What Are Your Best Saving Tips?

DealWatcher27 on 29/06/2019 - 19:04

Hi all, I am compiling a list of Australian saving tips. I think no community better than the Ozbargainers in this! Please tell us what are your best saving tips? Below are mine

  1. Compare energy suppliers to make sure I am getting the best deal. Visit the Australian Government's Energy Made Easy website, or the Victorian Energy Compare website if you live in Victoria.
  2. Track the desired flight price with Google Flights. Receive the alert and buy when the price drop.
  3. Transfer spare funds to a robo investment account like Raiz
  4. Set up auto transfers to a high interest savings account
  5. Shop via cashback sites like Cashrewards and Shopback
  6. Shop with discounted gift cards
  7. Visit Ozbargain for good deals every day

Please share your ideas

Financial

Comments

  • follow on 29/06/2019 - 19:20
    +132

    Visit Ozbargain for good deals every day

    you'll buy more and "save" less

    • Skramit on 29/06/2019 - 19:29
      +56

      Truth.

      This site only results in increased spending.

      • CyberMurning on 29/06/2019 - 20:32
        +34

        Only newbies think this site is about saving.

        • Kangal on 01/07/2019 - 10:27
          +9

          That's the motto: come for the savings, and stay for the time/money/effort wasting!!

          (and JV)

        • Bryanalves on 03/07/2019 - 12:26
          +2

          OP this is a shopping website, how is visiting everyday helping?

    • Homr on 02/07/2019 - 10:35
      +5

      Wrong, you need to spend money to save money!

      • Cluster on 02/07/2019 - 15:38
        +3

        Every time I walk into a store I see big bold signs saying how much I'll save. However I'll save a guaranteed 100% by not buying the product.

        This site is great. I visit it every day. But you have to be really careful not to fall into the trap of 'oooh! I didn't know I needed that rug peeler at 50% off on eBay, where's my credit card?'

  • 87percent on 29/06/2019 - 19:29
    +33

    These aren't saving tips, this is how to spend less

    • [Deactivated] on 29/06/2019 - 22:02
      +3

      Same same?

    • Charlatan on 30/06/2019 - 12:21
      +3

      You're not adding one! You're subtracting minus one!

  • Samsungnote10 on 29/06/2019 - 19:33
    +52

    Don't get a girlfriend
    Save you heaps!

    • stephjess3 on 30/06/2019 - 10:54
      +15

      Don’t get a boyfriend and it will save you heaps!

      • 1mmy1mmy on 01/07/2019 - 09:03
        +15

        Get a boyfriend /girlfriend that will let you be the Budget Master… You'll be saving with twice the income.

    • MetaphorOZB on 01/07/2019 - 10:08
      +6

      That dual income though…

      • Kangal on 01/07/2019 - 10:28
        +14

        … triple expenses?

    • PcisT on 01/07/2019 - 18:44
      +1

      Not necessarily true. Think cost of housing.

      • crentist on 01/07/2019 - 21:28
        +5

        easier to stay at parents place if no gf, and harder to get gf if you stay at parents place.

        • massafiri on 02/07/2019 - 00:36
          +3

          Sounds like a riveting life.

        • Name on 04/07/2019 - 07:37

          Sounds like the cycle you need in order to save money.

    • Cluster on 02/07/2019 - 15:42
      +1

      We live in a time of equality. Equal pay, equal rights, equal responsibility. Everyone pulls their own weight.

      I kid, I kid.

      Just yesterday I heard a relative complain about his situation. He's currently unemployed but his wife works (previously was the other way around). This has incensed her and she's basically cut off all his spending. He's not even allowed to go food shopping anymore, and she complains that he eats more than her. All the money is "her's", as she earned it. She said men go out to work and women stay home, not the other way around.

      • Samsungnote10 on 02/07/2019 - 15:43
        +4

        tell her how she would feel if they got divorced tomorrow and he took with 50%+ of everything she earnt/owned

        • Cluster on 02/07/2019 - 15:46

          Her affairs are structured in such a way (several small companies, funds overseas, cash) that she knows any divorce would be beneficial to her. He doesn't even know how much money she has, where it is, or even the number of bank accounts she has.

          • Samsungnote10 on 02/07/2019 - 16:06
            +3

            @Cluster: shes a smart lady!

