Simple ways to save money – Make a big difference with small changes

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Find out how to save money every day and make a savings plan to stay on track.

Separate and automate your savings

An online savings account is a great way to grow your money faster. Unlike a transaction account, you can’t spend money directly from a savings account, so it’s harder to dip into your savings.

Automate your savings

Transfer part of your pay into your savings account. You can ask your employer to do this for you or you can set up a direct debit. This way, you’re saving without even having to think about it.

Round-up transactions

Some savings accounts or apps let you round-up your daily transactions to the nearest $1 or $5. The change then goes directly into your savings account.

For example, James buys a coffee before work each morning:

  • The coffee costs $4.20.
  • His account is debited $5.
  • 80 cents goes straight into his online savings account.

After a year, James will save more than $200.

Look for ways to reduce spending

Look at your expenses to see where you can make quick savings. It may surprise you how little things add up.

Find quick wins

Look through your bank or credit card statements for the last two months. Identify anything that isn’t essential. This could be things like subscriptions or memberships.

Reduce your grocery and utility bills

To reduce your grocery bills:

  • plan meals in advance and only shop for the ingredients in those meals
  • buy home or own brands where you can
  • buy fruit and vegetables that are in season or on sale
  • cook meals like soups and pasta sauces that have lots of left overs you can freeze for later
  • meat can be expensive, so plan some meals that don’t include meat

Compare energy suppliers to make sure you’re getting the best deal. Use the Government’s Energy Made Easy website. Or Victorian Energy Compare, if you’re in Victoria.

Shop around for insurance

When it’s time to renew your insurance, compare premiums with other providers. Your current insurer may offer to beat competitors’ offers to keep your business.

You may also be able to save on your premium by increasing your excess or by bundling all your policies together with one insurer.

Have a savings plan

The secret to saving is to start early and save often. Create a savings plan so you can manage your money and stick to your goal.

Know where your money is going

Have a clear picture of your regular expenses and spending habits. This helps you see where you can cut back and save.

Start a budget

Once you know how you’re spending your money, you can set a realistic budget. Your budget will help you to stay on track, review your progress and reach your money goals sooner.

Set a savings goal

Setting a savings goal helps you stay focused. It doesn’t matter how big or small your goal is, work out how much money you need and make a start.

Pay off some debt

If you can, make extra repayments towards any credit card debt or loans you have. Paying off your debts sooner can save you thousands in interest.


Wealthness Pty Ltd ABN 13 231 248 112  [t/a Better Financial Planning Australia]  is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL No. 236523. It is important to be aware that Better Financial Planning Australia is not authorised by Infocus to provide advice relating to credit services or property advice. Infocus is not responsible for any advice outside of the scope of this authorisation and should you wish to act on any of this general information, please first seek professional financial advice.

Wealthness Pty Ltd t/as Better Financial Planning Australia will endeavour to update the website as needed. However, information can change without notice and Wealthness Pty Ltd t/as Better Financial Planning Australia does not guarantee the accuracy of information on the website, including information provided by third parties, at any time.

This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission.

Wealthness Pty Ltd t/as Better Financial Planning Australia does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Wealthness Pty Ltd t/as Better Financial Planning Australia and its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.

Wealthness Pty Ltd (ACN 613 313 250) [t/a Better Financial Planning Australia] Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL Licence No. 236523.

Source: ASIC MoneySmart

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