3 zero-effort money saving tricks everyone should know about

No matter if you’re incredibly busy, hate spreadsheets or you’ve just entered your lazy era (no judgement here), saving money doesn’t have to be a chore. In fact, we have three oh-so simple ways to save that, once set up, you won’t have to think about it at all. We’re calling it zero-effort saving. Which is basically code for ‘how to save money when you really can’t be bothered’.

If you like the idea of saving without thinking about it, sinking funds are one of the easiest ways to do it. A sinking fund is just a separate savings “bucket” for a specific expense.

All you do is pick a goal, work out roughly what you’ll need, then set up an automatic transfer for either weekly, fortnightly or monthly into a separate savings account. Because the money is moved out of your spending balance automatically, you’re less likely to accidentally spend it and when the expense pops up, you’re not scrambling to cover it.

Who’s it best for?

Anyone who gets hit with “surprise” expenses that aren’t really surprises (think annual bills, birthdays, school costs, or car servicing).

We know this is pretty old-school, but physically handing over money can help you stop making those impulse purchases and keep you on track with your weekly budget. 

Once all your bills have been taken care of, e.g. your rent or mortgage payment, electricity bill, mobile phone contract etc., you simply withdraw the amount you want to spend per week on food and little luxuries. Just remember to leave an amount in your account to save.

By separating your spending money from the money tucked away in your account, over time you should have a good amount set aside to help cover the cost of any unexpected expenses.

Who’s it best for?

This method can be pretty handy if you’re on a tight budget or if you struggle to avoid temptation. Separating your cash for spending from the money you want to keep back for emergencies can make you more aware of how much you’re spending and extra motivated to stick to your budget. 
Want to dig deeper? Check out our Pay With Cash money hack lesson on Wisr App.

Setting up a direct debit from your spending account to a savings account is the ultimate effortless way to save. Simply choose how much you want to set aside, set the frequency (i.e. weekly, fortnightly or monthly) and just let it tick away in the background. It can be a good idea to align your deposit frequency with your paydays so you know you’ll always have enough money in your account to transfer across. 

Who’s it best for?

If you earn a regular income and want to proactively start saving, using a direct debit can be a great way to start. This method is best for people who don’t think they’ll remember to regularly set money aside but have the means to do so.

So, there you have it. Zero-effort saving, big future rewards. Now, all you need to do is pick the method that’s right for you.