> Skip to content

Article  •  25 June 2021

 

Supercharge your savings

Victoria Devine's top five tips to help you reach your savings goals sooner.

One of the most asked questions at She’s on the Money is how millennials can supercharge their savings and reach their goals sooner. It’s a question I could probably spend all day answering because there are so many ways we can go about it, but, in the interest of time, I’ve cut down my advice to the top five things we can be doing to reach our savings goals sooner. Here we go!

Assess your budget + cash flow
The first thing we need to do is take a really good look at our budget and cash flow, so we can see what patterns emerge with our spending that may be holding us back. Maybe you’re a bit of an Afterpay addict or perhaps you have several streaming subscriptions you don’t use but for some reason still pay for? It’s those seemingly innocuous spends that can really sabotage our savings. A good way of identifying exactly where you’re spending too much is to print off your last three months of bank statements, then grab your favourite highlighter and comb through noting everything you spent money on that maybe wasn’t so necessary. Rent and bills? They are essential. Uber Eats three times a week? Not so essential! Once you’ve done that it becomes very clear, very quickly, where you can reduce your spending.

Create a realistic budget
Budgets and structure are paramount in nailing our finances – they give us a roadmap of where we’re heading and make achieving our goals much more doable than just taking a stab in the dark. However, I don’t want graduates earning $40k to be striving to have $35k in the bank within one year. Instead, we need to set goals that are challenging yet achievable, because if they’re too out of reach it’s likely we’ll fail and then fall into a pit of self-loathing where we spend, spend, spend, to make ourselves feel better. If we can tick off more achievable goals along the way, that can really help keep us motivated and excited about nailing those bigger goals when we get there!

Ditch Buy Now Pay Later 
This is a problem I see plaguing the finances of millennials (especially millennial women) and it’s something I believe should be avoided at all costs (there are exceptions to this of course). Buy Now Pay Later providers use incredibly smart marketing tactics that make consumers believe they’re helping us live the life we want by giving us access to things we can’t really afford. Unfortunately, these providers tend to count on us overusing their service, to a point where we can’t pay back what we owe. At that point we’re lumped with late fees, and so the vicious cycle continues. Instead of using these schemes, I suggest factoring discretionary spends into the budget, and not straying too far from your allocated spend amount so that you stay on track. 

Consider other ways of making money 
Supplementing your main income with a side hustle is a fantastic way to reach your savings goals sooner. Have a think about anything you’re good at that you could potentially monetise. Maybe you’re a good writer who could do some copywriting on the side? Perhaps you have a knack for crafts that you could spruik at a local market? These are great ways of maximising your income. Yes, this option takes a little effort, but your savings account will thank you for it!

Be kind to yourself
Last (and certainly not least) is that you need to be kind to yourself on this journey. Rehauling our finances, setting goals and meeting them is a longggg process and it’s so normal to fall down along the way. When that happens I want you to pick yourself up, dust yourself off and keep on striving for the goals you’ve set – you’ve got this. 

Feature Title

She’s on the Money: The award-winning #1 finance bestseller
The ultimate millennial money guide, from the creator of Australia’s #1 finance podcast
Read more

More features

See all
Article
Books to read after Atomic Habits

Love Atomic Habits but don’t know what to read next? Never fear, we’ve got the perfect guide for you.

Article
QUIZ: Are you the boy, the mole, the fox or the horse?

Find out which character you’re most like from Charlie Mackesy’s ‘The Boy, the Mole, the Fox and the Horse: The Animated Story’ you’re most like.

Article
5 Fascinating Objects from A History of New Zealand in 100 Objects

Gripping, inclusive and deeply human, this is New Zealand history through a new lens – get a sneak peek at 5 objects offering 5 entry points into the powerful, captivating stories of our shared past.

Article
The easy breathing technique that will help reduce your anxiety

These five easy steps will teach you how to do square breathing for anxiety. Using this simple mindfulness tool can help lower your heart rate and curb anxious thoughts the moment they arise.

Article
3 tips to help flatten your glucose curves

For most of us, energy peaks and troughs throughout the day are something we accept as part of life – but what if it didn’t have to be that way?

Article
Build better habits in 4 simple steps

Does changing a habit seem like a daunting task? Atomic Habits author James Clear has four simple steps for making it stick.

Book clubs
Atlas of the Heart book club questions

Atlas of the Heart should be your next book club pick. A guide to mapping meaningful connection, this book is compelling, enlightening and ripe with discussion points.

Recipe
Sticky miso bananas with lime and toasted rice

This dessert ticks all our flavour boxes.

Recipe
Confit tandoori chickpeas

These chickpeas have had their fair share of Insta fame for a multitude of reasons.

Recipe
Vodka lemon drizzle pancakes with blackberry compote

There is, I have to confess, no need to put the vodka in the blackberry compote that accompanies these, but it does add to the sense of occasion.

Recipe
Vietnamese poached chicken salad with mint & coriander

What appeals to me about this salad is the combination of lightly poached chicken, bean sprouts, spring onions and herbs with roasted chopped nuts and sesame seeds, and the slightly gloopy fish sauce, lime juice and chilli dressing.

Recipe
Tangerine dream cake

A pleasure to make, this cake is joyous served with a cup of tea.

Looking for more articles?

See all articles