5 Money Saving Hacks You Can Start Right Now

With cozzie livs still on the rise, it can seem like our big savings goals are creeping out of reach. The dream of owning a house, travelling the world, or buying that car you’ve always wanted are becoming more and more difficult. But before you go on an avocado toast strike, or give up on saving altogether, here are a few saving hacks that actually work.
 

Convert Prices Into Hours Worked

It’s an oldie but a goodie. The next time you want to buy something, work out how many hours of work it would take to earn the money it costs. Whether it’s a juice, a jacket, or a new speaker system, you’ll be able to put the price into perspective and recognise how hard you worked for your money. For example, if the jacket costs $100, and you earn $20 an hour, ask yourself whether the jacket is worth 5 hours of your work? To help visualise the cost even more, ask the question, “Would I work a 5 hour shift for this jacket instead of my usual paycheck?” Works a treat. 
 

Save Your Savings

This one’s a bit of fun. Every time you buy something that’s on sale or special, transfer the amount that you saved into your savings account. So for example, if you bought a shirt that is usually $80 but you bought it on sale for $50, you would transfer the $30 difference into your savings. Likewise, when you go grocery shopping, take a look at the little “you saved” heading on the self-serve screen, and transfer that amount into your savings. 
 

Only Spend Cash

My toxic trait is thinking that everything you pay for in cash is free, because you don’t see your bank balance go down. But you can actually use this mindset to your advantage if you want to save some money. Try cashing out a certain amount of cash each week, and that’s all you’re allowed to spend that week. It’s kind of like a budget, but instead of just knowing how much you’re allowed to spend, it’s more visual, so you see the amount of cash decrease each time you spend it. 

Save All Your Cash

This is kind of like a swear-jar-esque saving technique. Stash your cash somewhere safe, and each time you’ve compiled a decent amount, take it to a bank to deposit. If you’ve never deposited money before, it’s really easy. Most banks have a deposit machine which is pretty much a reverse ATM. Then once your cash is deposited, put that amount straight into your savings. Because you’re only putting away a small amount of cash at a time, you won’t even notice how much you’re saving. But when you head to the bank, you’ll surprise yourself with how much you’ve racked up in a short amount of time.
 

Reward Yourself

Who doesn’t love a little treat? Set some savings goals that are landmark numbers. This could be every $500, every $1000, or every couple of thousand depending on how much you earn and how much you need to spend on essentials. Then, each time you reach one of those milestones, reward yourself with something that you’re excited for. Whether it’s simply a dinner out with friends, or a new phone because your old one looks like it’s been run over by a semi-trailer. This hack works because it’s a guilt-free way to treat yourself to things that you actually want, rather than buying things impulsively and giving yourself a hard time about it. 

At the end of the day, saving money is like a game of football. To succeed, you need to have a plan of attack. Whether you’re saving cash, exclusively spending cash, thinking about money in a new way or treating yourself with something nice, hopefully these hacks help add to your savings account.