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Make a big difference with small changes

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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. You can ask your employer to do this for you or you can set up a direct debit. This way, you're saving without even having to think about it.

Round-up transactions

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

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

  • The coffee costs $4.20.
  • His account is debited $5.
  • 80 cents goes straight into his online savings account.

After a year, James will save more than $200.

Look for ways to reduce spending

Look at your expenses to see where you can make quick savings. It may surprise you how little things add up.

Find quick wins

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

Reduce your grocery and utility bills

To reduce your grocery bills:

  • plan meals in advance and only shop for the ingredients in those meals
  • buy home or own brands where you can
  • buy fruit and vegetables that are in season or on sale
  • cook meals like soups and pasta sauces that have lots of left overs you can freeze for later
  • meat can be expensive, so plan some meals that don't include meat

Compare energy suppliers to make sure you're getting the best deal. Use the Government's Energy Made Easy website.

Shop around for insurance

When it's time to renew your insurance, compare premiums with other providers. Your current insurer may offer to beat competitors' offers to keep your business.

You may also be able to save on your premium by increasing your excess or by bundling all your policies together with one insurer.

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. 

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.

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.

This article was originally published by at This information is general in nature. does not take into account your personal situation and does not constitute financial advice. Please refer to any relevant terms and conditions associated with any financial product offering.



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