How to save money

If you’d like to save money, you’re not alone. But saving money doesn’t just happen. Following these steps could help you to reach your saving goals sooner.

How Australians save money

Whether you’re a saver or a non-saver, you may have wondered how your savings behaviour compares to others.

Research found that 57% of Australians surveyed are savers, while 43% don’t save money at all. Of those saving money this breaks down into just 16% who say they are saving easily, while 41% are only saving a little.  And of those who are managing to save, 65% are confident they’ll achieve their goals, but 43% don’t have a clear plan on how to get there1.

Have a plan

What are you saving for?

Saving money is really just a concept until you put a specific goal or goals behind it. Research has found the top things people surveyed are saving for are a home, a holiday, the future and an emergency fund2.

Perhaps you’re saving for one of these things or something else – either way, the first step is to figure out what you’re saving for, how much you’d like to save, and by when.

Once you know that, write it down, tell a friend, or both. Research suggests that both writing your goals down and sharing them means you’re more likely to achieve them3.

Stick to your budget

A budget can give you an insight to help you understand how you use money, and help you to better live within your means, prioritise your expenses between essential and discretionary spending, and manage your spending. 

Without a budget, it’s difficult to know how much money you can realistically save, so it’s a good idea to set one up and stick to it.

9 money saving tips

  • Combine your debts: Having multiple debts such as credit cards, personal loans and a home loan could mean you’re paying more in interest rates and fees than you have to. Not only will combining debts help to make money management easier, it could save you money.
  • Recycle, reuse or buy secondhand: Instead of heading to the shops every time something breaks, consider whether you can fix it, use it for another purpose, or buy second hand. Consider only buying new when you have to. It’s good for your hip pocket and the planet.
  • Consolidate your super: If you’ve had a few jobs over the years, you probably have more than one super fund.  If it’s right for you, by consolidating your super into one account you could save on fees and you could avoid doubling up on admin and insurance costs. You may even find money you’d forgotten! Although you may not be able to access your super savings in the short term, having all your super in the one account could make a difference to your long-term retirement savings.
  • Have a cooling-off period on purchases: When a pair of shoes or a new gadget catches your eye, exercise restraint. Instead of buying it, try to go home and think about it for 24 hours. If you’re still dwelling on it, you may want to buy it then.
  • Pay your bills on time: Many utility providers offer a discount off your total bill when you pay on or before the due date. Keep track of when your bills are due, pay on time and you could save money.
  • Make your lunch at home: Avoid food wastage and extra spending by taking a packed lunch. Most of us have food in the refrigerator going to waste, so it makes sense to use up what you have before buying more.
  • Shop around: Whether it’s getting the best deals on broadband, electricity or health insurance, shopping around could save you money on a whole range of essential services, freeing up extra money to save. Likewise, buy clothes, shoes and household items on sale.
  • Entertain at home: Saving money doesn’t have to ruin your social life. Instead of catching up with friends and family at restaurants and bars all the time, have them over instead. To share the costs, get everyone to bring a plate or drinks, or take it in turns to play host.
  • Save with a friend: It can be difficult to save if your friends seem to have bottomless pockets. Join forces with a friend who also wants to save money to share savings strategies and cheap nights out. You could even turn it into a competition to see who can save the most!

Savings tools

Goals explorer

If you’re finding it hard to pinpoint your savings goals, our goals explorer tool can help you explore what matters to you.

Savings calculator

Whatever you’re saving for, our savings calculator can help you plan and manage your savings goals. 

AMP Bett3r Account

If you want a bank account that helps you save, check out the AMP Bett3r Account. An all-in-one banking solution, Bett3r comprises three linked accounts (pay, save and spend) to help you better manage your money.

Managing your money online learning

And for more help managing your money, our online learning module includes more tips to save money. 

Speak to a financial adviser

If you need professional help with your finances, you may want to speak with your financial adviser. If you don’t have an adviser, call us on 131 267 or use our find an adviser tool to locate one near you.

1,2 ASIC Moneysmart, How Australian’s save money.

3 Dominican University, Goals Research, pg 3. 

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