Get financially fit in 2023 with our 7 day savings challenge
The contents provided on this page are for informational purposes only and do not constitute financial advice. Consider your personal circumstances and objectives before making any financial decisions.
Are you the type to make New Year’s resolutions? Or just feeling motivated to start the new year off on a good foot? How about making 2023 the year you get financially fit, starting with our 7 Day Savings Challenge!
Day 1. Go without
After Christmas and New Year, going without might be the reset you need to slow your spending, save some extra dollars and stabilise your bank balance.
Here are some things you can consider going without!
Your daily coffee (or your second coffee!) from your local cafe. The average cost for a medium coffee with regular milk across Australia is $5. If you did this for 1 week you could save $35, and in 30 days you could save $150!
Buying lunch at work every day. Pack your leftovers or meal prep instead to avoid paying for overpriced salads and sandwiches.
Driving to work. The average Australian is estimated to save between $25 and $173 per week if they take public transport instead of driving, depending on location (based on a Finder analysis of commuting costs across Sydney, Melbourne, Brisbane and Adelaide).
Day 2. Check in on your credit card
If your credit card got a workout over Christmas, now might be a good time to press pause and get your finances back in check.
Here are some things you can check.
- Are all the transactions correct? Were you accidentally overcharged for something? If you were, make sure you contact the merchant to arrange a refund.
- When is your payment due? Do you have enough funds in your account to pay your full outstanding balance so you can avoid paying interest? You may wish to pay a portion now and the rest closer to the due date so you can wait for your next payday.
- Will your credit card repayment impact your everyday living expenses? If your repayment is a large amount, think about expenses you can go without or substitute for the next month.
Day 3. Create a budget
Setting up a budget can help you save time and money later.
Budgeting makes it easy to track your money - when it comes in, where it goes out - so you can have confidence that you’re spending smarter. And once you set up a template or structure for how you like to budget, you can use it over and over again!
Budgeting apps, like the budgeting tool in the Beforepay app, make it even easier to create a budget and start your journey towards financial fitness.
Check out these 4 Steps you need in your life for building a budget for tips on getting started.
Day 4. Set a savings goal
Saving for a big ticket item might feel overwhelming at the start. But starting now and saving on a regular basis gives you the rest of the year to work towards your goal!
Here are some tips to help you get started.
- Decide on a savings goal. Pick 1 or 2 main goals to keep it achievable.
- Determine how much money you need for your goal. If it’s purchasing a new item, find the best price you can pay.
- Calculate how much money to set aside regularly to reach your goal. You might want to do this monthly, or align it with your pay cycle.
- Review your savings goal against your income and expenses. Can you afford to put aside the amount of money you calculated without impacting your living expenses? To ensure your financial wellbeing, it’s important that you don't overextend yourself.
- Consider opening a savings account. Make sure you check features like account fees and minimum and maximum balances to avoid paying unnecessary bank fees. Websites like Moneysmart, Mozo and CHOICE offer tips for finding a savings account that’s right for you.
- Revise and adjust. Life happens, and your money should flex with you. Depending on how your circumstances change, you ay wish to increase your regular savings or extend the time you give yourself to reach your goal.
Day 5. Review your subscriptions
In 2021 ME Bank found that over a third of Australians were losing $200 annually on unused subscriptions. This figure rose to $570 for people aged 35-54.
Consider consolidating your subscriptions, turning off auto-renewal settings or pausing or cancelling subscription services you're not using frequently to save some extra dollars for your everyday living expenses.
For more tips on reviewing your subscriptions read 4 Reasons to spring clean your subscriptions and how to do it.
Day 6. Compare and Save
Don’t stop at your subscriptions – take a day to review your utility bills, comparing other plans to see if you can save by switching to another provider.
Switching service providers is a good source of savings if you can find a more cost-effective plan.
With Beforepay’s Compare and Save platform you can compare gas, electricity or broadband internet plans to see your potential savings. If you find a plan you like, simply apply to switch and your chosen provider will handle everything to ensure a smooth transition!
Want to explore your options? Start comparing here.
Day 7. Sell items you don't use or need
Sell items you haven’t used or needed in a while, like clothes, appliances or books.
Post photos of your items on an online marketplace with accurate descriptions, pricing and pick-up/delivery details. Research similar items to make sure you're not charging too much or too little.
Remember, you might not be able to sell your items instantly, so be patient!
This 7 Day Savings Challenge is only for a week, but feel free to challenge yourself for a whole month and add in your own savings exercises. With a little persistence and consistency, you’ll be on your way to financial fitness in no time!
Disclaimer: Beforepay Group Ltd, ABN: 63 6933 925 505. Beforepay allows eligible customers to access their pay and provides budgeting tools. Beforepay does not provide financial products, financial advice or credit products. The views provided in this article include factual information and the personal opinions of relevant Beforepay staff and do not constitute financial advice. Beforepay and its related bodies corporate make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this blog post and do not accept any liability for any loss whatsoever arising from the use of this information. Please read our Terms of Service carefully before deciding whether to use any of our services.