          • Thazza on 03/07/2019 - 14:16
            +2

            @Cluster: You would find that the family courts have the power to 'look-through' such structures and vehicles.

            That said, if she has a good lawyer, then all good.

      • jatyap on 10/07/2019 - 18:25

        Well, a lot of that is subjective, though. Is he unemployed because he refuses to contribute to the finances, is unable to find suitable work, or is he responsible for the household and other responsibilities?

        If he's doing his best to contribute, but she acts that way, then they probably need a reminder that every marriage is a partnership and both partners need to work towards the benefit of both, together. It doesn't seem like that is the case here. From your statement it appears she feels he is not doing his best to provide for his family.

  • MagicMushroom on 29/06/2019 - 19:40
    +14

    Visit Ozbargain for good deals every day every minute

    • Kangal on 01/07/2019 - 10:30
      +3

      Just Visit Ozbargain for good deals every day every minute. There FTTY.

  • Riczter on 29/06/2019 - 19:44

    Never heard of Raiz, could you give me a quick rundown?

    • alikazi on 01/07/2019 - 01:46
      +12

      I don't recommend Raiz. They say they'll round up your expenses in loose change and invest it. I used it for about a year and I must have only received additional $10 from it from a total investment of $1000. The problem is that it always charges you much more than loose change. For example if I shopped for $38.7 then I'd expect Raiz to withdraw the additional 30 cents or $2.30 to round up to $40. But I noticed that it would literally withdraw $20 from my account randomly. That would then sometimes end up draining cash from my account that I might need for my direct debits. You can withdraw all that cash from Raiz at any time but it takes days for the deposit to complete. So overall not good value.

      • AncientWisdom on 01/07/2019 - 02:58
        +2

        Raiz can be good as introduction to investments but there are lots of pitfalls, the biggest one would be paying more fees than you're earning. This can easily happen if you only use the roundup function and aren't contributing any more actively.

        The other thing to remember is that you'd be way better off to invest the money yourself, the catch is that it would take some initial research and it only makes sense to invest it in big amounts ($1000-$5000) due to brokerage fees. In this case you'd want the money to be sitting in an interest earning account until the amount saved is big enough to invest, I think Raiz is actually not a bad way to do that but you could potentially lose a lot of money in a down turn if not on a conservative profile.

        • sw00p on 01/07/2019 - 08:40
          +5

          I don't do roundups, but rather invest $10 per week, and larger lump sums whenever I get them.

          I'm up 12% over the last 12 months. It definitely works for me, as I'm not in a position to make larger purchases of ETFs.

          • kloner on 02/07/2019 - 11:54
            +3

            @sw00p: +1 for Raiz.

            I've also been micro investing with them for some time now. Investing $15 per day and and return over past 12 months is 11.17% (after fees).

          • Cunning Linguist on 02/07/2019 - 16:00

            @sw00p: RAIZ worked wonders for me but there's a sweet spot you need to get to otherwise you don't pass the fee barier. $2000 is ok but once you hit $5k+ is when the returns really start coming in the double digits. Round up on it's on won't get you there, you'll need to do that plus put in as much as you can each week.

            Once you hit somewhere between 2 and 3k you can switch back to round ups only.

            If you can;t afford to start raiz with a decent amount or put in more than loose change then this really isn't the product for you

      • 7wig on 02/07/2019 - 17:59

        @alikazi You should read the thread on whirlpool about Raiz as Babadook said the initial investment should be at least 2k so the fees are lower. I used it to save up to 10k then decided to invest myself.

      • DealWatcher27 on 03/07/2019 - 16:40

        I am sorry for your bad experience with Raiz… Maybe you can review the way you use the service? As for me, I invested $1000 on 2nd May 2017 just to test it. It goes well for me. On 22nd June, the performance was 14.07% (after fees). I opened another account with a much higher investment on 24th April 2018. Due to the market correction end of last year, the performance is slightly lower than the first one account. The performance is 8.29% (after fees) on 22nd June.

      • DonWilson on 04/07/2019 - 11:48

        For example if I shopped for $38.7 then I'd expect Raiz to withdraw the additional 30 cents or $2.30 to round up to $40.

