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.
Note: For an updated version, check out 23 ways to save money in 2023.
This post may contain affiliate links to products and services we 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.
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 transferring the difference to your savings.
For example, if the account has $107.63, round down by transferring the $2.63 to savings. It is amazing how quickly these small amounts add up.
Note: Some bank accounts have a feature where you can get this done automatically e.g. Up Bank who also offers $15 instantly to new customers.
2. Sign up for Freebies, Discounts and Coupons
Birthday freebies need to be signed up for now, well before your birthday to make sure you get them. Other freebies can be signed up for any time.
We have a huge list of freebies here.
Also, read how to get a discount on everything for more ideas.
Right now, get up to $200 off with HelloFresh, spread across your first 6 boxes for new and returning customers. Conditions apply.
Get easy meals from $2.19 per plate with this discount from EveryPlate.
45% off your first box with Marley Spoon and further discounts.
Up to $140 off Dinnerly, spread across your first few boxes.
Note: If you like freebies and discounts, check out how to get a $100 cash bonus from ING,$15 from Up Bank or have a look at the full list of freebies, offers and discounts for every state.
3. Use Cashback Sites
Cashback sites get you discounts and cashback with your online shopping.
Sign up, download the apps and add them to Chrome.
Whenever you are on a site where you can get cashback 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.
Our favourite one is Shopback.
4. Delayed Gratification List
Instead of buying everything on impulse as soon as you see it, learn delayed gratification.
Rather than buying straight away, items you want go on the list.
At the end of 30 days, if you still want it, you can budget it in. Most of the time, you won’t want whatever you 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
We 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 where we saved almost $5,000.
7. Get a Free Hobby
What do you enjoy doing? How can you save money on it?
We all need hobbies, some 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.
Look at these 10 hobbies that can make and save you money.
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
Some people love books and spend a small fortune on them. They could swap it for the library, second hand books or book swaps.
Shopping for clothing can be an expensive habit. Learn how to get clothes for free instead.
Drinking energy drinks add up, use these tips to change that habit.
Look at your spending habits. Which ones can you swap for a free or cheaper version?
Read how to reduce temptation and 10 tips to stop spending.
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. I
Ideally, you will save a set amount from each pay or each stream of income.
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 these 9 savings challenges and choose one.
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.
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.
12. Read
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.
23 books that will change your life..
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 towels 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. Here are eco-friendly switches that save money.
14. Buy the Best Quality
Too often, people buy 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.
Or if you’re travelling, consider ways to travel hack to make your trip free or super cheap.
Sometimes you can even get paid to travel.
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.
Small things might be doable such as changing lightbulbs or fuses in your car, some beauty, sewing etc.
For beauty, here are some DIY options that can save thousands.
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 and review all your expenses to find ways to reduce 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.
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 we’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, we tracked all our side hustles and made $33,277.
Check out how I made $33,277 on the side in 12 months.
Buying things to resell when we did it made 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 these 80+ side hustles.
20. Invest
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 it enables you to save a lot more.
Check out 6 ways to easily reduce debt and how we cleared $90,000 debt in 12 months for some ideas.
What are you doing to save money in 2021?
For more ways to make and save money follow us on social media:
The Thrifty Issue Facebook Page
The Thrifty Issue Facebook Group
The Thrifty Issue Instagram
