how you spend your money, how you save and what you invest in.
One example of this in my own life recently with my kids was about looks vs international travel and experiences.
With travel, we added up once how much it would cost to look like ‘fitspo/insta models.’
Meaning, hair extensions, fake tans, fake nails, fake lashes, a lot of make up, plastic surgery, the gym membership and all those things.
We also added in the time it took to do it all and look a certain way every day.
It cost more than what we would spend on 3 overseas trips.
We’d value travel and experiences more, so I see no value on spending that amount on beauty.
But others might value the looks more and it is worth it to them to invest in their looks.
As you can see, knowing what you value and the lifestyle you want can help you save money and spend it in areas that matter to you.
How to make money travelling even as a family. 10 tips for free and super cheap travel plus 7 tips for beauty on a budget.
13. Focus on Health, not Weight Loss
The weight loss industry is booming and you might be surprised by how much money you spend on weight loss or how much time you spend thinking about it.
Instead of focusing on weight loss, focus on health.
Learn ways to eat healthier without depriving yourself or going on strict diets or using shakes.
Find an exercise you enjoy that lowers your risk of various diseases.
Keep healthy, increase your mobility, endurance and strength.
For too long there has been such a focus on being skinny when that is not an indicator of health.
Yes, we don’t want to be morbidly obese but the focus needs to be our health, not our weight.
Because being sick is expensive.
Illnesses can mean time off work, job loss, expensive medical bills and potentially homelessness.
Falling down that hole, using up all your savings and having nothing left feels impossible to get out of.
I’ve been homeless with my kids, I have also been paralysed, had multiple surgeries and various health issues.
Being sick is extremely expensive financially but it also impacts your relationships and quality of life in general.
If you want to save money, you might need to spend a little more time and money on your health to save in the long run.
Read my tips to get fit for free or super cheap plus tips to reduce the cost of medical care or afford medical expenses even on a low income.
How to manage your finances when sick has some extra tips too.
14. Have the Right Insurance
If you cannot afford to replace it, you cannot afford to have it uninsured.
This goes for cars, houses, boats, your health, everything.
There are insurance brokers who can help you with your insurance or you can do your own research and get quotes.
Some insurances might be included in services you have such as travel insurance with your credit card, roadside assistance with your car service, life insurance with your superannuation.
Be sure to check what is included in any service you have and always read the fine print.
15. Maximise Your Health Insurance
Health insurance is an expense so learn how to make the most of it.
Find out everything you are eligible to claim and make sure you complete the claims.
Look at how much you get per year for different services, what you need and utilise any benefits that you can to improve your life.
Always compare health insurance too. You want to know you are getting the right insurance for your needs and not paying for things you don’t need.
Compare health insurance with the government website to ensure you are able to compare all policies.
16. Get Smart With Bills
Review all your subscriptions and cancel any you don’t need.
Compare all your bills and anything you pay for to ensure you are on the right deal.
This goes for electricity, gas, internet, phone, car services, everything you pay for.
Get quotes, compare prices, ask for referrals and shop around.
Loyalty doesn’t pay anymore so don’t bother being loyal unless they are giving you a discount.
Two examples recently for me are my internet and insurance.
With the internet, we were having issues and despite a few calls, it didn’t get fixed.
So I compared online and found a deal that was $15 a month better.
Suddenly, my old company was going to send a technician to fix my line and offered $10 off.
Not good enough, I got the line fixed and still switched because I was firm on them needing to fix it as I was paying for the service.
And that if they couldn’t match the $15 discount I was offered elsewhere, there was no reason to stay.
I made it clear to them that is what I was doing and the new internet provider is actually better.
With insurance, I got an offer for car insurance that equalled a decent gift card.
I only needed to keep the insurance with them for 2 months minimum to get it.
The gift car was worth more than the 2 months insurance and the fine print showed it was the same as my current insurance, so I switched.
At the end of the 2 months, I got my gift card and switched to another deal.
17. Ask Yourself: How Can You Reduce Your Biggest Expenses?
Housing, cars and food tend to be the biggest expenses in most households.
If that’s the case with you, break it down and find out how you can reduce your biggest expenses.
Housing: Can you rent somewhere cheaper? Rent a room out or find other ways to make your home make money?
Transport: Can you live without a car? Do you use apps such as FuelMap to get the cheapest fuel? Learn tips to service your car and reduce the cost of transport.
Food: Try eating a vegetarian meal, shop at discount stores and markets instead of the main chains. Try these 20+ tips to reduce the cost of groceries and learn how to reduce waste.
