Simple and smart saving habits for beginners

Get your budget going

Before you know how much you can afford to save, you need to figure out how much income you have coming in and how much you're spending.

This is where learning how to create a realistic budget really comes in handy. Check out Budgeting 101 and Budgeting 102 for some helpful hints to start a budget and stick to it.

Sort out what you're saving for

Now that your budget’s set, you'll know how much you can afford to put away each month. So, the next question is, what are you saving for?

No matter what your goal is, we have budgeting and savings tools to help you out. You can set up savings goals in the NAB app. You can also use our budget planner to get you started.

If you're registered for NAB Internet Banking, you can use our spending tool to help you keep track of your expenses.

Ask your folks for advice

Your parents and grandparents had to start saving at some stage, too. So why not learn from their experiences?

They could have some great tips to help you cut costs that you hadn’t even thought of.

Follow these savings habits

Save up those lump sums

Whether they’re work bonuses, tax returns or cash gifts, treat any unexpected windfalls or lump sums you might get during the year like forced savings. They can really add up in the long run.

Sell unwanted goods

Cleaning out your cupboards and getting rid of things you don't use, or need doesn’t just clear up your space it can even lead to some extra savings.

You could sell what you don’t want on Ebay or Gumtree. Or even try a good old-fashioned garage sale. If you haven’t done one before, there's a nationwide garage sale trail every October, which might make things easier.

Cut back on the extra stuff

What can you really make do without? Trips to the movies? Eating out?

And even if you feel like there are things you just can't do without, there are still ways to cut costs, why not:

• Compare shopping on sites like myshopping, shopbot and getprice.
• See how things like gym memberships and insurances stack up online to find better deals.
• Compare the cost of your gym membership with group personal training sessions.
• Car pool – or leave the car at home altogether, and use public transport.
• Reduce the amount of magazine subscriptions you may have and view online instead.

Get organised and creative

More often than not it's the smaller, everyday purchases that start eating into your budget. Do you buy your lunch and coffees every day? That could be as much as $100 a week you could save by bringing your own.

Get into the habit of creating your lunch and dinner menu each week when you do your shopping list. It’ll save you both time and money. You'll be more likely to take your lunch to work and be organised for dinner and less tempted to get take away.

Weekends can be trickier, especially if you like socialising. So, get creative. Instead of going out for dinner, why not take turns with friends to host a casual dinner at home, or have a movie or games night with family or friends? Chances are you’ll have just as much fun.

Don’t kick your savings habit

Being a good budgeter and saver has plenty of advantages well beyond any short-term financial goals you might reach to begin with.

It can be the difference between keeping your head above water during difficult financial times and being in financial hardship. And it's also a wonderful habit to instil in your kids, so the next generation can have the same great opportunities you've had.