21 Ways to Instantly Boost Your Savings
Looking to give your savings account a top up? These simple tips will help you achieve that exactly.
1. Give your opinion
Surveys are a great way to earn some extra cash. Whether you jump online or participate in a one-on-one interview, or a group discussion in person, you can earn up to $120 an hour to simply give your thoughts on a topic or theme. Talk about easy money.
2. Don’t stop dining out
Get smart with your appetite. Instead of dining out at the first restaurant you see, do your research. The Fork and Groupon provide great dining specials such as 50% off your total bill! Many pubs also do a two for one night, which is hard to pass up.
3. Put your savings in a high interest account
Do your research, the right high interest savings account can make your money work hard for you. The trick is to leave your money in there for a long period — without making any withdrawals — and watch the amount grow over time.
4. Read up
Love a good read? Skip the bookstore and head to your local library — the place where you can actually borrow books for free. Just be sure to return your reads on time so you don’t get slugged with any overdue fees.
5. Drive less, walk or ride more
Every time you drive your car, it costs you money. Petrol, parking and car service costs can creep up. Where possible, opt to walk or ride to your destination. If that’s not possible, can you catch public transport or car pool instead?
6. Make a plan to shop around
Don’t get comfortable with plans: phones, internet, electricity and gas offers fluctuate and change all the time. Revisit your current plan and shop around to see if you can get more bang for your buck (hint: you probably can).
7. Sell unwanted or unused items
That pile of clothing at the top of wardrobe you haven’t worn since you can’t remember when? It’s time to part with it. Same goes for the sporting equipment you haven’t picked up in forever, and the unused furniture in your spare room. Facebook Marketplace, Gumtree or eBay are all great options to resell second hand goods, while making a tidy profit.
8. Ask for a pay rise
We get it, the thought of asking for a pay rise can be nerve-racking, but it’s worth it. Lock in the time with your manager, go in prepared and make your case. If the business can’t offer you a pay rise at this time, are there any personal costs they can cover? Perhaps they can offer you a car allowance or cover your phone bill?
9. Are you an over subscriber?
Various media services, newspapers, magazines, gyms and exercise studios… subscriptions can stack up. How many do you actually use? If you can’t remember the last time you used the subscription, it’s been too long and it’s time to cancel it. Alternatively, look at sharing the cost of a subscription with a partner or friend if you share the same interest (if the product allows).
10. Avoid peak periods
Did you know electricity can cost you more during peak periods? We’re not saying don’t turn your lights on, but can you delay a load of washing or using the clothes dryer until the peak period has finished?
11. Toll no more
If you live in a city, chances are tolls are all around you. $4 here and $6 there can add up, fast. If you have to drive, can you take an alternative route that bypasses tolls?
12. Free space?
An unused garage, a free apartment for the weekend or a car not being used for a day or two can all be big money makers. In today’s day and age, why not rent it out? Platforms like Airbnb make this easy and as safe as possible.
13. Shop online and get money back
You read that right. If you’re going to shop online (because, don’t we all?), why not shop via a cashback website? Meet Shopback and CASHREWARDS. How does it work? The stores pay the sites a commission from your purchase, and they share a percentage of it back with you.
14. Entertainment doesn’t need to be expensive
Next time you want to head out and about, do it on the cheap. Free entertainment (check out your local council website) or discounted tickets can be just as fun and fulfilling. Who remembers cheap Tuesdays at the cinema? Yep, it’s still a thing.
15. Repair, don’t throw
Next time something wears out or breaks, ask yourself if you can get it fixed. You would be surprised: a trip to Bunnings or Lincraft teamed with a YouTube tutorial can save a piece of furniture or an item of clothing from landfill, while being kind to your account.
16. Hustle on the side
Why not start a side hustle and make a buck or two? Think: dog walking, yoga teaching, designing or cooking — there are so many possibilities. The best part is you can make it as little or large as you wish.
17. Buy big, save bigger
If space in your home isn’t limited, consider buying non-perishable items in bulk. Laundry powder, toilet paper, dishwasher tablets are all great examples of items you can buy in bulk — and save a chunk of money in the process.
18. Don’t splurge with your bonus, tax return or pay rise
As tempting as it is to treat yourself when you're handed a bonus, pay rise or your tax return, don’t. If you’ve survived on your current salary to date, you should be able to continue to do so! Instead, put that money into a high-interest savings account, where your future self will thank you.
19. Rethink your weekday lunches
You’ve no doubt heard this tip, but the truth is it works. During the week, do you grab a coffee on your way to the office? Then duck out for lunch? Perhaps you opt for a snack mid-afternoon, too? You’re probably looking at $20-$25 a day. That amounts to $100-$125 a week! If coffee in the morning makes you feel good, keep it up. The biggest saving to be made is your lunch. If time permits, smash out some food prep on a Sunday or bring in leftovers from dinner the night before.
20. Set and forget
We’re all busy, so let’s make this as simple as possible. Set up an automatic transfer on the day you get paid to transfer money to your savings account — you won’t even notice the money go. It’s saving made easy.
21. Earn ‘extras’ money
Have you ever fancied yourself as a thespian? Try signing up to an acting agency as an extra. If you have a flexible job - and the right face - then a day hanging around in the background of a TV ad can earn you a decent bonus for your savings.