Savings 101

Building up your savings begins with a financial plan that fits like your favourite old jumper. Clover Financial Solutions brings insight, resources, and strategies to your kitchen table so that you can make confident decisions that will take you from surviving to thriving. 

Create good savings habits

Whether you’re on day one or deep into your savings campaign, it’s 100% essential that you understand your spending habits. Before you know how much you can afford to save, you need to know how much money is coming in and where it’s going too. We’re not just talking about big-ticket purchases. Your spending habits include everything from your groceries to your treat-yourself shopping trips. 

Set a goal

Consider your savings like playing a sport. And just like your favourite sport, it’s impossible to win if you don’t know what the goal is, right? Setting a clear and realistic target makes it much easier to stick to your financial plan because you can see how every little decision impacts the bigger picture. 

Let us help you set a goal that works around your current lifestyle, while still moving you closer to your dream future. We give you the right tools to build a budget that you can stick to, and all the resources you need to take the hard work out of saving. 

Think before you buy 

We all love Sunday brunches and splurging on new dresses, but it’s important to understand the impact of our money decisions. At Clover Financial Solutions, we talk a lot about ‘mindful consumption. By considering why we’re making a purchase, we can tell the difference between what we ‘need’ and what we ‘want’. It only takes a few minutes but can really help you make both short and long-term savings.

Selling unwanted goods 

Our cupboards are all full of things that we don’t use - and probably never will. Whether it’s dresses, cookware, or the skis you bought when you were going to become a snow bunny, you can earn some serious cash by clearing out your house. Try eBay, GumTree, and Facebook Marketplace, or even a good old-fashion garage sale. 

Cut back on the extras 

Do you really need to buy a coffee each morning? Go to the movies every week? Eat out every lunch break? We all have plenty of extras in our lives that we can cut out without noticing too much of a difference. While the short-term pain can be challenging, future you will be super grateful when you’ve saved your first home deposit booked that overseas trip you’re dreaming of, or paid off your mortgage. 

That doesn’t mean you have to cut out everything! There are plenty of tools to help you find a bargain too. Websites like MyShopping, ShopBot, and GetPrice will compare prices on things like gym memberships and insurance so that you can find the best possible deal. 

Organisation and creativity 

It’s often the smaller everyday purchases that can make the biggest dent in your budget. Buying a $5 coffee or $10 lunch every day at work adds up pretty quickly. Try bringing your own lunch to work or making a coffee at home for the commute. 

Things can get a little trickier on the weekend, especially if you’re a bit of a social butterfly! Instead of dropping $100 on a fancy dinner, why not take it in turns with friends to host dinner at home? Have a games night with your family? Or invite everyone together for a home movie night?