How can you Save More Money in 2021?
Here are 21 ways you can save money, not just by cutting expenses but tips to actually have more in your savings account. Be sure to join us on Instagram where I’ll be sharing all the little ways I save money in 2021!
This post may contain affiliate links to products and services I personally use. Full disclosure here.
1. Set up a Bank Account for it and Round Down
Finding ways to cut back on your expenses is great but it is even better if you are actually saving that money in a bank account or putting it on debt.
Get a fee-free bank account such as ING, 86 400 or Up. ING has their $100 sign up offer on. Meaning, if you have never been a customer of ING you can get $100 for opening an everyday account with them.Here’s what you need to do:
- Open an everyday account and put the promo code CNW116 in the promo box
- Deposit $1,000 into the account
- Make 5 settled transactions
- Open a Savings Maximiser
- Make a deposit into the Savings Maximiser
Then you get your $100 the following month. You only have until July 31, 2021 to do it.
Get $20 from 86 400 in minutes! I’ve used 86 400 for a year now and they’ve been great. Right now, they have increased their bonus offer to $20. It takes a couple of minutes to join for free. It’s fee free banking and online only. Use the code S7VL6WF when you join free here to get your $20.
Get $5 from Up bank which I have been using for a while now. Get your $5 for joining in minutes.
Then, every time you save money on something, transfer the amount across to this savings account. Whenever you check your bank balance round it down to the nearest $5 by transfering the difference to your savings.
For example, if my account has $107.63, I will round down by transferring the $2.63 to my savings. It is amazing how quickly these small amounts add up.
2. Sign up for Freebies, Discounts and Coupons
Also, read how to get a discount on everything for more ideas. Plus, right now, you can get 40% off your first box with EveryPlate and 20% off your next two boxes. This can give a little boost to groceries and meal planning straight away!
3. Use Cashback Sites
Cash back sites get you discounts and cash back with your online shopping. Sign up, download the apps and add them to Chrome. Whenever you are on a site where you can get cash back or a discount, they will pop up.
Plus, you can get an immediate cash bonus when you make your first purchase of at least $20.
Below are a few bonuses you can get.
Shopback offers $15 as a bonus when you sign up free here and make a purchase worth $20 or more.
Cash Rewards offers you a $10 bonus when you sign up free here and make a purchase over $20.
Honey gives you 500 of Honey Gold. You need to accumulate more to be able to do anything with it though.
4. Delayed Gratification List
Instead of buying everything on impulse as soon as you see it, learn delayed gratification. I have an ongoing list on my phone for impulse purchases. Rather than buying straight away, items I want go on the list. At the end of 30 days, if I still want it, I can budget it in. Most of the time, I no longer want whatever I saw.
5. Compare ALL Providers
Anything you pay for, compare it. Water, gas, electricity, internet, phones, insurance etc. Check all your bills, compared them online, get fresh quotes for insurance and see how much you can save.
Never ever pay your insurance renewal either. Always get a fresh quote from your company as well as others to get the best price. This can save hundreds.
6. Annual Financial Review
I saved almost $5,000 with this. Essentially, you go over all your expenses, check your paperwork, lodge anything that needs to be done such as refunds and you can save heaps. Here is the one I saved almost $5,000 plus another review where I compare two completely different lifestyles of mine and how one is almost $20,000 more!
7. Get a Free Hobby
What do you enjoy doing? How can you save money on it? We all need hobbies, some (such as my diving hobby) are more expensive than others. However, there are loads of free hobbies or super cheap once you have the equipment such as hiking, bike riding, swimming, surfing, yoga, Tai Chi, classes, cooking, gardening etc.
When it comes to family activities or hobbies, they don’t need to be expensive. Check out how to be close to your kids without spending a fortune for ideas.
8. Swap A Habit
Previously, I spent copious amounts of money on books. Loved books and still do. However, instead of buying new, I can buy second hand OR simply use the library for free.
9. Have A Goal
If you aren’t actively saving for something it can be harder to save. It can also be harder to decide when to spend and when to save. Decide what it is you want to work towards such as a house deposit, new car, holiday etc. Then save for it.
If you are in a relationship you might want to check out what to do if your partner is hopeless with money, along with how the top 1% in Australia manage their money and how to get the family on board with savings.
10. Do a Savings Challenge
There are so many options out there. My preference is to set a regular amount to save each pay anyway. However, some prefer the ‘fun’ game style challenges. A few examples include:
Save every $5 note all year then deposit at the end of the year.
Save all coins in a tin and deposit at the end of the year.
Save $1 for each week of the year based on the week it is. So week 1 you save $1. Week 12 you save $12, week 51 you save $51.
Save $27.40 a day. Find a way to cut back or save $27.40 a day and you will save $10,000 by the end of the year.
