Hibernating for higher savings.

When every conversation greeting becomes a comment on how cold it is, you know winter has hit. The colder months are generally a time to slow down the social calendar and stay indoors, but what more could you be doing to save some coin at this time of year?

Here are eight strategies to save money while you and the family hibernate through winter. But first if you don't have a SaveME account you're doing it wrong. 

1. Start meal prepping.

This is the ultimate hack for stress-free mealtimes. The best way to meal prep is to set a few hours aside to organise, shop, chop and cook. You can prep lunches and dinners (and snacks) for a few days or even the whole week.

Meal prepping also means you can take advantage of discounted bulk ingredients that are close to their use-by date. Simply cook then freeze for a later date. Plus, it takes away the stress of 'What should I have for dinner?' as it’s already prepared – just heat (or defrost) and serve.

If you need a little inspiration, there are loads of food prep ideas on Instagram. Or for bragging rights, post your master chef creations online and challenge your friends to duplicate your recipes – or just get them all over for a taste test.

2. Buy your own coffee beans.

Nearly every Australian starts their day with a coffee. And while a cup of takeaway coffee is a ritual for many, the cost can add up quickly – especially if you drink soy or almond milk.

If your Nescafe 43 PTSD is flaring up, fear not. Instant coffee has come a long way, but even better, coffee machines and their pods are now highly affordable. Invest in a coffee machine or coffee plunger and some good quality coffee beans or pods – just like George Clooney – and you'll start saving big after a month or two, all while ensuring you get your daily (or hourly) caffeine hit. 

3. Grow your own produce.

Fresh is always best. From herbs to vegies to citrus trees, nothing tastes as good as home grown. And why would you pay $2 for an imported lemon where there are lemon trees in every third backyard? 

To help reduce your weekly grocery bill, head to your local Bunnings or garden store and purchase some seedlings or potted herbs.

And if you have a backyard, you could also invest in a raised garden bed and plant some winter vegetables. Gardening and potting is also a wonderful activity for kids. It gets them outside, encourages healthy eating and teaches them (and adults too) about the importance of nature.

4. Create a budget.

A smart savings strategy is one of the best things you can do. However, the secret to a successful budget is sticking to it – no matter how much you want those new speakers.

When creating a budget, there are two main things you need to look at: income and expenses. Income is any money that you're paid or that you receive from your employer and/or government. And expenses are any outgoings. Expenses fall into two categories: everyday expenses, such as petrol and groceries; and large expenses, such as rent, mortgage repayments and utility bills.

To boss your budget, keep a financial diary and write down everything you spend money on for four weeks – everything! This will help you see where you can cut costs. Also – record how much income you receive. At the end of the month, subtract your total expenses from your monthly income. The money leftover could then be invested in a high-interest savings account or an emergency fund.

5. Keep your eyes peeled for sales.

Thanks to the world of online, a good sale is only ever a click away. So, to help you stick to your savings strategy, only buy things that are on sale – and that you actually need. Whether it’s a new winter jacket, bedding or a laptop, spend a little time researching to find the best deals.

6. Start Buck-et budgeting.

Buck-et budgeting is basically a modern-day version of envelope budgeting. Rather than having all your funds in one big pile, which makes it way too easy to spend, budgeting with your everyday transaction account cards separates your finances and gives you a clearer view of your savings and spending.

The beauty of this system is that you can have as many Buck-ets as you like (for example, rent, bills, groceries, holiday and home deposit). This prevents you from impulse buying or splurging as you can only spend what’s in others.

7. Set up a high interest savings account.

If you don’t have a dedicated savings account, now is the time to do it – like right now. Not only can you earn bonus interest, you’re also less likely to spend your savings as they’re safely stashed away.

There is a range of different savings accounts to choose from depending on your lifestyle and financial situation. A SaveME account could help fatten up the kitty or if you already have some funds saved, investing them in a term deposit guarantees you a fixed rate without having to do a thing.

8. Stash the small stuff.

While you work from home, you’ll naturally find some costs will reduce. If you drive, a full tank of petrol should last longer. And if you relied on public transport, your weekly or monthly pass may be put on pause. So, instead of spending this money, save it. Whether it’s $10 a week or $50, it all adds up and can help you reach your savings goals.

And even through the city's hotspot restaurants are back in full swing, not paying $25 for a cocktail for a while really makes you think about where your money is going. 

Life on the ‘inside’ doesn’t mean you can’t save. By making a few small lifestyle changes, and embracing your inner green thumb, you can still reach your financial goals even if it takes a little longer.

Watch your savings stack up with SaveME.

With no monthly fees or confusing criteria, you can crush your savings goals this winter. To calculate just how much you can score with our SaveME account, check out our savings calculator.

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