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6 Tips for Saving Money


Making Family Life Easy 9

Have you ever wondered if you really wanted to save, what strategies could you use? Try:

  • Paying yourself first

  • Budgeting and dividing your income into five cups according to purpose

  • Paying off smallest loans first

  • Having a spend free month

  • Always asking for the best price

  • Not spending a pink one

1. Pay Yourself First: How would you go if rather than saving what's left over at the end of every pay, you instead paid yourself first.


We put 9% into superannuation so we couldn't touch it. Then had our entire pay go into a home equity account so any balance helped pay off our housing loan. We also ensured we saved at least 10% of our net income as a safety net. Or for large purchases: car, furnishings, extensions (save and build,) holidays, etc.

 investment and retirement or education

3. The Snow Ball: Paying off my smallest loans first.


For example: I pay off my credit card at the end of every month. The next priority after that was when we had a high interest car loan. When it was paid off I concentrated on my housing loan.


And if I had my housing loan divided into a larger fixed interest component and a smaller variable component I'd pay the smaller amount off first. Then when that was paid off, I'd use the extra money to pay off the larger one.

Rings on Display

5. Asking for the best price on any electrical, jewellery, (sometimes even clothing) I buy. I learnt not to assume online means cheaper. I've been amazed when I go into a shop I can often get the price reduced to between half to three quarters of the marked retail price on expensive items by asking for the best price.


e.g. I went shopping to buy a ring on behalf of one of our mates for his wife. I shopped around and ended up getting it for just over half the marked price, saving him over $1500.


I've done the same for my son when he was buying a juicer. By asking for the best price I saved him over $180. This Christmas, by going into the jewellery store and asking for the best price, I saved $60 on what was a $159 gift, online.

Because I'm always pleasant to shop assistants they'll usually help me get a good deal if they can. And often they know about an even better option I'm unaware of, like a two for one offer or 40 % off starting tomorrow.


I'll sometimes ask 'Is there any reduction for multiple items?' Which can be useful if you're buying gifts.

DISCLAIMER: N.B. The financial information on Best Parenting is what I did and what worked for me. It may not however work for you in your financial situation. For financial advice specific to you and your situation you need to seek advice from a financial advisor or accountant.

Young Women with Shopping Bags

There are some simple things you can do to save money

2. Five Cups for Fun: Working out a budget and dividing an income up into five sections according to the priority rating system below:


  • a) Superannuation

  • b). Bills and Commitments

  • c). Necessary Consumables (fuel, food, essential items, etc)

  • d). Savings for Larger Goal

  • e). Disposable Income (treats, entertainment, eating out, new clothing, etc)


Ranked in that priority order means savings come ahead of disposable income. Using jars/ envelopes/ separate no fee accounts can be a way of ensuring each section remains independent. A budget is great to inform what is available to put into each category. It might take a few weeks to save up so there's an initial surplus available to cover bills.

This was one of my son's ideas and it works really well because it gives an added incentive to save. But it also makes him feel better about spending money on himself for a treat because he knows other areas of his life are being taken care of.

Young man holding a big snowball with hi

4. Having a No Spend Month: Other than absolute necessities such as bills and basic foods after New Year I try not to spend money for a month.


Ideas we've used as a family: Ride to work, pack lunch from home, invite friends over for a games night rather than go out, no alcohol for a month, meet at the beach/park for a catch up, don't go to a shopping centre for a month (don't see, not tempted,) use up what's in the freezer, etc.


If you do this you'll likely be amazed how much money you previously spent on impulse buys like cups of coffee, takeaways, shoes, clothes, makeup, etc. It may even encourage you to start a regular savings plan .

Pink and Black Butterfly
Pink and Black Butterfly

6. Not spending a pink one. This was one on my girlfriend's ideas and before she knew it she'd saved $625. The concept is, every time you get a five dollar note you put it aside and save it for a 'Large Goal.'


For more time, money and health savers go to the following links:

Best Parenting is a high quality parenting website designed with child and family success in mind. It highlights what successful parents do differently to those who struggle. Best Parenting provides free online resources for busy parents who want the best practical advice on: how to give kids a best start in life, better tips for parenting toddlers, effective child rearing strategies, behaviour management tips, successful goal setting and organizational strategies for successful families, easy family dinner recipes, self-care tips for time-poor parents and free kids learning games. The aim of Best Parenting is to provide quality practical parenting tips and advice to best help children and families succeed, using the convenience of a website.

This website provides examples of what worked for me over decades and you are welcome to use these ideas as you see fit but you do so at your own risk. Best Parenting does not provide any guarantee that this information will work in every circumstance with every family or with every child. It is your responsibility as a user of this website to ensure that you adhere to any recommended safety suggestions either implicit or explicit on this site and supervise your children while playing any games suggested. Similarly users of this website are advised to follow any recommendations for seeking professional advice as all information on this site is generic. Best Parenting is an independent website and is not affiliated with any other groups, clubs, religious organizations or educational systems.


Best parenting takes time. The best parenting advice ever is simple: Do your best, don't give up and love your children, no matter what.

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