Time to read : 4 Minutes
As someone who's reported from Wall Street, I’ve seen a lot of complicated financial strategies, billion-dollar deals, and market-moving decisions with more acronyms than action. But, the most effective money move I’ve ever come across starts with tracking where your money goes today.
What you spend isn’t always what you see. With food, housing, and transport topping the list of weekly expenses, it’s easy to feel like there’s no money left over to save. But often, the real issue isn’t what we earn, it’s what we don’t notice we’re spending.
And I’ll let you in on a little secret, I was also guilty of this before I started working in finance. That’s until I saw how the professionals manage money, with both eyes on money coming in and money going out.
But, you don’t need a finance degree, a big salary, or to be a spreadsheet wiz to ace saving. You just need seven days and the will to make change. Let me show you how.
Day 1: Awareness – track all spending
Get out your pen, or keyboard, and write down everything… and I mean everything you spend money on. Employment Hero reported this year that the majority of Aussies (73%) have difficulty budgeting and 90% of us have outstanding short-term debt.
This first day awareness is a light bulb moment – because you can’t fix what you don’t face.
Day 2: Unsubscribe and unclutter
Open your inbox and social feeds. Next, cancel any unused subscriptions, ‘silent’ debits, and distracting discount emails. NAB reported last year that ditching old, unused or expensive subscriptions saved Aussies an average of $670 each year.
So if you’re paying for subscriptions you don’t use, these silent payments are draining money while you sleep.
Decluttering isn't just for physical spaces, it’s powerful for your finances in the digital realm too.
Day 3: Do a no-spend day
Set yourself a challenge to commit to spending zero dollars for 24 hours. It’s not punishment, it’s interrupting a pattern. Behavioural economist Phil Slade says: “Money is an enabler, it is not the goal... refocus on what we can do now to make tomorrow better.”
Here’s something you may not know. Even people with millions of bucks get stuck in the same cycle – spend, swipe, repeat. Sometimes, pressing pause on your spending is the most powerful move.
Day 4: Find $10 you didn’t know you had
With this rule, it doesn’t have to be $10. It could be a lot more. How do you do it?
Sell something. Cancel something. Reclaim something.
Australia's competition watchdog, the ACCC, last year said, "“If you haven’t changed electricity plans in the past 12 months, chances are you are paying more for your electricity than you need to."
And electricity prices went up again on 1 July. Now’s a good time to slash your energy bills.
If you’re in NSW, Victoria, the ACT, South Australia or South East Queensland, talk to the experts at Compare Club to find you a better energy plan.
In another state? Find another bill you can slash. Look at your health insurance or maybe consider refinancing a home loan. There are plenty of ways you can take a stab at cutting payments or bills that have been going up and up.
Day 5: The $50 rule, with or without ice
If an item costs more than $50, wait 24 hours before buying it. Some people go as far as freezing cash or their credit card by creating a giant ice cube. This symbolic and at times literal act, is used as a behavioral finance trick to delay spending, especially snap purchases.
It stems from the idea that adding a restriction makes it harder to spend impulsively, giving people time to reconsider purchases and curb emotional or compulsive spending.
And when this rule is done ‘with ice’, in the time it takes to freeze and then defrost, the desire to buy often dissolves.
Day 6: The 5-minute audit
Get out your highlighter and your bank statements. Review 30 days of every non-essential purchase and add them up.
Earlier this year, ASIC’s Moneysmart gave tips to help Aussies stick to their financial goals.
One that really resonates is: "have a clear plan, no matter how big or small your financial goal is, having a plan helps you stay on track."
And that's why an audit can help… and they aren't just for accountants. Just like you go through your wardrobe and cast aside clothes that don't fit, a highlighter can help identify payments that are putting a hole in your back pocket.
Day 7: Save it and set it
Whatever you’ve saved or reclaimed – be it $15 or $150 – move it to a separate account. Set up a recurring transfer, either weekly or fortnightly.
The National Debt Helpline states: "You can build a safety net to help you meet unexpected costs and manage financial shocks. Even $5 a week will make a difference, but a good rule of thumb is about 10% of your income."
Bottom line
The idea that saving requires sacrifice is outdated. You don’t need a pay rise, a spreadsheet, or a side hustle to begin. You just need seven days of small, smart, conscious actions. You won’t retire on this week’s savings, but you will walk away with clarity and the ability to make meaningful changes.
It's easy to think money is just numbers, but it's important to remember our behaviour drives every money decision. So the next time you think “I can’t afford to save,” remind yourself, seven days is all you need to build awareness, take back control and start habits that might change your future.
Saving isn't just about having more, it's about noticing what you already have and putting it to the best use.
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Financial disclaimer
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. You should check with a financial professional before making any decisions. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
