It truly is a jungle out there and saving up for anything, no matter what your striving for, is hard work. Maybe you’re planning a well-earned overseas holiday (if so, I’m jealous), or maybe you’re saving up to buy your first home or investment property. Kudos to you, no matter what your goal is, because we know that saving requires sacrifice, compromise and discipline.
But it doesn’t have to be as painful as some may think it to be. In fact, it can also be seriously rewarding working towards your goal and finally getting there.
I spoke to some of the Coposit team to get their top savings tips for someone looking to fast track their savings.
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“That could be $1,000 or even $2,000 per month. But setting that target is something really important to make sure you can actually execute. So set that target amount and make sure you’re saving that amount every month, without fail. No matter what happens, make sure you’re setting that savings target.”
“There are so many subscription services that people have. Sometimes 10 to 15 of them, which could be hundreds of dollars per month. Look to cull those services down. Look at some of the bundling services that are out there, which can bundle some of these streaming services and subscription plans together.”
“With Buy Now, Pay Later (BNPL), you’re buying things that you may not actually need. If you are using the BNPL services, make sure you can commit to the number of payments and get them paid within the time. You don’t want to be attracting late fees.”
“Understand what your savings goal is and why you have that goal. If you’re looking at saving up a deposit to buy property, it’s really important to speak to a professional to understand what is the deposit amount that you need to save up before you start the process. Understand what’s the reason your savings target is X amount and start working towards that goal.”
“Whether you’re going to be putting money away every single week and sometimes you might miss it for a week or two. It’s okay. The main thing is you’re making progress. You know what your goal is, what your target is, and just keep going.”
“Regularly review how you’re going. I found a lot of people set a savings target. They might automate something, but they’re not reviewing how they’re progressing because the more you view and the more you’re going to be able to work out, you know what you can do to save faster, what you can do to save more and also identify where the leakages are. It gives you that feeling of progress because you’re checking in, you’re reviewing how you’re going, and that’ll give you momentum to keep saving and get to your goal faster.”
“One of the things that’s worked for me is managing my expenses or tracking my expenses over a period of time, say one, two or three weeks. That way you can see everything that is coming out of your accounts. Are there things there that I don’t actually need? Do I need to buy two coffees a day? Should I be using Uber Eats three or four times week? You can start to cut it down and find ways to save.”
“It’s a great wat to save for a real life mortgage. Speak to a broker. Find out how much you can borrow. Find out what your weekly repayments would be and see if that suits your lifestyle. If it doesn’t, build up towards it. Find ways. If you have a goal in mind and you set this sort of target, when its real, you know you’ll be able to do it and that it suits your lifestyle as well.”
“One little hack I’ve found and implemented recently is changing bills cycles for services from monthly to annually. Things like car insurance, or mobile phones, if you can pay it a year upfront, then you’re going to get some significant discounts.”
“Make sure you budget for a hurt zone. A few years where you’re going to budget and save hard to really understand your own salary and your own living expenses. Automation is your friend with saving and that’s automating your banking app. Doing this helps create saving pools and spending pools.”
“I think talking to a broker is really helpful. They often have the best and most up to date advice in fast track and hacking tips, be that first home buyer schemes or Coposit, as a cheeky plug. They can really empower you to be able to get the best offer out there, not only from a scheme perspective but also from a multitude of lenders as well.”
“Coming from a guy who bought in 2020 when there were some big names out there saying it was the worst time to buy, I can tell you now that it wasn’t. I was very fortunate. My advice would be don’t wait for the perfect time. The beauty of owning property is in the long run, time is always on your side. On your savings journey, things are going to come up extra, expenses that you wont foresee. When you have the opportunity, get in there.”
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