The key to saving $20,000 is to break it down into smaller savings goals.
This free, downloadable sheet breaks it down into smaller weekly savings goals instead. Each week you can choose to save a little more or less, to account for some weeks being more or less expensive than others. You just pick an amount to save and colour in that circle. Colour a different circle each week for the whole year and (if you stick to it!) you'll end up with $20,000 in savings.
Choose an amount, save it throughout a week and colour it in. At the end of the year, you'll have $20k to put towards investments, debt repayment, a house deposit, or anything you choose.
| Response | |
|---|---|
| An emergency fund | 38.54% |
| Travel | 28.84% |
| Retirement | 27.04% |
| A house deposit | 17.07% |
| A vehicle | 13.03% |
| I am not saving money in a savings account | 10.42% |
| Other | 9.79% |
| Debt repayment | 8.72% |
| Education | 6.56% |
| Having children | 4.04% |
| A wedding | 2.07% |
1. Look at your spending
A simple and effective first step is to see exactly where all your money is going.
You can use a budgeting app that automatically puts your spending into categories – making it easier to see where you can spend less. Or, take a look at your transaction history for the last 1-2 months and find opportunities that way.
2. Cancel some subscriptions
Subscriptions are easy to set and forget, which often means we won't get our money's worth out of them.
Take gym memberships as an example: Finder research has previously found Australians are overspending $5.4 million based on how often we work out.
Even cancelling a $10 to $20 streaming subscription that doesn't get used much could save you $120 to $240 per year. So take a look at your regular debits and see what can go.
3. Plan your supermarket shop
There are a few ways planning ahead can help you spend less on groceries:
Here are another 20 ways to save money on groceries.
4. Know your spending weaknesses (and avoid them)
It's important to have some money for fun stuff, but this tip is about finding the weak spots in your spending habits. Having a good budget helps.
Maybe going to a particular store always leaves you with a hole in your wallet, or maybe the promise of free shipping tempts you to add a bit more to your virtual shopping cart. There are so many marketing tactics designed to tempt us into parting with more money, so noticing the ones that get you can help you avoid them when you want to spend a bit less.
5. Mix up social events
Having a big savings goal doesn't mean you need to become a hermit. While going out for dinners, drinks and brunches can add up to hundreds (or thousands) of dollars over a year, there are also social events that cost a lot less – or even nothing.
Here are a few ideas you could add to your social calendar to help spend a bit less:
"The savings challenge should be motivating and energising, and not an act of deprivation! So it's important to focus on why saving $20,000 is important to you, and for you to feel good about the money you're putting away. Much like anything that takes time and effort, the biggest challenge is being demotivated. So remember to be kind to yourself as you save. Make room in your budget for self-care, like a fortnightly treat. Track and celebrate your savings milestones, no matter how small. Share your progress with your friends and family to keep up the encouragement!"
1. Set up an automatic transfer
This is a "set and forget" way to save, where you schedule a recurring transfer to your savings account.
The key is to choose an amount that's affordable even in more expensive weeks. It could be $20, $100 or some other amount but it means you'll have a regular stream of money going into your savings.
It can also help towards your weekly goal in a saving challenge: If you know you're automatically transferring say, $50 and you want to save $250 in that week, you'll only need to transfer an extra $200 to reach that goal.
"To help meet my savings goal I always like to pay myself first. So when I get paid, I make sure to pay all my bills and essential expenses first along with transfering a set amount into my savings account. If you treat this payment to yourself as a non-negotiable expense, almost like another bill to get out of the way, it ensures you don't get to the end of the month without any money leftover for your savings."
2. Share the challenge with someone
Accountability is the "secret sauce" for your savings, with research showing you're more likely to achieve goals when you share them with someone you respect so that they can ask you about your progress and cheer you on.
With a saving challenge, you might even find someone who wants to do it with you – meaning you can be each other's "accountability buddies".
3. Get a side-hustle
If you've got the time and motivation, a side-hustle is a great way to earn some extra cash. To make it fun, think about what you'd enjoy doing.
Some classic options include dog-walking, housesitting and selling furniture, clothes or other items online. Some people also make money from baking or cleaning – and there are whole sites dedicated to paying people for odd jobs.
4. Shop around for better deals
If there's something you need to pay for, there's a good chance you can get a deal – especially with prices rising for pretty much everything right now.
Let's take energy as an example: you can save between $180 and $300 a year if you switch from a standing market offer, according to research from the Australian Energy Regulator.
Shopping around can also save you money on everything from utility bills, health insurance, home loans, petrol and even groceries.
5. Make the most of interest on your savings
Putting your money into a high interest savings account gives you a way to earn interest on the balance, with some bonus rates as high as 5.50% p.a.
This is also compound interest, which means you'll earn interest on your interest over time. Combined with a saving challenge, this really boosts your balance.
But be aware that some bonus saving rates only last for the first few months, and others have conditions you need to meet each month. So picking an account that has conditions you like will help you get the highest rate on offer.
Need more saving inspo? Here are 50 ways to save money.
Life happens and if you miss a week of the challenge, don't sweat it. Just pinpoint what happened and how you can deal with it, then keep going.
If you've already coloured in a goal on the challenge sheet, transfer that amount to your savings for the following week. You could also pick a smaller goal for that week to catch up, or make extra transfers when you can to balance it out.
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