7 minimalist money-saving tips
Reach your savings goals faster.
If you’re looking to save more without cutting out all the fun stuff, these minimalist tips can help you grow your savings faster and build habits that make your money go further.
Sell what you don’t use
Most of us have items we no longer use, from old tech and exercise equipment to clothes worn once and forgotten. Giving these items a new home can help declutter your space and put extra money back into your account.
A simple way to decide what to sell is to ask yourself:
- Have I used this in the past six months?
- If I saw this in a shop today, would I buy it?
- If the answer is no, it might be time to let it go and help your savings grow.
Save first
When you get paid, get into the habit of saving first, then living off what’s left. Making saving a priority can help your money go further without changing how you live.
Setting up a recurring transfer each payday to a separate savings account means your savings grow automatically.
Hot tip: if your salary is paid into another account but you’d prefer it go into a MyState Bank transaction account or our high interest savings account Hello Saver it’s easy. Simply fill out this form and share with your employer.
Create a budget and stick to it
Budgeting doesn’t have to be complicated. It’s one of the simplest ways to manage spending and prepare for upcoming bills.
Listing your regular expenses can help you feel more in control and ready for both planned and unexpected costs.
To help create a budget you can actually stick to, you can use our budget planner to help map out your money.
Track your spending
Tracking your spending helps you understand exactly where your money is going and where small changes could make a difference.
Those small, everyday purchases can add up quickly. Tracking can also uncover unused subscriptions or incorrect charges.
If you use the MyState App or Internet Banking, you already have access to personalised Insights, a tool designed to help you track spending and build better money habits.
Learn more about Insights and how it can help you track your spending.
Cancel unused subscriptions
Subscriptions can be useful, but only if you’re actually using them. Reviewing your subscriptions regularly can uncover easy savings.
Take inventory of all the subscriptions that you are currently subscribed to and think through when the last time was you used this service and decide whether the amount of times you use it justifies the cost.
Click and collect your groceries
Impulse purchases are harder to avoid when you shop without a plan, or when you’re hungry. If click and collect is available in your area, it can help you stick to your list and stay on budget.
Hot tip: Click and collect is a great to compare prices, spot specials and check you’ve stuck to your budget.
Review your current mobile and internet plan
Many people pay for more data than they actually use.
Usage can change over time, and reviewing your current plan and usage may help you understand whether it still suits your needs.