        …

        …

    • geoffs87 on 01/07/2019 - 15:16
      +5

      Just be wary of Raiz, most Banks have in their T&C's that your security protection can be void if you share your password. I believe they consider entering your password into Raiz as "sharing".

      It kinda makes sense - what happens if someone raided Raiz's servers, stole your internet banking username / password, logged into your bank account and stole cash… is Raiz or your bank liable.

      I know it's unlikely to happen - but i personally don't think its worth the risk.

      MY SAVINGS TIP - i have a clover account, and i set myself a personal monthly transfer target, i make sure i transfer that amount in there from each pay before i start spending. Clover invests on my behalf.

      my next savings tip, all my wife's and my salaries are paid into our offset account, and we pay ourselves a weekly salary, hers is higher because she likes to look pretty, whereas i just spend all mine at bunnings… but it helps to keep our expenses down. All bills are paid out of the offset account - every cent against the homeloan is great! this could work too by transferring all your cash into a high interest account, and only paying yourself a small salary - employers generally allow you to divert your pay to multiple accounts - worth looking into!

      • Riczter on 01/07/2019 - 15:19

        Eek, good tip, I've relied on my bank and CC fraud protection on 2 separate occasions in the past, so would not want to risk that going forward

      • sw00p on 02/07/2019 - 10:58
        +3

        This tip, of paying yourself a set weekly salary from another account, is THE number 1 tip for saving money. Everyone should do it.

        It's so much easier to manage a budget in your head for a week. It's so much easier to go without spending on things you want when you know you'll get 'paid' again in a week. And it's so much easier to save when you pay yourself less than you earn.

        We do something similar where money goes into one account, and pays out in the following way:
        1. Account for rent and recurring bills/expenses.
        2. Account for weekly expenses - groceries, transport, alcohol, meal out.
        3. Individual accounts for a modest amount of weekly personal spending money.
        4. Several different savings accounts for christmas, birthdays etc.
        5. Investment in Raiz.

        Automating all of that, so that we never have to make a decision about money, has seen us increase our net worth in a massive way!

    • whirlpool_guy on 01/07/2019 - 15:58
      +1

      Their fees are quite high

      https://www.finder.com.au/investing-app-raiz-is-doubling-fee…

    • afah0447 on 01/07/2019 - 18:44
      +1

      Be aware of their fees. They are very high for what they offer.

  • blueskittles on 29/06/2019 - 20:14
    +20

    I stopped buying low quality cheap 'bargain' stuff and just bought stuff with better quality that may not necessarily go on sale.

    Pocketbook is a really great tool for tracking your spending: https://getpocketbook.com/

  • bobbified on 29/06/2019 - 20:15
    +37

    Don't have kids!

    • CyberMurning on 29/06/2019 - 20:31
      +18

      And don't get married.

      • Masterpupil on 03/07/2019 - 16:40
        +2

        Get married, and then enter into several polygamous relationships. Everyone works, lives it he same household and bam!. Huge cash.
        NB: if anyone decides they don't like it anymore, the court proceedings will be a nightmare.

    • Illian on 30/06/2019 - 13:13
      +17

      This dumb joke and the 'don't get married' one are so old and tired they probably have grandkids of their own.

      • moar bargains on 30/06/2019 - 16:35
        +31

        Absolutely agree. Life is more than "he who dies with the most bargains wins". Family can add richness and fulfillment to your life that can't be counted, yet certainly outweighs the costs. I know a number of people who work with or visit those in palliative care, and they almost invariably mention regrets around family and relationships such as not spending more time with the kids when they were little. Never heard of anyone pining over a bargain they missed out when they are at the end of their life…

        • Coatesy on 01/07/2019 - 01:14
          +11

          Thats because they obviously didn't have Ozbargain.

        • massafiri on 02/07/2019 - 00:37
          +2

          But those people who are in palliative care now didn't have eneloops in their hayday.

  • CyberMurning on 29/06/2019 - 20:32
    +7

    Number 7 is totally wrong. Should be 7. Stay away from ozbargain.

    • xuqi on 29/06/2019 - 22:27
      +2

      Correct, and it should also be moved to #1.

