If you’re already following a tight household budget saving $1000 might sound like a massive task, but it could be easier than you think.

We’ve gathered five practical savings hacks which will help you save $1000 this year.

Cut your Coffee

If you’re buying your coffee every morning, you’re spending around $4.50 a day. That’s $22.50 a week, and $1080 a year! If you’re like us and can’t go without your morning cup of joe, why not invest in a coffee machine at home and bring your coffee to work? There are so many machines out there for varying budgets- and it will definitely cost you less than $4.50/cup.

Ditch your Gym Membership

You signed up to the gym to get fit and healthy- but let’s be honest, how many times have you actually gone to the gym? We worked off Fitness First’s standard pricing of $21/week, which equates to $1092/year! Why not ditch your gym membership and sign up for free running events like Parkrun instead? There are plenty of ways you can get fit for less than $21/week.

Review your Weekly Shop

Have a look at your weekly shopping list for ways you could save. By simply cutting back by $20 a week could save you $1040/year! If you need some inspiration on ways you can save on your weekly shop, check out these tips!

Pay higher repayments

According to MoneySmart, the average Australian credit card debt is $4283. If you’ve got a credit card, try to pay more than the minimum repayment. By simply paying an extra $50 a month, you will pay off your credit card a lot quicker. Check out the MoneySmart Credit Card Calculator to work out exactly how much time and money you’ll save by paying higher repayments.

TFN Withholding Tax

If you don’t provide your bank with your tax file number (TFN), they will withhold tax from your interest at the highest marginal tax rate. What does this mean? You can claim a credit for the amount of tax withheld when you submit your tax return. Think of it as an enforced savings plan, where you can claim for the funds back at tax time. Learn more on the ATO’s website.

Looking for an account to grow your savings? Check out MOVE’s award- winning Express Saver Account. It has a high interest rate, no fees, no minimum deposit, the flexibility to access your funds without penalty and you can open it online in minutes!

 

Do you have any other savings tips? Let us know in the comments! 

 

This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.
Railways Credit Union trading as MOVE ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536 | ABN 91 087 651 090.