How to maximise your savings

I set a goal to save another $70,000 for a house deposit by the end of the year. This is a massive goal, but I know I can do it. My kids are on board and it's happening! So far I have managed to save $3,000 in the last 2.5 weeks. It's a good start, but I have a long way to go.

So how am I maximising my savings?
1.) High interest saving account - my very first step is to shop around and get an account with the highest interest. While the amount of interest I am earning on my small amount of savings is not that much right now, every little bit helps.
2.) Transfer everything - I have money coming in from various sources and before it even hits my account it is allocated. Whatever is allocated to savings gets transferred immediately and is not to be touched for anything! Any time I save money on planned purchases, I transfer the money. Any interest earned in other accounts gets transferred. I am savings very cent possible.
3.) Reassessing and restructuring my business - I have spent a chunk of time looking at how I run my business, changes to make it more efficient and more profitable. Some changes have been harder than others, but those changes have made a $1,500 difference in the past 2.5 weeks.
4.) Use what I have - I did a pantry clean out and just ate up all the random things I have in there instead of buying whatever I felt like. My kids were not here, so no complaints from them. I went through my beauty supplies to use them up too and stop myself from buying things I don't need.
5.) Talk to my kids - When I set this goal, I set it for my daughters. They are my motivation, so they were included in the decision. We decided as a family to save for a house and we discuss our finances and what we need to do. Having them on board with saving for big things makes life much easier and they feel good because they are involved in big family decisions.
6.) Make do! - Instead of getting new lunch boxes and school bags, we are using the ones from last year. Any time we want something I look around the house to see if we have anything we can use for it instead. Before making any purchases I ask myself if I can make do for now. It is less than a year for us to have a house, it's not that long to go without.
7.) Use coupons - Australia doesn't have as many coupon options as the USA, but there are still ways to earn coupons and we still get some in the mail. FlyBuys and Every Day Rewards are two which provide numerous discounts an coupons.

There are so many things you can do to make and save money. Any time you save money on anything, transfer that to savings. Continually check you are getting the best interest rate and never withdraw from savings. If an emergency pops up, try to find a way to work around it.

How do you maximise savings?

Motivation tactics

I have a variety of visual reminders around my home to help me with my goals. The biggest and most heard about one is my vision board, but I do lots of other little things too.

Writing on my mirror

I change the quote regularly and sometimes have a few quotes on there. Whatever inspires me or I feel prompted to write goes up there. I change it as often as I feel the need, which at times has been weekly, other times monthly.

I know these little quotes have helped others too. I have seen them read it and their faces or they've made comment on it later. This one is in my ensuite. On my daughters mirror I wrote "I LOVE YOU! love Mum, xoxo"

I have a timeline on my shower

It was a really hard angle. I have each month written and next to it what I aim to do or am doing that month to reach my goals.

This sign hangs in my office as a reminder to keep going

We have graphs for our goals, such as this one for the home where we colour in sections as we save money. My daughters love this visual.

Under the "Our Home" chart is our money jar. A constant reminder to put all spare change in there, not spend unless we need to and it has helped my kids learn more about money.

Finding what motivates you and putting visual reminders around your home can really help you to achieve your goals.

What motivates you?

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Prepping for Christmas 2014

You read that right. Have you thought about Christmas 2014? I know, I know. We only just had Christmas 2013 and New Year's, am I crazy?

Yes and no.

I've started thinking about it because I won't have my daughters. I have my daughters on odd years and my ex husband has them on even years. I will have something with them before Christmas then see them about 2 weeks after Christmas.

I was thinking for this year, I would try a new tactic. I don't have as many presents to buy for anymore which is nice. I have done various things to save money and not blow the budget at Christmas.

Some of the things I have done before include:
- Making gifts
- Entering competitions
- Buy one get one free items
- Regifting
- Gifts of service or time

This year I was leaning towards a 'reward points' Christmas. Meaning, I would save up all my points on my various loyalty clubs, the gift cards and birthday bonuses will be used to purchase gifts for my intended loved ones over Christmas.

I am planning on going overseas since I won't have my children, any points I can use for travel will go towards the travel. Other points will go towards gifts.

The aim is to spend as little as possible on both Christmas and the travelling. I already have points I didn't cash in last year to be used this year. I know my budget on gifts and even though it is not my actual cash I will be spending, I still plan on sticking to a budget.

So tell, have you thought about Christmas next year? Where you will be spending it, how much you will budget for it and where the money will come from?

*Part of Financially Savvy Saturdays on Femme Frugality and brokeGIRLrich*