4 savings tips to help you grow your wealth

February 12, 2020

As the cost of living and social expenses rises, making small changes with our savings habits can really add up and help to give us extra cash when needed and also grow our future wealth for retirement.

The key to saving more is setting up essential money-saving habits and with practice, can help elevate the urge to overspend or spend money on unnecessary things. So what are 4 big things you can do to help save money? Let’s explore them.

1. Try starting no-spend weekends

If your bank account is begging you to take a time-out to help recover from overspending or build up an emergency fund, take a spending breather and try a no-spend weekend. It’s pretty simple.

For just a few days, spend the weekend doing things that don’t cost money. This could be eating Sunday brunch at home instead of heading to your local cafe to eat out. Or finding out what is going on locally by following your local area’s Facebook pages or website or visit the library for events.

A no-spend weekend doesn’t have to be boring. Try this once a month and put the estimated money you would normally spend on a weekend into your savings account.

No spend weekends don’t need to be boring when trying to save money. Catch up on your favourite movies or binge watch a tv show to keep you entertained.

2. Set up automated saving transfers

The easiest way to help grow your savings is by setting up a monthly transfer from your spending account to savings, and scheduling this right after you get paid each week, month or fortnight. Setting up automated savings like this helps to eliminate any roadblocks with forgetting to do this or spending the money without thinking. What you don’t see, you won’t miss or be able to spend.

3. Cancel your ‘set and forget’ monthly subscriptions

With so many music and TV streaming services available, taking stock of your monthly subscriptions and cancel the ones you don’t need is important when it comes to eliminating unnecessary spending and helping towards building our savings.

These types of subscriptions can allow us to easily get caught in the ‘set and forget’ trap and the monthly subscription costs add up quickly.

An easy way to remind your self periodically to review these services is to schedule reminders in your calendar before a subscription renews. This will allow you the chance to review any services that you’re not might not be using as much before they renew and keep rolling along costing you money.

Match your spending dollar-for-dollar with your savings to help quickly build your savings account.

4. Match your spending with savings

When splurging on yourself, use it as an opportunity to save by matching the cost of your nonessential purchases in savings. For example, if you splurge on a pair of new shoes, put the same amount into your savings account. It will help build your savings whilst being mindful of your spending and treating yourself along the way.

Will you have enough money for retirement? Take the test to see if your savings will get you over the line and prepare you for the future.