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Unusual Ways To Save Money

written by Shelley Marsh 24/07/2015
Unusual Ways To Save Money

As most of you know I have a part time job teaching social workers about money so they can then help their clients.  It is a fantastic job for someone like me who loves talking and writing about money!  I love teaching the course because every time without fail I learn something new from my class that I can then think about using in my life or share with you all.  What I find fascinating about personal finance is that there is not a ‘one size fits all’ answer or only one way to achieve a goal, there are different ways that suit different people.  Believe it or not some of the most diverse answers come when we talk about different ways to save money….. so here are some of the most unusual ones I have heard lately.

  1. Cold Hard!
    Yep – you read it correctly when I asked one of my classes the other day how they saved money one lady piped up and said “I have cold hard!”…. “er pardon” was my reply.  I certainly hadn’t heard that one before and my mind boggled as to what that could be!  As she went on to explain that she saves her money as soon as she gets paid putting a set amount of cash in a plastic zip lock bag and putting it in her freezer!!!!  Between the meat and the peas apparently!!!!  She also went on to explain that putting the money into her freezer means that she won’t touch it, whereas if it is in a bank account she will.  She has used this strategy to save for a solar hot water system and is currently saving for a cruise!!!  Obviously this one is not great if you get robbed and the robbers are hungry!!!  But still, I was impressed with her ingenuity!
  2. Coke bottle anyone?
    Apparently an empty 600ml bottle of Coke can hold close to $800 worth of coins, according to one guy from my class.  It is often touted on the internet to be $1,000 but my participants claim that is not true and it is more like $800 (what?! something on the internet that is not true!!!).  Being a closet Coke drinker I am keen to give this one a go myself.  I think it is a great way to save for Christmas!!!
  3. Don’t claim the tax free threshold
    When you get a job, you fill in a form which asks whether you want to claim the tax free threshold.  Australian residents for tax purposes are entitled to an $18,200 tax free threshold  If you select ‘no’ on the ATO form and don’t claim the tax free threshold, you are taxed on that first $18,200. It means you are paying tax on a sum of money, at your regular tax rate, even though you don’t need to.  As a result you will overpay tax and get a tax refund at the end of the financial year.
  4. Over-pay your rent
    This is another popular one especially to pay for Christmas.  Often paying more on your rent means you can have a month off at the end of the year to pay for Christmas.

Saving is a really individual thing, but when you get something that works for you – stick with it.

What is your unusual saving tip?

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The information contained in this post is general in nature and does not constitute financial advice. Please see your financial advisor for advice specific to your individual circumstances.

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Sarah 20/10/2015 at 4:01 pm

Love the freezing cash one!! LOL. I actually forward pay many of our bills. Instead of paying rates every 6 months when the bill comes, I make a monthly forward payment, so when the bill comes, it is paid and in credit. You can also do the same with your electricity / gas providers too.

Jane 25/11/2015 at 5:08 pm

Through my work I have learnt that there is indeed a growing trend amongst some people to save their money using their energy provider accounts.
I was a little sceptical of this at first, not wishing to see the likes of AGL or Energy Australia gain more money than what they were entitled to…..but the idea has some merit.
1. Unlike a bank account, you are not reminded of it constantly and therefore are more likely to let it just sit there and build.
2. Energy providers are not charging fees to have your cash sitting there.
3. They will send you a cheque back for the credit on request, I believe at no cost.

This is especially great for people on centrelink benefits who have access to the centrepay system. Already many centrelink participants are paying their electricity or gas as a pro-rated fortnightly payment. They simply need to allocate a bit more that will eventually give them a ‘secret stash’. Come 6 or 12 months down the track. ring… ring . “Can you refund my overpayment please”

As Sarah pointed out, this can be done easily by anyone who makes forward payments as well.

Petra Hammond 26/11/2015 at 7:22 pm

Love the freezer idea – great way to stop spending those dollars that site around the house!

Monica Wilkins 27/11/2015 at 2:46 am

Great site, I come on here when I need to refresh my ideas and get some new ones – fine the site resourceful and inspiring. I am currently looking forward to a stress free christmas after following some of you guidelines last year. Not considered putting my money in the freezer but could see how that would work – money in the house = me dipping into it. I would blow dry the money from the freezer…come visit me sometime.

Unusual Ways To Save Money | Saver6 Magazine 05/09/2016 at 11:08 am

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