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Simple ways to save money

Make a big difference with small changes

Page reading time: 4 minutes

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. Ask your employer to do this for you, or set up a transfer from your transaction account. This way, you're saving without having to think about it.

Round-up transactions

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

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

This adds $10 a month to his savings.

Look for ways to reduce spending

Look at your expenses to see what you can change or where you could get a better deal. It may surprise you how little things add up.

Find quick wins

Go through your bank or credit card statements for the last two months. Look for anything that isn't essential. This could be things like subscriptions or memberships you don't use much.

Reduce your grocery bills

To reduce your grocery bills:

Reduce your electricity bills

To reduce your electricity consumption and your bill:

Swap to cheaper options

Shop around for better deals

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. For tips, see track your spending.

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.

To get started, see how to do a budget.

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.

For tips on how to prioritise and manage debt, see get debt under control.