Top 5 tips to boost your savings this year!

With the best laid plans for the year ahead, earnest intentions of lifestyle changes and resolutions can easily lose momentum as the daily routine of life takes hold. But when it comes to saving money, we have a few easy tips to help keep you on track.

1. Get back into a savings habit

• Make a budget – and stick to it! Whether it’s weekly or monthly, just having that set limit is a good way to make sure you don’t blow out your spending and keep some savings aside. Our recent Financial Health Barometer survey showed 65% of Aussies like to budget, so why not check out our Rabobank budget planning calculator to help get you started.
• Pay yourself first and deposit funds into your savings account first - before other accounts, and before temptation looms. Our Financial Health Barometer survey showed on average, 21% of us only save occasionally when we have ‘spare’ money, but by putting that money away first it will ensure your savings build up.
• Automate your savings or use direct debit to automatically put savings into your account. By setting up a regular savings plan you can get yourself into a good savings routine, there are also accounts that financially reward you for doing so including our Rabobank PremiumSaver account.

2. Track your spending

Track your spending so you know and understand your expenditure, and help identify where you can save. Visit ‘Track your spending’ which offers three steps to help you spend less and save more.

3. Reduce your food waste

Being conscious of your food waste could save the average Australian household over $1,000 a year according to our 2021 Food and Farming Report, which details further tips to save money while reducing household food waste;

• Consider your portion size when preparing a meal – this could save you $412 per year.
• Use your leftovers to make meals for the next day – potentially saving you $364 per year.
• Plan your meals for the week in advance, and before you go shopping. This stops you from buying things you don’t need, and then don’t use! This could save you $180 per year.
• Always use a shopping list when buying your groceries. This also helps keep you on track with what you actually want and need. This can save you up to $141 per year.
• Freeze food that doesn’t get eaten – for a saving of up to $113 per year.

4. Open one or more separate accounts specific for savings

• Whether it’s for a goal, or just a rainy day, our Financial Health Barometer survey indicates that just over one third of Aussies are saving using their everyday transaction account which in most cases earns zero interest, but by using a savings account earning any interest you are already one step ahead.
• Consider a ‘fixed term’ account like a Term Deposit or Notice Saver so your funds are locked away for a period of time - this helps control impulses and avoids you dipping in to them.

5. Spring clean

Sell anything you aren’t using anymore, and put that cash into your savings.

• Why not hold a garage sale, sell things that you’re not using anymore on eBay or Facebook Marketplace – your trash could be someone else’s treasure and generate some extra cash for you.

Feel good about your savings!

Rabobank can not only help you achieve your savings goals, you can also feel good knowing you’re supporting local farmers to bring food to our tables.

Your savings help RaboFarmers like Andrew and Graham Finlay who grow some of Australia’s sweetest plums. Nothing signals the start of an Aussie summer better than that first bite of a plump, ripe piece of stone fruit. And chances are that taste of summer comes from their Pikes Creek Orchard! Savings with Rabobank help fund families like the Finlays implement technology for more efficient water use and pest management. “Investing in technology has really allowed us to find the sweet spot for our tree moisture needs, so trees are getting the exact amount [of water] they need to produce the best fruit”.

Rabobank Australia Limited ABN 50 001 621 129 AFSL no. 234700. The Rabobank Online Savings Terms and Conditions and Notice Saver Product Disclosure Statement are available at Rabobank.com.au. Any advice contained above is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs and because of that, you should, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs before making any financial decisions relating to the matters discussed in this email.

Consider the relevant terms and conditions for the High Interest Savings Account, Notice Saver, PremiumSaver and Term Deposit along with your personal objectives, financial situation and needs before making any financial decisions relating to the matters discussed in the article.

The 2021 Rabobank Food and Farming Report is part of Rabobank’s annual Financial Health Barometer (FHB), surveying over 2,300 financial decision makers aged between 18 and 65. The survey now in its 11th year polls attitudes and behaviours towards saving, debt, farming, food production and food waste. Results are weighted by gender, age and location according to statistics from the Australian Bureau of Statistics.