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We have put together some smart and easy money saving hacks to give your savings account a little push and get a little extra accumulating in the account. 

- Set and forget!

Once you set up your savings account and you know what your average paycheck looks like each term, set up an automatic transfer within a few days of your usual pay-day. This way you don’t have to worry about setting aside a certain amount every time you get your income.  Initially taking small steps with your savings can help you get into the long-term habit of setting money aside. So don’t be daunted by the idea of starving yourself so you get more savings at the end of the month, because now you set aside your savings before you spend anything. Start yourself off by enabling automatic transfers as little as 1% initially, and once you get into the routine of saving, slowly grow this percentage over time, and you’ll see your savings account growing exponentially month by month. 

- Find substitutes 

That moment when you get your first job always gets you into the trap of overspending, we’ve all been there. It’s fun at first, but overtime it can start eating away at your prospects of saving for something worthwhile. As you go about your spending lifestyle, start paying attention to what you’re buying and think about any excessive spending habits that you’ve developed. There are opportunities everywhere to make smarter purchase decisions. This could be something as simple as making your own lunch once in a while, instead of buying overpriced take-away every time you feel a craving coming along. Next time you plan a beach trip with your friends, buy snacks at your local store before you start, because stores at tourist-locations tend to hike up their prices just for the sake of it. By keeping an eye out for bargains and cheaper alternatives, your savings tend to grow without you even realising much of a difference in your lifestyle. 

- Know what you need

Even the best of us find ourselves in a state of denial when it comes to our spending behaviours. It’s very hard to differentiate between what we need to buy and what we want to buy. The simplest way to figure out the difference is to look at what makes you excited to spend money, and what makes you dread spending money. For example, no one likes paying bills, fees or walking around a grocery store for 2 hours forcing yourself to make healthy food choices. These are your regular expenditures that need to be done. However, whenever you see yourself getting a little too excited when you treat yourself to a shopping spree on pay-day, or staying up late shopping online, it’s safe to say that these purchases are made on a want-basis. So try to keep this to a minimum if you’re serious about growing your savings account.

- Don’t roll over your spending money

If you want to fast-track your savings and get used to healthy savings habits, it’s good to stick to a schedule. If your pay-day is the same time every term, this makes things a whole lot easier. The way the schedule works is that once your next pay-day is due; transfer the rest of your spending money into your savings account. It may seem tempting to save a lot of money in one term so that you can roll-over your spending money to the next term to let you spend more. But if you think about it, you’re actually spending the same amount of money and not really making a saving in the long-term. By transferring any extra money into your savings helps you grow your account quicker than you would just by taking a percentage out of your paycheck.

- Hack away!

With these simple, everyday life hacks you are guaranteed to get a head-start on your money-saving journey with ease. Now that special thing you’ve been saving for got a whole lot closer to reality if you stick to these money-managing tips.

Important information

Information on this website is general and has been prepared without taking into account your objectives, financial situation or needs. You should consider whether this information is suitable for your objectives, financial situation and needs before acting on the information provided.