“Look after the pennies and the pounds will look after themselves.” 

This old idiom may need a little updating – replacing “pennies” with “cents” and “pounds” with “dollars” – but it still resonates as great advice. 

Unless you have access to unlimited funds, you will need to be careful about the way you spend what you have. 

And that becomes crucially important as we get older. 

Saving money is a valuable habit that can help you achieve your financial goals and build a secure future.

Here a few everyday tips to help you achieve your savings goal. 

• Create a budget. It may seem tedious to write everything down but, at least until good financial habits are second nature to you, keeping tabs on your income and outgoings is essential. Make a budget that outlines your monthly income, fixed expenses (rent or mortgage payments, utilities, petrol and so on), and discretionary spending. Set realistic spending limits for different categories and stick to them. 

• Track your expenses. Keep a record of your daily spending. This will help you identify where your money is going and where you can cut back. If you’re not comfortable using pen and paper, and a calculator, there are apps and online budgeting tools that will help you do the job quickly and efficiently. 

• Prioritise saving. Treat savings as an essential expense and prioritise it in your budget. Aim to save a certain amount each month. Consider setting up an automatic transfer to a savings account, so you’re not tempted to divert the money elsewhere. 

• Limit discretionary spending. Evaluate the costs of eating out, entertainment, and shopping for items you can live without. Consider cheaper alternatives or find free activities to replace those you pay for. It costs nothing to walk along the beach or to visit many museums and art galleries. 

• Plan your meals. Eating out can be expensive, so try to cook at home as often as possible and to prepare lunches for when you go away. Because you know exactly what’s in your food, this can be a healthy option. 

• Comparison shop. Before making a purchase, compare prices from different sellers or websites. Look for sales, discounts, or promotional codes. Take advantage of price comparison websites and apps to find the best deals. Remember that your National Seniors Australia membership entitles you to some great discounts. 

• Avoid impulse buying. Practise “mindful spending”. Before buying something, give yourself a cooling-off period to determine if it’s a necessary or worthwhile expense. Ask yourself if you really need it or if it aligns with your long-term financial goals.