• Alison Kaigan

How to save more money

If you’re like so many people you’ve made New Year’s resolutions, whether it to eat better, lose weight, spend more time with family, or save money. Wanting to save more money – or save money full stop – is a common theme when I meet new clients. And the big question – how can I save more money?


If this is your focus for 2019, then I think a good start is to not do what you did last year! Generally if something didn’t work for you before, it’s probably unlikely to start working for you. So apart from that, what else can you do to save money and track towards your financial goals this year?


There are many different things that might help people save money. As a financial adviser I see different things work for different people. This is because everyone is different, but also the reason for not being able to save money differs. Do you suffer from FOMO? Or are your bank accounts just too accessible and you’re able to make money available when you want it? Or perhaps you just don’t pay attention, and wonder at the end of the month where your cash went.


Depending on what’s holding you back there could be different things you can do. Seven things that might help you save money are:


1. Carefully consider how accessible you need your bank accounts to be. Do you really need to be able to access them all and move money around instantaneously on your phone?


2. Try creating rules for yourself. If something is a ‘non-essential item’ and over $X make a rule that you have to think on the purchase for 24 hours – and work out a way to keep yourself accountable! You’ll be amazed at how often you’ll decide you don’t need something if you go away and think about it.


3. There are apps available that can help track your spending. When you know exactly how much you spend in a month on, say, ‘food on the go’ you might reconsider the way you do things. I’ve done this myself and it was illuminating – and a bit horrifying! There are different apps available, generally the better ones aren’t free. If you want more information on this please get in touch and I’ll be happy to try and help.


4. Consider your social activities. If you’re regularly going out for brunch is it possible to convert some of these to a picnic or a bush walk? If some of your friends are on the ‘eating healthily’ new years resolution bandwagon’ they might be glad for the suggestion.


5. Reduce your alcohol consumption! Alcohol is expensive. Again, perhaps you have a friend on the no-drinking bandwagon who would be grateful for some sober company.


6. Consider an automatic saving plan. By saving first and spending second, rather than spending first and saving whatever is left (if any) you might just find that saving becomes easier.


7. If you do save money, do something with it! There’s no point in saving

money and then spending all of it on a reward for yourself for saving the money in the first place. This might seem obvious, but I see it happen.


They’re just a few ideas, so please consider your situation and what your savings hurdle is and try to make a change in 2019. Hoping you smash those money saving goals!


Alison Kaigan – Your Canberra Financial Adviser



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