How to Save Money: 6 Ways to Save Money in 2023 (2024)

Estimated reading time
5 min

The start of a new year – a time to reset, make some goals and get into a routine that will set you up for a stellar 2023.

After a typically busy and often expensive end to the year, it’s important to think about your money and how you’ll save for the 12 months ahead (and beyond), too. While it might sound overwhelming, these simple tips can help turn you into a savings guru.

1. Make a pact with yourself (or others)

There’s just something binding about a promise – and whether it’s to yourself, a friend or a colleague, verbalizing your goals and having a real consequence can make a big difference in achieving them. It could be as simple as ticking off a certain number of chores or committing to the gym a few days a week – and if you don’t, transferring $5, $10 or $50 into your savings. Make sure your goal is realistic and your consequence is within your means - then watch your savings (or your productivity) grow.

2. Set up a budget

Whether you’re a spreadsheet budgeter or a pen and paper-type tracker –a good budget really is key to a good savings account. Budgeting simply means accounting for and allocating money to things to ensure you have enough funds for your everyday life. You don’t necessarily have to be restrictive, but you do have to be realistic when making a budget. For example, if you eat out twice a week, write a rough cost into your budget – this way you’ll know how much money you need to save for your meal. There are many smartphone apps, websites and templates that can help, too. And remember, you can always edit or adjust your budget to better reflect your lifestyle or goals. You may find it helps to write down your budget or goals, too.

3. Grow your own groceries

It’s not cheap to go to the supermarket at the moment – and buying fresh fruit and vegetables, despite being good for you, can sometimes be a stretch (we’re looking at you, $8 raspberries). So why not grow your own? Whether you have a big backyard or a quaint balcony, there are plenty of foods you can grow at home – from tomatoes to beans, carrots, pumpkins, raspberries, lemons, herbs and more. Just make sure you give them the correct amount of water, sunlight and nutrients and watch as your plants (and your savings!) grow!

4. Spend within your means

We’ve all shopped the sales a little too hard, when or tapped our cards, hoping for the best. And while it’s ok to indulge sometimes, knowing how much money you have, and spending within reason, is important when you’re trying to save. To do so, you need to have a pretty good understanding of your money situation, including how much you have in savings and how much you need to cover things like food and bills. This way you can work out how much money you actually have, and whether you can pop some into savings too. ANZ’s 50-30-20 rule is a great way to ensure your needs, wants and financial goals are covered.

5. Use different accounts

Out of sight, out of mind. It really is true – if you can’t see it, you can’t spend it. And when it comes to money, a tried and tested way to do this is to open separate bank accounts. You might have a dedicated account for a house deposit, a holiday or just general weekend spending. Whatever your goals, splitting them into separate accounts makes it easier to see what you’re saving for (and to stick to it). To make this easier, you might be able to automate transfers into your savings account. At ANZ, you can organise your spending, including setting up direct debits and splitting your pay into multiple bank accounts, so that your savings are essentially on autopilot. Remember to consider your financial circ*mstances carefully and do what works for you! Always consider the fees and charges, eligibility conditions and T&Cs that apply to different accounts.

6. Open a long-term deposit account

Planning to go on a holiday? Or buy a car? Perhaps you just want to have some security for the future? Long-term deposits are one of the best ways to save because you can’t access your money for a fixed period, and you also typically earn interest at a higher rate than a normal bank account. Save smarter, not harder. Again, do your research, check the fees, T&Cs and do what works for you and your circ*mstances.

And if you need a little extra help, why not join ANZ’s 6-week challenge? You’ll have access to a range of content, coaching and tips to help you become a better saver.

anzcomau:content-hubs/financial-wellbeing/saving

How to Save Money: 6 Ways to Save Money in 2023

ANZ

Financial Wellbeing Coach

2023-01-10

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