  • Gelato on 30/06/2019 - 00:00
    +5

    have a budget and stick to it

  • This Guy on 30/06/2019 - 00:22
    +24
    1. Don't use a heater. Insulate your home.
    2. Don't go on holidays.
    3. Invest in high yield automotive's (Spackbace seems to be doing alright for themelves).
    4. Put money in low fee super.
    5. Don't spend money.
    6. Don't spend money.
    7. Ditch netflix and visit Ozbargain forums for entertainment.
    • [Deactivated] on 30/06/2019 - 20:05
      +55

      You sound like a fun person to be around

      • This Guy on 01/07/2019 - 11:10
        +4

        I go on regular day trips.

        • kev98 on 03/07/2019 - 14:14

          Sunday pensioner fare trips?

  • tgpraveen on 30/06/2019 - 00:47
    +16
    1. If in Victoria and use myki frequently, get the commuters club annual pass - Google it - good savings.
    2. Go to the library for knowledge and entertainment.
    3. Shop at vegetable market or Aldi whenever possible instead of WoolIes/Coles.
    4. Research credit card perks and points game.
    5. Invest money for the long term in Vanguard ETFs.
    6. Get low fee super fund and set to high growth option if below 45.
    • tgpraveen on 30/06/2019 - 10:01
      +5
      1. Save all the money that you might need in short term or next few years in a HIS A. My preference is ING. Ditch the big banks!
      2. Use PocketMoney app to get a sense of your spending.
      3. But, realise you won't get rich by skipping your few times a week coffee habbit - the thing that will have a big impact is putting all your savings in low cost high return investments eg. Broadbased index funds with the power of compound interest - start this early in your life even with small amounts but on an automated monthly investment rhythm.
      4. Read books like Barefoot Investor, I will teach you to be rich.
      5. To protect from cold, good woollen wear, thick socks and maybe hot water bag are good alternatives to running a heater.
      6. Practise minimalism to save money, energy and enjoy the pleasure of less is more. I try to do it with high quality but fewer things.
      • Kangal on 01/07/2019 - 10:36
        +5

        Or disregard all of the above, and simply live average having financial inefficiencies. But ditch your $40k job and get a $120k job instead.

        You become more richer by extending your income, not by decreasing your expenses.

        • yupyup on 01/07/2019 - 16:34
          +19

          Good advice! ill just quit my 65k job and go grab one of those 120k jobs that are just lying around for the taking

          • Kill Joy on 01/07/2019 - 19:03
            +1

            @yupyup: I do see the sarcasm, but even a 120k salary is not going to get you close to rich after tax + expenses (especially if your paying off student loans, which most 100K+ earners are).

            You'd still have to do all the listed things above to comfortably own a house by 50 near Syd or Melb.

            • abb on 02/07/2019 - 09:26

              @Kill Joy:

              especially if [you're] paying off student loans, which most 100K+ earners are

              citation needed.

              I would have thought that by the time you get over $100k most people would have paid off a fair portion of their HECS/HELP and would have many more years to keep working debt-free. But let's do a worked example.

              e.g. let's say a 23 year old lawyer straight out of uni (debt of $49k, on the higher end of degrees on offer) gets a $120k job and keeps it until 65.
              They have to pay $10 800 off their loan per year.

              49 000 / 10 800 = 4.54 years, let's round it up to 5 (I haven't indexed the debt but their wage in theory would rise in line with indexation too)

              5 / (65 - 23) = 12% of their working life they have a debt.

              So, even if everyone on 120k gets there instantly without previously paying down any of their debt, only 12% of that population would have a debt.

              Your claim "most" does not stand up to scrutiny.

              This has been a fact check production by /u/abb.

              • Kangal on 02/07/2019 - 13:19
                +4

                @abb: Exactly.
                There's this popular myth that living frugally will make you a "millionaire". Nope. And not even compounding interest.

                To actually be wealthy, you need a high income (or win the genetic lottery/inheritance). Being frugal and investing will speed those factors up. But there's very little room to be frugal, and very little budget for investment, if you're on a tight income. This rule applies to first-world nations, but is even more concrete coming from lower-socioeconomic countries/cities.

                The smarter strategy would be to invest in yourself early (whether that's looks, appearances, contacts, diplomas, etc etc) and cash-in on yourself by getting a high income. Once that difficult goal is achieved, then you can move unto being frugal, and then move unto investing. The important part to understand is that it's something that takes you 4 - 10 years, and not overnight. It can take studying, career, small business, or marrying someone with these to get there. I know there's no magic Job-Tree, and not anyone can succeed or will succeed in their pursuit. By nature, we aren't created equal, but that shouldn't dissuade us to reach down deep, strive higher, and better things for next-generation/our community/ourselves.

