Money Hacks To Help You Save Better In 2018

Are you sick of struggling to get your savings on track? Well, while it may seem like the year is getting away on us, there’s still loads of time in 2018 to make some smart financial choices that could definitely pay off, big time.

If you’re searching for ways to save more money in 2018, look no further. We’ve got you.

#1 Learn to budget, and stick to it

One of the most important financial skills you can learn in your lifetime is how to budget. A budget is a realistic list of all the things you spend money on to keep you happy and healthy, while cutting out (or at least minimising) costs that aren’t totally necessary.

One pro budgeting tip is to have separate accounts to divvy up your income. This makes it easier to keep track of your spending, as well as helps to ensure that your savings are not compromised.

This might mean you have to open a new account so you can split your funds. If you do, Westpac Life could be the way to go – it’s a flexible savings account that helps support your saving goals.

#2 Find a side hustle

What’s one sure-fire way of boosting your savings? Boosting your income! Finding something that earns you a little extra cash on the side can be a seriously smart move to boost your savings.

You can explore something you’re passionate about, or just find something relatively easy that brings in the dollars. The most important rule of a side hustle though is that it doesn’t affect your main source of income.

#3 Make a simple change in your spending habits

Making small changes to your spending habits can have a big impact on your savings.

Take buying your lunch over meal prepping for example. If you buy lunch around three times a week, and at about $15 on average, you’re spending over $2000 a year on something that you could totally make yourself for a lot less.

We reckon you should put that two grand in your back pocket instead. Besides, meal prepping is almost always going to be the healthier option.

#4 Get savvy

Becoming a savvy shopper is vital in the money saving game.

Planning meals around ingredients that are in season is one way of saving coin while at the supermarket. You can also take advantage of loyalty cards at your local supermarket, racking up points you can spend as well as receiving emails of weekly specials.

#5 Define your savings goal

When you’re just saving for the sake of saving, it can get pretty boring, and it can be hard to stay motivated. So find your reason for saving.

It could be a car, a holiday or, heck, a house – anything that can act as a tangible goal for you to work towards.

If you can’t think of anything to save for, what about an emergency fund? What would happen if you were to get the sack tomorrow? How long could you live on your savings? What about if your car broke down?

Westpac’s eSaver account is a great way of storing your savings. It allows unlimited access via a linked Westpac Choice account, meaning you won’t be stuck without cash.

#6 Talk to your friends about money

Money talk can sometimes be … awkward. It seems like we can talk about everything and anything with our friends, from dating to careers, but money is off limits. Why is that?

Being real about money with each other lets you know how things really are, and can help you get your priorities straight. Besides, you and your mate can swap savings tips like these ones.

#7 Ask for a raise

Mo’ money fewer problems, that’s the saying… right?

If you’ve been working your butt off, slogging away after hours and taking on extra tasks, it’s probably time for that pay rise.

It’s an awkward conversation to have, but if you’ve been working your butt off, slogging away after hours and taking on extra tasks, it’s probably time for that pay rise.

It pays to be prepared, so if you’re thinking about it, here are our tips on how to ask your boss for a pay rise.

#8 Reassess your living situation                                 

A huge chunk of your pay goes straight to paying rent. Are there any ways for you to minimise that enormous cost?

If you’re paying a little more than you should be and your lease is about to come to an end, you might consider moving somewhere more affordable.

Or, if you’ve got a spare bedroom chuck a housemate in there and let them lighten the financial load.

#9 Never spend above your means

Trying to live a champagne lifestyle on a beer budget is, well, pretty much impossible. So don’t fall into the trap of overspending.

Spending more than you can actually afford is going to kill your savings and eventually leave you in debt, so avoid temptation and try and realise that stuff is just stuff.

It’s nice to treat yourself from time to time, but remember to not get caught up in what you don’t have and count your blessings with what you do have.

#10 Think about the future

It’s fine to have a short-term savings goal, but have you thought about the future? Knowing exactly how to set yourself up for a financially stable future can be tough, but there are ways to help get you there. Have you heard of term deposits?

Term deposits are a super simple, and non-scary way to invest your newfound riches. Westpac have your back every step of the way, with their term deposits allowing you to invest your money with the certainty of a fixed interest rate and a choice of terms that are tailored to your needs.

Once you have your funds ready to go, applying for a term deposit is easy – basically the same process as opening a new bank account. You can even use Westpac’s Term Deposit calculator to find out how much you’ll earn from your new investment.