When you break it into sections of the budget and focus on the biggest expenses, the savings tend to be easier to implement and have a higher impact on your finances.
18. Start Some Money Making or Saving Hobbies
Hobbies are important for our mental health because they are a break from everything.
What hobbies do you enjoy and is there a way they can save you money or do you want to make money from them?
Some examples, gardening, keeping chickens or bees and other homesteading hobbies can save money once set up.
Coin collecting is a fun hobby for some and can result in making money.
Reselling is something we enjoy and makes us money. My kids love op-shopping in general so it’s a bonus to make money off something they enjoy.
Writing has been another thing I have loved and it’s generated an income easily for me. I share my tips on how to become a freelance writer.
Only look at ways to make money from your hobby as a bonus otherwise you might suck the joy out of your hobby and it becomes a stress instead of an escape.
19. Combine Discounts
Numerous discounts can be combined to save even more if you know how to do it.
Generally, you can sign up to a rewards program for anywhere you shop and get bonuses with them.
Plus use cashback sites and discounted gift cards, thus combining discounts.
I shared exactly how to combine a variety of discounts to save money.
Making these little things a habit for all my spending saved us thousands las year and didn’t take much time at all.
20. Travel Tips
Travelling is a high priority for my family so it is an area I have learned some tips to save money with.
We travel a lot partially because we enjoy it but also because our family is spread around Australia, Vanuatu and the Solomon Islands.
Some of our hobbies e.g. wrestling, robotics and similar require travel.
As such, we’ve learned many ways to either make money from travel or get it for less.
Use our tips to get paid to travel and other tips to get free and super cheap travel if you want to travel more on a budget.
21. Learn to say No
Instead of letting people talk you into things you don’t want to do, learn to say.
Reclaim your time and life.
No is a complete sentence, you don’t owe anybody an explanation.
And you’ll find, when you start doing this and focusing on the life you want, you’ll save money.
Because your mind isn’t filled with angst over agreeing to stuff you don’t want to do.
Your mental load will be reduced because you aren’t the one running around like a headless chook doing everything for everyone.
Some things in your life you won’t be able to say no to but look at how you can reduce your mental load, decide what you want to say yes to and let go of the rest.
To help with this, get a copy of The People Pleasers Guide to Putting Yourself First, do the game Fair Play if you have a partner and make some changes.
22. Budget Beauty
I feel there is a lot of pressure for women to look a certain way and social media has made that significantly worse.
The pressure has always been there but it seems to be starting younger and younger as well as bombarding us from everywhere.
As an ex-hairdresser and beautician, I have a lot of tips to help reduce the cost of beauty.
Check out 7 tips for beauty on a budget as well as how to make and save money on beauty and health.
A few simple ones include using coffee grounds for a body scrub, learning to do your own manicure and facials.
Using oil for hair treatments and moisturiser and other natural ingredients for other beauty purposes.
23. Reduce the Cost of Kids/Family
As a mother of 4 bio and 2 stepkids, I understand how expensive raising kids can be.
Obviously, I enjoy being a mother and spend a lot of time and energy on it.
My eldest has Autism, needed Invisalign, therapy, speech therapy and other expensive assistance.
They also chose expensive hobbies such as robotics but I am more than happy to help them excel in their chosen areas and provide the things they need to have an amazing life.
Child number 2 has ADHD and both her and her older sibling have PTSD due to their abusive father.
She has had anxiety so severe I couldn’t work at times and the custody battle for both of them was long and expensive but worth it.
She is a wrestler, works at a butcher and wants an apprenticeship plus loves to shop, has a strict skincare routine, loves fashion and knows what she wants.
My toddlers haven’t been that expensive yet, some childcare and a cost to my health but I know babies and toddlers are cheap compared to teens.
If you have kids and want to save money, check out how to reduce the cost of raising kids.
That article covers every aspect I could think of from clothing to school fees, extracurricular activities and medical needs.
24. Take Action
How many articles have you read/podcasts you’ve listened to/videos you’ve watched with tips to save money?
None of that knowledge will help if you don’t take any action.
The most important thing you can do when it comes to saving money is choosing a tip and doing it.
Instead of reading lists like this and thinking, “That’s a good idea”, take action!
Implement whatever you can immediately to help you save money now.
How are you Saving Money? What are Some of Your Top Tips?
I shared 23 different ways to save money in 2023 if you want to save even more.
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