12 Creative Ways To Save Money Every Month And End The Year On A High

Did you emerge from 2020 with plans to save more money? Say what you will about the year, but it made a lot of us re-evaluate our relationship with money – in most cases, for the better.

Saving money is a lifelong goal and there are always going to be different methods that work for different people, depending on your individual needs and income. But as we continue to build ourselves back up this year, there’s no harm in trying a few new methods.

That’s why we’ve put together a comprehensive – but by no means exhaustive – list of 12 creative ways to save money. None of them involve making any big lifestyle changes, but they could give your savings a boost. Try one a month if you’re feeling adventurous, but if you do them consistently throughout the year, you might save more than you expected in 2021.

#1 Unsubscribe From Retailer Emails

Have you ever been minding your own business and then, surprise! You get an email about a big online sale and drop $150 on an impulse purchase? Same.

Unsubscribing from unwanted or unnecessary mailing lists will reduce the temptation to shop during a sale or when a new collection drops. And there are free services like Cleanfox that help you unsubscribe at the click of a button.

#2 Save Any Unexpected Income

Little bits of unexpected income can really add up if you put them away in a savings account rather than spending them straight away. By the end of the year, you could have a nice little nest egg from things like your tax return and birthday money from your grandma.

#3 Make Your Money Work For You

Are you using your transaction and savings accounts in the best way? Most banks offer incentives and bonus interest (read: extra cash) if you meet certain criteria each month – like making regular deposits into your savings account or spending on your transaction account.

For example, Westpac offers a great savings rate to people between 18 and 29 (limits apply). Just make five eligible purchases on the debit card linked to your Westpac Choice everyday account and grow your Westpac Life savings account by even a little each month (so that it stays above $0) to earn the maximum interest rate on your account.

#4 Set Up Automatic Transfers

You can’t spend money that isn’t there. Set up your bank accounts so that your pay is automatically split between your everyday and savings accounts as soon as it comes in. That way, you’ll have a limit on your fun spending each pay cycle and won’t be caught out without money for an emergency car repair again.

#5 Try The “What’s In The Fridge” Challenge

The What’s In The Fridge Challenge involves using up all the leftover food in your house before buying more. It’ll stop you wasting money on food that goes off, help you make fewer impulse purchases during your grocery shopping, and help the environment.

#6 Consolidate Your Subscriptions

If you have housemates or a keen group of friends, why not ditch your individual streaming subscriptions and share a joint account?

#7 Resell Your Old Stuff

Selling your old clothes and other stuff you don’t use on Facebook Marketplace, eBay and Depop is a great way to earn a bit of extra cash. Why not put the money in your “unexpected income” savings account to earn some interest as well?

#8 Make A Budget For Sales

Even if you get a bargain during a sale, you might end up spending more money than you’d planned. Set a limit before a big sale even begins and stop adding things to your cart once you reach it.

Better yet, open a dedicated savings account that allows you to save for multiple different goals, like spending money for sales throughout the year. With a Westpac Life savings account, you can have up to six different saving ‘buckets’, so you can take advantage of sales without ever dipping into your long-term savings.

#9 Set A Spending Limit For Gifts

Your friends are probably in a similar situation, so why not get them involved in your healthy saving habits? Suggest that everyone in the group commits to a spending limit for birthday and Christmas gifts. It can be any amount you’re all comfortable with, or you could even try making gifts for a year.

#10 Try The 30-Day Rule

The next time you want to buy something, pause for a second – specifically, for 30 days. You might realise that you don’t actually want or need it after that time. Or better yet, it could be on sale by then!

#11 Check Your Phone Plan

You don’t need to pay for 100GB of data if you only use half of that each month. Figure out what you need and find the cheapest plan that will give it to you.

It can also pay to see if there are any new plans that have the same inclusions you’re currently getting for less.

#12 Find Make-Up Dupes

Good skincare is worth the price tag, but often you can find a product that does the same job for half the price. Skinskool is a great Instagram account that finds the best dupes for brands like Drunk Elephant, SK-II, and The Ordinary.

Scroll through and prepare to save big.

—

However you make it, we’ll help you save it with Westpac’s exclusive Spend&Save rate for 18 to 29-year-olds (limits and criteria apply). See which transactions are ineligible for Spend & Save bonus interest and find out if it’s right for you here.

Fees and charges and eligibility requirements apply. Read the product Terms and Conditions, including eligible transactions at www.westpac.com.au for full details, and consider whether the product is right for you. This information is general in nature and does not take your personal objectives, circumstances or needs into account.

—

(Lead image: Norma Mortenson / Pexels)