5 Ways to Save More This Year
5 Ways to Save More This Year
5th April 2023
Saving money isn’t always easy. With rising living costs and the fact that there are many other expenses and temptations to spend your money on, it can be difficult to find the money leftover to put away to save for the future. To help you make savings simpler, we’ve put together a list of 5 ways to save money!
Be mindful of your spending habits
If you aren’t paying attention, money can very quickly and easily slip through your fingers. Many of us have “money leaks”, or areas of our spending where we aren’t being mindful of how much of our hard-earned cash is mindlessly flowing out of our pockets.
When it comes to your money, being mindful means paying attention to, and practising healthy choices with your finances. Tracking your spending, intentionally saving, and keeping an eye on those impulsive spending habits.
Tip: Choose one area of your spending to track and become more aware of your money habits and spending triggers. Can you look to reduce this one area and increase your savings?
Make it Personal
Without a good reason not to spend -it’s very difficult to save money. In fact, without a clear “why” or purpose for saving money, then spending this money on something else is likely to become the higher priority.
It’s important to connect a purpose of your money and get very specific on what specifically you are trying to save for!
Saving for a car? Try to be specific about the type, make and model of the car you want to purchase, and the look and feel of it inside and out. Keep an image of the car as an anchor to your goals and pop it somewhere you regularly see, reminding you of what you’re saving for.
Saving for retirement? Sometimes the more connected you are to your future self, the easier it is to save to make that future a reality! Visualise yourself 5, 10, 15 or 20 years from now, and think about the type of lifestyle you’d like to be living.
Tip: Some savings accounts allow you to rename the account to something more personal, so when you log in to view your account, you can see exactly what you’re saving for, and watch your nest egg grow. You might like to call your account: My new wheels, Bali Break, Freedom bucket, or my peace of mind fund!
Automate your savings
Automation is key! When you create a recurring or regular direct deposit into your savings account, investment, superannuation fund or retirement plan, it gives us the peace of mind that it will automatically happen. It puts your savings on auto-pilot and prioritises your savings goals above your other spending.
Tip: Pay yourself first! Schedule your regular savings for the day or the day after your payday, that way you’ll make your savings a priority, and can safely spend what is left over, without compromising on your savings goal.
Don’t forget about Your Super
You can consider growing your superannuation by making extra voluntary payments yourself. Even small amounts add up over time.
Some shopping platforms, such asSuper-Rewards, may give you cash rewards towards your superannuation when youshop with their partnering retailers. If you are interested to learn more aboutSuper-Rewards, you can find a link to their website at the end of this article.
Make small amounts count using micro-savings
In addition to setting up a regular savings plan, you can also choose to round up your spending to put that extra “change” into your savings account. These “round-ups” can boost your savings by putting small regular or irregular amounts into your savings account from everyday transactions.
Check out auto-grow with Blossom and we can help you round up your spare change so you can save while you spend.
For example, a coffee purchase of $4.50 can be rounded up to $5. Your spare $0.50 will be set aside. Once your loose change accumulates to $5, $10 or $20 (your choice!), we'll automatically transfer it into your Blossom account. This is how we help you take a small step towards your savings goals with every purchase.
Tip: Turn on round-ups in your savings or investing app to help you grow your savings / investment faster! For more information on the benefits of micro-investing and round ups, you can read our article here.
Make it feel good - know what your money is supporting.
There is a saying, "When you use your money, you are casting a vote for the type of world you want to create” which essentially means that every dollar you spend or invest with a company is a decision to support that company and their practices.
Being intentional with your spending, saving, and investing decisions is about aligning your money to flow to those companies that match your values, hopes, and desires for the type of world you want to live in and create for the future.
By choosing to do business with companies attempting to make the world a better place, it can be your small step to make the world a better place.
By avoiding companies or industries with questionable practices that are against your values, you are engaged in the process of change.
Tip: Have a look at where you’re investing! It feels good to do good with your money. Just as you align your values with your everyday spending and might choose to shop organic, fair-trade, spray-free, or eco, you can use this same principle of making positive impact for your financial transactions and savings goals.
Ready to make this year the year that you save more?
The Blossom App can be a place to start.
Blossom strives to make saving simple and affordable for you. You can get started with as little as $1, and there are no sign-up, transfer or withdrawal fees. Blossom is here to help you do more with your savings!
Super-Rewards is a shopping platform where you earn cash rewards from retailers into your nominated superannuation account, either by shopping online or instore at a Super-Rewards retailer. If you are interested in knowing more about Super-Rewards, visit www.super-rewards.com.
Visit the Super-Rewards app for more information! It's free to join with no up-front charges*, and has 1000+ brands and retailers, making adding extra cash to your super simple.
To celebrate our partnership with Super-Rewards, you’ll receive $30 off when you spend $150 or more at THE ICONIC.
With their market-leading range of homewares, women’s fashion, men’s fashion, beauty and kids items, THE ICONIC has just about everything you need.
It’s as easy as 1-2-3:
1. Sign up to Super-Rewards using the referral code GROW2023.
2. Once you shop at any Super-Rewards online retailer – you’ll receive a special code via email within 7 business days after purchase. This is in addition to earning Super-Rewards
3. This code entitles you to $30 off when you spend $150 or more at THE ICONIC.
The offer starts 3rd April 2023 and runs to 30 June 2023. Single use code per shopper.
This article contains general information only and does not take into account your personal circumstances, financial situation or needs. Before making a financial decision, you should read the relevant Product Disclosure Statement and Target Market Determination of the specific financial product and consider whether the product is right for you and whether you should obtain advice from a financial adviser.
* Super-Rewards is free to join. They take a percentage of each cash reward from the retailer; this is known as a referral commission. All cash reward offers and amounts you see in your Super-Rewards dashboard are net of the referral commission.
This means that if the cash back offered on Super-Rewards is 7.50%, this is net of their referral commission and you’ll receive the full 7.50%. Please see their Financial Services Guide for more information.