3 Easy Ways to Save - Without Noticing

The average Aussie has $34,507 in savings according to a study by the National Australia Bank last year. Which may have you asking: Where’s mine?

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It’s a fact, cutting out your daily coffee treat, going militant on weekly grocery bills, or skipping meals out are highly effective ways to save - but also totally miss the point. Taking away those things really hurts. If you’re anything like us, starting work early on a Monday morning without the highlight of a flat white is a dire situation for all involved.

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Saving is even more unlikely with a glittering consumer paradise at your fingertips 24/7. Swipe here, pay wave there - you’ll probably soon be able to impulse-buy purple Crocs just by thinking about them (back off, Amazon).

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So how, or where exactly, do you carve out your $35K, and skip the suffering?

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The good news is, helping people save is our actual day job. To make it easier, and better. We know from experience that new, disruptive or painful habits don’t stick, especially if they take away small joys. With that in mind, here are three quick, easy ways to save, without even realising you’re doing it.

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1. Set and Forget

This is a payment that goes out automatically on the day you get paid, using the same smooth and effortless concept as tap and go, except you’re the one who cashes out. As little as 1% put aside each

month would become a pot of $900 in just 12 months, based on the average Aussie annual salary (as of May 2023, Australian Bureau of Statistics).

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2. Check in with your subs

Each Australian spends an average of $1,261 every year on "unused subscriptions and forgotten outgoings", according to some maddening research by ING earlier this year. Two quick checks will take

you just seconds: Go to your phone’s Settings; your account, and check your Subscriptions. Then, in your online banking app, look for Regular, Recurring or Direct Debit payments. Put a stop to anything that

doesn’t bring you joy on the regular.

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3. Squeeze the cash out of your cash

However much you manage to scrape together, get that money working for you. As always, we recommend you read the fine print on any headline rates, but a quick Google search shows a handful of

big Aussie banks offering high-interest savings accounts and compound interest options. You also have fixed income products, targeting higher returns to help you take advantage of the compounding effect.

(Compounding means you earn returns on your initial savings or investments and on the earlier returns you’ve accumulated). You know what they say, if you haven’t experienced the sweet satisfaction of

compounding returns - well - you haven’t lived.

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Nothing in this article should be construed as being personal financial advice. It is general in nature only and has not taken into account your particular circumstances, objectives, financial situation or needs. You should consider whether the information, strategies and investments are appropriate and suitable for you or seek personal advice from a licensed financial planner before making an investment decision. Past performance does not indicate future performance. BlossomApp Pty Ltd (ABN 74 644 216 151) is a C.A.R. (No. 001284228) of Gleneagle Asset Management Ltd (AFSL 226199).

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