Tiresome tips: The savings advice Australians find annoying

Posted: 8 June 2021 1:07 pm
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Some advice is better left unsaid when it comes to saving money, according to new research by Finder.

The nationally representative survey of 1,010 respondents revealed 1 in 2 Australians (49%) believe that the most annoying piece of savings advice is being told to cancel their TV subscription services.

After subscription TV, 2 in 5 (38%) Australians find it irritating to be told to perform their own grooming or beauty service at home.

Kate Browne, personal finance expert at Finder, said the most important thing was to set a budget.

"Budgeting gives you financial freedom because it lets you allocate money towards 'fun' expenses, like Netflix, without feeling guilty or thinking that you're putting your financial future on the line.

"A subscription to a streaming TV platform is pretty cheap considering how much joy it can bring.

"Also no one ever became rich by giving up their Netflix subscription – if anything you'll just feel a bit more deprived.

"Rather than giving up your Netflix addiction you can look at sharing an account with friends and family so you can still cut your costs a bit and enjoy the benefit of subscribing."

When it comes to the most appreciated savings advice, 77% of Australians agree that being told to cook at home instead of eating out or ordering delivery is the most helpful.

Tracking spending (74%), making coffee at home instead of buying it (73%) and using coupons to save money on purchases (73%) round out the top four most favoured tips when it comes to building wealth.

Browne said the first step to budgeting and building your wealth is to establish your savings goals.

"Whether you're aiming to buy your first home, saving up for a holiday or putting aside more money for a rainy day, having a clear goal in mind will keep you motivated.

"Work out how much money you'll need to save and how long it will take you. If you're not sure how to allocate your spending, the 50/30/20 rule is a great place to start.

"Budgeting apps like the Finder app can help to keep you accountable for your spending and show you where you could be saving money by switching to a better deal."

One of the best ways to get more from your finances is to compare everything, from your bank account to your home loan, and switch to a better deal.

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