With the new year upon us, it’s easy to say “I will save more this year” but what you might not have brainstormed is “How can I save more this year? What are the practical ways to go about it?” The good news is even small efforts can add up to big savings over time. No matter what you’re saving money for —whether it’s to reach a savings goal, pay off debt faster or plan ahead for a holiday or first home—these simple suggestions will help you get there faster.

With 25 simple suggestions, there is one to suit everyone and to help you stick to your goal or resolutions this year!

1. Create sub-accounts for different savings goals or use your Raiz Account. It’s an easy way to measure your progress and make quick adjustments.

2. Nickname those goals. Research proves this creates an emotional connection that motivates you to save more.

3. Set up automatic recurring investments after payday. You won’t have time to miss the money.

4. Treat yourself to a birthday freebie. Most restaurants, if you tell them it’s your birthday, will give you a little something just for dining with them. The key is signing up early.

5. Raid your drawers for unused gift cards. If you probably won’t put them to good use, re-gift or sell them.

6. Cancel unused subscriptions for magazines, gym memberships, for example.

7. Turn off the tap when you brush your teeth. This can save 5,000L per year, cutting down your water bill.

8. Take shorter showers.

9. Unplug your laptop and other appliances when you aren’t using them. Leaving your computer on all day could add up to hundreds in a year.

10. Convert to low-flush toilets and high efficiently appliances when your current ones need replacing.

11. DIY when it makes sense. (Doing major repairs on your own won’t save you money if you end up having to a pay a pro to fix your shoddy work.)

12. Make a list before hitting the store, and stick to it—and avoid grocery shopping when you’re hungry and more likely to make impulse buys.

13. Buy the floor model for a discount when you’re shopping for big-ticket items like furniture or appliances.

14. Buy last year’s model—especially when you’re shopping for electronics

15. Buy holiday candy, decorations and wrapping paper the day after a major holiday.

16. Borrow. A friend may own a black-tie outfit you can wear to an upcoming wedding.

17. Get books at the library instead of purchasing your own copies.

18. Use generic or store-brand products for everything from cereal to face lotion.

19. Buy everyday items like batteries and bottled water in bulk.

20. Try the lunch menu at your favorite dinner spot.

21. Make your own coffee, saving you anywhere from $1 to $5 per drink.

22. Commit to bringing your lunch just one more day a week.

23. Stock up on wine and liquor the day after a major holiday to score discounts. Those are among the quietest days for liquor stores.

24. Look for other freebies in your city, like yoga classes or one-day workouts in public parks.

25. Volunteer. It’s free and will make you feel good too.

Bonus tip: Use all the features available on Raiz to save and invest (Round-ups & Recurring Investments), manage your finance better (My Finance), save for your kids (Little Raiz), and shop with an investment bonus (Found Money). Happy investing!

Important Information

The information on this website is general advice only.  This means it does not take into account any person’s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.

The information in this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.

Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz.  

Past return performance of the Raiz product should not be relied on for making a decision to invest in Raiz and is not a good predictor of future performance.