1. Automate payments for your savings
Topping up your savings account regularly is simple with automated payments. Saving consistently without thinking twice? That’s some savvy saving right there.
You can use your bank’s app or go through online banking to set a specific amount and payment frequency. Then you can kick back and watch your savings increase over time. Easy!
It can be as little as $1 a day or something larger, like a portion of your salary each time you get paid – do what’s realistic for your financial situation and use your budget to work out how much to auto-transfer if you need.
Here’s a quick tip: our savings calculator can help you work out how much you can save with regular payments.
2. Use your bank’s features
Chances are your savings account will have features you can use to grow your savings. And we’re proud to have two dynamic features to help you out: The Boost and The Vault.
The Boost can help you top up your savings each time you spend. Simply set an amount between $0.01 and $5 to be automatically transferred into your savings, then make a purchase with your Visa Debit card. It’s that easy. As an example, if you set The Boost to $2 and make three transactions a day, you could save over $2,000 each year.
The Vault hides your savings so there’s little temptation to withdraw from the account. If you’ve got a specific goal in mind, you can set a message to keep you motivated when you look at your account. Don’t worry though, you can still access your money if an emergency comes up.
3. Create a budget and stick to it
A budget is a fantastic way to get a snapshot of your financial situation. By outlining your income and expenses, you can work out where to trim back your spending.
Are you paying for too many subscriptions? Or is buying lunch at work every day eating into your finances? By knowing where you might be overspending, you can make little changes that can have a big, positive effect on your savings.
Want to get started? Then use our budget planning calculator. Just enter some financial information and let the tool do the rest.
4. Meal prep for the week
Preparing your weekly meals in advance can help you save time and money down the track. For starters, meal prepping allows you to write a list of what you actually need from the shops based on the meals you plan to make. This can help you stay on track and avoid buying unnecessary items.
Depending on what you cook, you can freeze any leftovers to take to work for lunch or to have as a quick weeknight dinner – tasty and good for your wallet.
5. Switch to wallet-friendly options
There are lots of free or cheaper alternatives for everyday essentials. Do your research into what low or no-cost options are available to help you reduce your spending and increase your savings.
Can you watch free workout videos instead of paying for a gym membership? Or can you buy home brand pantry staples rather than branded ones? And for those that commute to work, could you take public transport to help cut back on fuel costs?
Take a moment to work out which swaps will work best for your life, implement them, and watch your savings flourish.
6. Shop around for the best deal possible
If you find that your bills are getting more expensive each month, then it might be time to find a better deal. Changing utility providers, or even refinancing your home loan, can help you save extra cash you can put towards something else.
There are plenty of bill comparison websites out there – so finding a better deal is easy as pie.
When it comes to your internet and phone bills, review your monthly usage over a six or 12-month period. This can help you work out what you really need from your service provider. For instance, if you find that you don’t use much data when you’re out, you might be better off with a smaller data plan.
7. Set a goal and track your progress
No matter how big or small it is, setting a goal and tracking your progress can help you stay on top of your savings. You can record your progress in a multitude of ways, too – use your bank’s app, a spreadsheet or even just a piece of paper on the fridge.
If you’ve got a specific amount you want to work towards, then try our savings countdown trackers . Each countdown tracker maps out how much you’ll need to save each week. It’s simple (and fun) to use – print out your countdown sheet, pick a box, transfer that amount into your account and tick it off, then do it all again the next week.
Got multiple goals on the go? Then consider opening different savings accounts for each of them. This can help you get a clear picture of where each goal is at and how much you’ll need to reach them, especially when you can nickname your accounts for each goal.
To get the ball rolling, use our savings calculator to see how much you’ll have to save to turn your financial dreams into a reality.
8. Use loyalty points
You can use your hard-earned loyalty points to help cover certain expenses – putting some extra cash in your back pocket. Depending on where you’re shopping, you can save money on your next grocery shop, trip to the chemist or even your next travel adventure.
There might also be exclusive perks and deals you can tap into as well, like spending a certain amount and earning a free voucher to use next time.