Saving Money made Easy

Posted on: 11.04.2016

Saving money is something a lot of us have struggled with at some point. Hopefully these tips make it simple and easy for you to start building a healthy amount of savings.

Life these days is quite fast paced and we all need to treat ourselves occasionally, whether it be a meal out with our partner or a family activity.

We understand these things are important so we’ve kept the tips affordable and easy for everyone.

Set up a restricted savings account

The first step is to set up a savings account with limited access (no ATM card and no internet transfer access etc.)

Set it up so that you can deposit into the account, however if you want to withdraw you must visit the bank/branch in person. This way you won’t be tempted to buy things out of impulse with your savings.

Piggy Banks

A classic, fun and effective way to save your Coins. One method to quickly and effectively fill it is to only use notes to pay for things, putting any coins you get as change into the piggy bank.

This is a method we have used personally to save approx $2000 every 6 months. That’s a nice addition towards a holiday, hobbies or extra loan repayments.

Fun Fact: When a 600ml Coke bottle is filled with $2 coins it’s worth between $850 – $900. 

Direct Debit

If you have a definitive pay day, set up a weekly/re-occurring direct debit to come out of your pay the day after. This is one of the best ways to save as you’ll learn to budget with your self-adjusted pay.

Soon enough you’ll forget about it even being adjusted and have a very healthy savings account growing weekly.

Fun Fact: $40 a week, over a year is $2080.

Saving can be easy to do without sacrificing too many of the luxury’s in life. Be Creative and remember there is no amount to small to put aside into savings.

If you believe you’ve saved enough to buy your first property check out http://www.uprosper.com.au/our-services/becoming-a-first-home-buyer/ for our first home buyer planner.

If you need help with anything call us for a quick friendly chat.

Good Luck and All the best!

The Uprosper Team