5 simple saving hacks every money savvy woman knows.

If you find yourself always struggling to save, it could be because you are waiting until the end of each pay cycle to save what is left over.

Unfortunately, this approach rarely works and most people (including those on higher incomes) find themselves forever living pay cheque to pay cheque with no savings to fall back on.

The key to saving successfully is to get into the habit of setting aside your savings FIRST (also known as paying yourself first), and then mapping out a way to limit your spending to only the remaining amount, without dipping into the savings or the credit card.

LISTEN: Helpful tips for saving money on I Don’t Know How She Does It. (Post continues…)

I often have people tell me that they are great at paying down debt but not at saving – this is only because saving is perceived to be at our own discretion and most of us lack a system for saving, so here are some tips to get you started on the saving path:

Step 1. Set a clear saving goal

Write down how much you want to save, by when, and why this goal is important to you. What will it mean to you to achieve it? How will you feel if you don’t? It also helps to carry around reminders such as photos or inspirational quotes to keep you motivated.

Step 2. Pay yourself first

Treat your savings like a bill. Working backwards from the goal, figure out how much that means you have to save each pay and set up a direct transfer to an online saving account (or better yet, ask your employer to split your pay into two accounts). As the saying goes, out of sight, out of mind! Comparison websites such as Mozo and Finder are great resources to help you find a great deal on saving accounts.

successful saving tips
Great creative and organised with meal planning. Image via iStock.

Step 3. Spend only what is left

Work out your remaining budget and map out a plan for ways to stick within it - that includes getting creative and organised with meal planning, cutting back on optional extras such as gym memberships, Foxtel and other subscriptions or swapping them out for cheaper alternatives (this is where your WHY from step 1 will come in handy!).

Step 4. Stay committed

Commit to your non-negotiables - for example, no matter how hard it gets, I will not: use my credit card/dip into my savings/cancel my transfer, etc. It helps to appoint an accountability buddy to keep you honest and help you resist temptation.

Step 5. Regularly measure and celebrate your progress!

Saving will require making some sacrifices, so it is important to regularly celebrate your progress, now matter how slow it may feel. Once you start seeing those numbers grow it will only motivate you further!

For more tips on saving and budgeting, as well as some handy calculators and tools, be sure to check out