Money saving tips you have to try

Saving is as important as it is tricky. Don’t stress – we’ve got you with these lesser-known tricks designed to boost your savings.

1 minute read

It's all about mindset

Start with some mini goals

Set yourself some financial goals that are achievable short-term – we’re talking within the next week or month – and track them in the Bankwest App. Lean into the challenge of saving and see how you go.

Value items based on your pay

Next time you see something you want, value it in terms of how many hours you worked to earn it. This works best when it comes to extravagant purchases and impulse buys. When the price of a new jacket equates to a whole week’s worth of work, you might be surprised by how much your perspective on spending changes.

Sleep on it

Make a promise to yourself that you’ll sleep on any purchases over a certain amount. Often, you’ll find that as time passes you either can’t be bothered to go back and purchase it, or you’ve simply forgotten. If you still want to treat yourself, make sure it’s something you love, and that you’ll make the most of it.

Small change goes a long way

Automate saving and spending

On the day that your pay comes in, set up an automatic transfer into different accounts so that you have a predefined amount of money to spend, and the rest goes straight into savings. This takes the stress out of planning your finances regularly, and lets you set and forget.

Check out how to set savings goals and schedule regular payments into your high-interest savings accounts to supercharge your savings.

Use the ‘zero out’ method

Set aside some time on a regular basis to ‘zero out’ your transaction account. For example, if you have $67 in your transaction account at the end of the day, transfer $7 to your savings account, rounding back to the nearest ten. Every dollar adds up, and you’ll become more mindful about how much money you’re spending as you’re checking your balance regularly.

Something a little extra

If you’ve been working on your savings mindset and feel hungry for more when it comes to topping up your online piggy bank, you can always revert to the classics:

Start a budget

Ah, the b-word. Don’t avoid it, embrace it! We’ve got you – check out our Budget Planner Calculator to help you gain even more control over your finances.

Control what you spend when you have to spend

To avoid having to break the bank on necessities like groceries, check out our supermarket saving strategies.

Cash is king

Get into the habit of getting out cash one day a week and limiting your spending to what you withdraw. This makes you mindful of what you spend and how much you have left, and less likely to splurge in the moment.

About this article

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.