Plus with savings, remember compound interest makes a difference. Check out how to be a millionaire, even as a single mum.
11. Use Facebook Marketplace, Gumtree and Op Shops First
There is so much out there for free or cheap on these platforms. When we repatriated from the Solomon Islands last year we were able to furnish our home for a small amount with items we love due to the amount we found free or cheap.
Type in free or look for specific items. Sometimes you need to be a little patient but if you have time, you can get items at a great price.
Reading and listening to podcasts relevant to money can help keep you on track. By having these things on your mind regularly, it is easier to make wise financial decisions. Read a little every day, listen to a good podcast and educate yourself.
13. Switch to reusables
How many things are single use in your home, causing you to buy them over and over? Not only will it save money but it is more environmentally friendly.
Instead of paper towel or wipes, use cloth. If you buy feminine hygiene products, consider switching to period underwear or a menstrual cup instead. Look around your home and start switching products.
14. Buy the Best Quality
Too often I see people buying cheap in an effort to be frugal. Then they have to replace that cheap item repeatedly when if they had just spent a little more or done some research to find the best quality, they would have saved money in the long run.
This is especially important for larger or more expensive items but is applicable for so many purchases. Weigh up the quality, how often you will use the item, life expectancy and options you have for purchasing. You might be surprised at what works out to be better value.
15. Go Vegetarian for a Meal a Week
Meat heavy meals can get expensive. It is more expensive per kilo than vegetables so opt for a vegetarian meal once a week or more to see some savings. We often have vegetarian meals as we prefer to eat that way and have a lot of seeds, nuts and other foods in our diet which has been checked by a dietician/nutritionist.
Dhal, curry, soup, stirfry, wraps, salads and so much more can be made meat free.
16. Plan Ahead
Know your expenses, what needs to be paid and when so you can plan accordingly. Set up bank accounts to add to each payday for those annual, quarterly and irregular expenses. By putting aside money each week, you won’t get caught out as easily as you will always have money set aside. Plus you can then take advantage of pay on time discounts.
Planning also goes for smaller things such as meal plans to save money on groceries, researching how to get free and super cheap groceries. Creating a shopping list and sticking to it. Planning out Christmas and knowing what to do with Christmas leftovers.
17. Try DIY
Weigh up if you are the best person to do it, how much time it will take and if it will actually save you money or cost you more in the long run. For example, I am not that handy but my partner is. Buying some tools meant he was able to build 2 loft beds for my daughters ($150 vs $700 to $1,400 for the ones they wanted), a garden bed, back step for our clothesline to make it easier for me to go up and down, a shoe rack and do loads of repairs.
He is great at DIY for home/building/repairs/cars etc.
When it comes to beauty, I DIY most of mine and can technically do it all myself but prefer to get one thing done at the salon. This is everything from blonde foils in my hair and toner down to pedicures. It saves me thousands plus saves time waiting at the salon, getting to and from it etc.
18. Work On Your Mindset
When we live with a scarcity mindset, constantly worried about where the money will come from and how to pay all the bills, it makes life much harder.
Instead, work out a budget, look at the ways you can reduce your expenses by reviewing all of them. Then, once you know your basic expenses, look for ways to increase your income (more in tip 19.)
Next, work on trusting more that money will come. I wrote about how to manifest and attract money (or anything). It’s based on my personal experience having gone from homeless single mother to multiple international award-winning CEO. As well as multiple trips I got for free, securing full custody against my abusive ex and paying ridiculous legal expenses for it.
19. Create Multiple Streams of Income (and SAVE them!)
If you have worked out a budget and are managing to live within your means, look for ways to make more money and put that money into savings. I have done heaps of things:
Blogging has been one of the best ways I’ve made money. Find out how to set up a blog and make money blogging here.
Freelance writing is another favourite which enabled us to travel a lot and have some incredible experiences.
One year I tracked all my side hustles and made $33,277. Check out how I made $33,277 on the side in 12 months.
Buying things to resell when I did it made me over $10,000 in a month. Online surveys make $2,000 to $5,000 a year, the best Aussie online surveys are here. Also, check out 51 ways to make money from home. Also, 99 Side Hustles for Aussies is an eBook covering the ways to make money, how to get started, tips to make more etc.
To make your money go further, consider investing. Interest rates are low so you won’t get much by keeping it in the bank. Instead, look at salary sacrificing into superannuation. Consider investing in shares or similar. With shares, you can start with small amounts to see how comfortable you are with it.
21. Clear Debt
Getting rid of your debt is a huge relief plus enables you to save a lot more. I was left with over $20,000 debt at the end of my custody battle and expected to have it cleared by now. Due to massive changes last year, that didn’t happen. I now have $8,950 left to clear (it was $10,550 when I posted about it) and will be doing everything I can to smash it while still doing things I promised my kids.