5 quirky habits money-smart people swear by

Estimated reading time
 5 min

Learn all about

• Selling the old to buy brand new
• Becoming an impulse saver (not buyer)
• Saving whenever you spend
• Making a credit system for your favourite hobbies
• Teaming up with your housemates to save

Some of us have good habits we stick to each day – cleaning empty food jars before recycling, drinking eight glasses of water, or avoiding our phones before bed.

But good doesn’t have to be boring! Thinking outside the box and creating a habit that’s perfect for you can help you keep things consistent. If you’re not sure where to begin or need some inspiration, check out these five quirky money habits that real people use.

1. Out with the old, in with the new

For the fashionistas and eco-conscious folks, Zach from Sydney has a strict rule he follows when buying new clothes.

“The only money I’m allowed to spend on new clothes is money I make from selling my old ones. It's a one-in, one-out system,” he explains. “If there's a good quality jumper I want, I use the money from the sale of two old shirts to buy it – I’m basically creating a separate stream of income just for clothes, so I don’t have to dip into my savings.”

You can set up a separate bank account dedicated to your clothing fund to give you a clear picture of what you have to spend. It’s a simple and sustainable approach.

  Hot tip:

Check out online marketplaces for things you want to buy, just in case someone is selling the item you want in almost-new condition at a discounted price.

2. Be an impulse saver

We’ve all had that urge to buy something we want instead of need. Mohan, aged 33, has learnt to flip the script on his impulse buying habits and boost his savings.

“Every time I want to buy something I don’t need, I transfer that amount into a separate savings account,” he says. “This trick has helped me become an impulse saver instead of an impulse buyer, and has helped me work towards my saving goal of buying a new car.”

Over time, the things you don’t buy will add up, and you’ll start seeing the rewards.

  Hot tip:

Want to shake up your daily spending habits? See how much you can save by making small swaps with our savings booster calculator.

3. Round ‘em up

Spending money is part of life – someone’s got to pay for the groceries, after all. But what if you could save money when you spend it? Ahsan, aged 27, uses the round-up trick to balance their spending with saving.

“Whenever I make a purchase, I round up the total and deposit the difference into a savings account,” they explain. “For example, if I spend $18.40, I round up to $20 and save the extra $1.60. Within a year, I put around $125 to my savings just from rounding up my coffee order.”

It’s a small and manageable way to save. You can also treat yourself when your budget allows for it, especially when you’re saving at the same time.

  Hot tip:

Some banking apps have a round-up feature, so it pays to check if your bank has one!

4. Reward yourself for what you love

Getting the most out of things you already own can help you control the need to buy something out of pure want. Olivia from Melbourne uses a credit system to make the most from her games and books to curb the urge to buy the latest releases.

“For every book I read or game I play, I earn one credit,” she says. “But to buy a new game or book, I have to ‘spend’ three of those credits. So I have to finish three of the books or games I already own to buy a new one. This has helped me put the money I would’ve spent on my hobbies towards saving for a home deposit.”

There’s a bit of set-up involved to keep track of your credits. But the satisfaction of getting through what you own before buying something new is priceless. And good for the environment!

  Hot tip:

Got a reading or gaming buddy? Then get them involved to help you keep your eyes on the prize as you work through your backlog.

5. Play word ‘bingo’ with your roomies

We’ve all got a word or phrase that we say too much. So why not follow in Larissa’s shoes and turn it into a savings game?

“When I lived with roommates, we had a bingo jar system,” she explains. “Each of us had a couple of words or phrases that we said a lot. Anytime we caught a housemate saying it, or said our own words or phrases, the ‘culprit’ had to put some cash into a jar that we used on things for the house. This meant that we could have a communal emergency fund, which covered house emergencies (like a leaky roof) or whenever someone needed support with the rent.”

This is a cheeky way to get your roomies to contribute to the household budget or save up for a night in with fancy takeaway.

  Hot tip:

Review your household budget with your roommates to see where you can use this extra money.

  Brain hack

The status quo bias is our preference for sticking with the habits we know and love, even though doing something new might be better.

Developing new money habits boils down to switching off your autopilot settings. Instead of buying more than you need or your budget allows, stop and think about your purchase. Can you put that money towards something else? Do you need to buy the item? Is there a lower-cost option? The more you think before you spend, the less likely it is that you’ll burn through your money.

If you get the urge to buy impulsively, look at what you currently have at home and take stock. For example, do you need a new black t-shirt when you already have five in your wardrobe? Chances are, you probably don’t.