Hello!

I’m a mum of 4 children and am struggling with saving money, I try to put money aside for emergencies plus things for the kids. What are your tips on putting away money and keeping it there?


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  • Opening a Savings Bank Account that you don’t have a card for and the only way to withdraw money would be going into your local branch.


  • My tip is to repair things if you can instead of replacing.


  • An account you can’t easily withdraw from. Deposit a set amount each week, no matter how big or small.


  • I went with the envelope system for a while. That worked really well as I had money aside for specifics when I needed it. Everything seems to have gone up in price at once, I am sure there are many people in this same situation. We all need to know some better money management skills. I hope it works out for you.


  • I agree with @TraceyGail about an online account having higher interest rates. Some online accounts lets you have separate goals or purposes like emergencies, vacation, retirement, etc. all in a single online account. Another money-saving tip I got from a friend is to download a mobile app that lets you input ingredients you have on your fridge, then the app can suggest recipes of meals you can make with them.


  • Write out a budget so you know exactly where your money goes. If you have a mortgage, make sure you have an offset account, and all your income goes in there. You’ll pay less interest on the loan.


  • Having money- even a small amount – automatically transferred to a high interest account each month quickly adds up. Especially if you can avoid touching it except in dire emergency.


  • An online account is always good. You don’t have a card to access the money, you can only get to it by transferring to your main account. This way you tend to not touch it. They often have better interest rates too with no restrictions like term deposits. Currrently 5% for 4 months at NAB. Watching it grow is a big incentive.
    Cut out unnecessary items like soft drinks and bottled water. Meal plan and cook snacks to freeze.
    Like many others said, borrow The Barefoot Investor from your local library.


  • We found the Barefoot Investor books to be useful tools.


  • We plan and organise everything in this household. We meal plan and only buy food according to the plan and food budget. We have a planned budget for everything; spending, bills, outings, savings etc. It is a good idea to read some books on finance. These can be borrowed from your local library.


  • always put aside a set amount/percentage of your income accroding to your income frequency, and then budget the remaind funds. set up direct debits if or may you forget to do it.
    always shop for discounted items when doing shopping.


  • One effective strategy could be to set up separate savings accounts for different purposes, like emergencies and kids’ expenses, to help you prioritize and track your savings goals more effectively. Additionally, creating a realistic budget and automating regular transfers to these accounts can help ensure consistent savings over time.


  • I have found this hard in the past as well. Once you get into a rhythm it gets easier. I added an amount to my budget, it was only a small amount but it helped. I did this last year as i wanted to get my daughter a bigger bed but couldn’t afford it and after saying a small amount all year, I was able to buy her one at Christmas and it felt so good. Another option is to pay extra tax and then at tax time you will get a lump sum back? Good luck


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