                Besides, I'm talking about being wealthy, and not being +60 years old with 1 million in assets, because that's retirement and is a different topic. In such case, putting $100 every month in a compounding account from the age of 20 will do.

                …with that all said, there's so much to life than just money. There's a lot of value in a happy childhood, education, friends, women/men, love, travelling, children, happiness, hobbies, innovation, volunteering, charity etc etc.

              • Kill Joy on 02/07/2019 - 15:30

                @abb:

                citation needed.

                I myself, am in this category. Maybe 'some' was more correct then 'most' I'll admit, but your evidence supporting leaves much to be desired.

                23 year old lawyer straight out of uni (debt of $49k

                Might need to recheck these figures - my IT degree cost 42k 3 years ago. Lot of degrees are going up now as well.

                49 000 / 10 800 = 4.54 years, let's round it up to 5 (I haven't indexed the debt but their wage in theory would rise in line with indexation too)

                Wages aren't rising across Australia so that is a moot point. Also remember in those 3-5 years at university, there are others who went straight into the work force earning money.

                gets a $120k job and keeps it until 65.

                Because I had worked a 40 hour job while doing 40 hours of uni I had the luxury of being in such a position. To be fair, a lot of uni graduates end up starting at the 45-64k mark for the first few years of their career.

                So a far call that most people who earn over 100k arent 'still' paying off a loan, they did have to pay off a loan, and while accumulating that loan likely were not earning any meaningful amount of income while others who went into the workforce were better off for the first 10 years (5 years attending uni + 5 years paying it off). I'm only just now catching the level of equity and investment as my peers and I'm 6 years into my professional career. I'll probably never catch the tradies in my cohort i know who are eclipsing 170k+ and climbing.

                But this is all moot if you scale your spending with your salary. You still need to decrease expenses as much as possible if you want to pay off a 700k-1.2m household and have a sembiance of life to enjoy at the same time.

        • tgpraveen on 02/07/2019 - 08:32

          Cutting expenses might save you money but won't build wealth - to do that you need to invest and leverage power of compound interest.

    • [Deactivated] on 01/07/2019 - 10:49
      +6

      I find that vegetable/farmers markets in the cities are more expensive than equivalent colesworths fresh products

    • cloudy on 04/07/2019 - 22:08
      +1

      I disagree with point3.

      I save heaps more going to woollies and coles than Aldi. ALdi is for the uninitiated whom don't shop around for a bargain. Woolies and coles has regularly half price or lower items that are cheaper. I've gottan racks of lamb for half price, bags of veggies for $2 at the regularly clear out time, etc.

      Most people who think Aldi are cheaper without thought are no bargain hunters IMHO.

  • barbarella on 30/06/2019 - 09:06
    +18

    Don't pay interest on anything!!!…including credit cards and loans (well apart from a home loan, which can rarely be avoided)

    Get fee-free bank accounts

  • Goldcoasterlinda on 30/06/2019 - 09:07
    +25
    1. Spend less than you earn. If you cant spend less, earn more. A second job maybe.
    2. Dont visit shops as a weekend leisure activity, they encourage wasteful mindless spending on stuff you don't need. Go to the park or for a picnic or walk.
    3. Cook your own food. take your lunch to work.
    4. Look for spending alternatives eg if you usually buy books or magazines, use the library.

    There is no one big or right answer, its a lot of small decisions that shape your life and attitude to spending.

    • John Dough on 01/07/2019 - 07:12
      +1

      Your second point is absolutely bang on!

  • cassidy02 on 30/06/2019 - 09:54
    +7

    Use the 1/2 Price app to create your shopping list for the week.

    Buy 5% discounted Woolworths vouchers, use them to buy petrol along with your regular 4c off voucher.

    If you like to eat out, use the Eat Club app for big discounts.

    • twodollah on 01/07/2019 - 11:04

      What is this 1/2 price app you refer to?

  • magic8ballgag on 30/06/2019 - 10:35
    +3

    Compare energy suppliers to make sure I am getting the best deal.

