10 Top Tips for Saving

1. Have a plan.
2. Get a high interest savings account.
3. Pay your savings first.
4. Take lunch from home a couple of days a week.
5. Rethink the second coffee.
6. Get a loose change jar.
7. Delay purchases.
8. Take advantage of cheap nights or two-for-one deals.
9. Embrace your inner chef.
10. Save 10% - of everything else.

1. Have a plan. Like everything else in life, it pays to have a plan for your savings. If you know where you’re going it’s much easier to get there. Develop a plan by setting goals, developing a budget and working out how long it will take to reach your goals on our savings calculator. Stay focused, be strong!

2. Get a high interest savings account. By separating your savings into a difference account you achieve two things: 1) you can earn more interest in an account designed for savings (like the IMB Reward Saver) and 2) because your savings are not with your everyday money you are less likely to be tempted to dip into them just because they’re there.

3. Pay your savings first. Set up an automatic payment into your savings account. This way you are saving without even thinking about it.

4. Take lunch from home a couple of days a week. You’ve heard it a million times before, but this truly is one of the great places to save money. Say you spend $8 on your lunch everyday. By bringing lunch from home 2 days a week you’re saving $16 a week, that’s $64 a month and a whopping $832 a year – just for 2 days a week – imagine what you could do with 3 days a week.

5. Rethink the second coffee. If you find yourself heading out for a 2^nd or 3^rd coffee every day, think about the cost. Say a second coffee every day sets you back around $3.70, for a week that’s $18.50 and over a year will amount to $962.

6. Get a loose change jar. Looking for somewhere to put all those coins you’re no longer spending on lunch and coffee? Throw your loose change in a jar at the end of every day/week. You’ll be amazed at how quickly it adds up.

7. Delay purchases. Just seen a pair of shoes or a jacket you have to have? Rather than buying them straight away give yourself some time to think. If, after a week or so you find they still have the same appeal you can weigh up how they will fit into the budget. Think about a lay-by rather than outright purchase, this will help spread the cost over a couple of months.

8. Take advantage of cheap nights or two-for-one deals. Bring on cheap Tuesday at the movies, cheap steak night at your local or the many deals you get through your letterbox or on the back of your shopping docket. You may not like using them, but that’s what they’re there for. The advertiser will appreciate your custom, and you’ll appreciate the few extra bucks in your pocket.

9. Embrace your inner chef. Cut your eating-out and take-out spending by cooking at home. Most supermarkets are now offering tips on how to feed yourself and/or your family for less? You may also find you have enough of your brilliant dinner left-over to take to work for lunch the next day – see how it all works together?!

10. Save 10% - of everything else. Christmas and birthday money, tax returns, windfalls. If you can save at least 10% of all ‘unexpected’ income, you’ll give your savings a healthy boost.

Talk to IMB today. Call into your local IMB, call 133 462 or email your enquiry using our online enquiry form.

^{The information presented is of a general nature and is not intended to be relied upon as a substitute for financial advice. Please consider the PDS available from IMB branches or by calling 133 462 before deciding if these products are right for you.}