    Why stop there? Compare suppliers for every 3rd party service, insurance especially.

    • DealWatcher27 on 01/07/2019 - 00:22

      How do you compare them usually?

      • magic8ballgag on 01/07/2019 - 09:50
        +1

        Generate a few quotes online and decide from there?

        • orangetrain on 01/07/2019 - 17:54

          Beware reputation/PDS are different for each issuer. If you don't know and don't want to research the offering, pick one with best reputation despite the premium.

  • nushydude on 30/06/2019 - 10:52
    +29

    Live 1 or 2 years behind the tech product models. Eg: buy the Pixel 3 when the Pixel 4 comes out at a huge discount, same with TVs, cars, PC hardware etc.

    • m0nkeycheese on 02/07/2019 - 12:17
      +8

      I'm getting my nexus 4 next week, can't wait!! lol

      • nushydude on 06/07/2019 - 09:56

        I said 1 or 2 years lol

    • bobz79 on 03/07/2019 - 13:06

      there is a catch though, you would be using it less longer than if bought latest (assuming you are not switching 1-2 yrs!)

      So may be 6 months or 1yr behind to avoid premium price, not more :-)

  • stephjess3 on 30/06/2019 - 10:57

    Fill up on petrol ⛽️ Sunday and Monday the two cheapest days!

  • stephjess3 on 30/06/2019 - 11:02
    -6

    Buy the entertainment book lots of great discounts!

    • m0nkeycheese on 02/07/2019 - 12:18

      Also spending money on things you dont need

  • stephjess3 on 30/06/2019 - 11:03
    +3

    Do focus groups and surveys you can get vouchers/cash

  • Goldenwarrior on 30/06/2019 - 11:07
    +18

    Buy some of your clothes from charity stores ( I'm wearing some Nothface pants I bought for $4 right now from a charity store). For good quality stuff buy from DFO that are reduced. Make sure to buy classic cuts and colours that ride out the trends.

    Watch stuff on ABCIView and listen to stuff on ABC listen for entertainment. We pay for it.

    Like a poster suggested earlier visit your library for books. If they don't have the one you are looking for, get them to get it from another library as a interloan or get them to buy it as part of their annual collection budget.

    Engage in healthy hobbies that cost very little. For example bushwalking (buy a NSW national parks pass if you go often enough). I'm taking up surfing, which is pretty cheap for a hobby once you buy/find or are gifted a board and wetsuit.

    Set up a home gym with free weights or kettle bells and a bench (turn a space into your own anytime fitness), for cardio just go for a run/bike ride.

    Beware if you are emotional spending. If you feel like shopping by all means go shopping but leave your wallet in your pocket and decide later if you need the item. If you do need it, buy it at a later date.

    Sell things you don't need. Remember selling stuff online is tax free. This will free up space in your home for your new cheap hobby.

    Check out when it's your council clean up day. What people throw out you might need. I picked a Rip curl steamer wet suit that fits me and a Bluetooth ear pod on my last council throwout amoung some other cool stuff.

    Attend free events, festivals and art galleries.

    Travel on Sunday's, it's 2.80 all day. When you go out for the day pack your own lunch, make it special if you want to but instead of that 5 dollar muffin from the cafe buy the 1 dollar one from Coles. Same as coffee, make your own and take it with you.

    Lots of other good suggestions as well from other posters.

    (What do you do with all the money you save? Simply make it your new hobby to buy income producing assets).

    • DealWatcher27 on 01/07/2019 - 00:31

      Thanks for all the thoughtful ideas! They are wonderful!

      The money I save is usually for investment

  • Myone888 on 30/06/2019 - 11:08

    Curious to know too, what is Raiz?

    • DealWatcher27 on 01/07/2019 - 00:33
      -1

      Are you referring to salary sacrifice? But not all employers are willing to do that.

      • AncientWisdom on 01/07/2019 - 02:49

        No, he/she means over pay your tax as a form of saving (you get it back via your tax return).

        • parisienne on 01/07/2019 - 09:20

          Oops,just saw your reply after i responded.But yep,that's the idea.

      • parisienne on 01/07/2019 - 09:19
        -1

        No,not salary sacrifice (i do that too). I mean asking your pay office to take out more tax than you need to pay in order to get a larger refund at the end of the year.

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