When it comes to savings, we all know we should ditch the coffee made by the tattooed barista or pack our own healthy lunch rather than opting for that delicious burrito from the mall.

So what are some other handy tips to not only stretch the pay packet to — god forbid — the next payday, but pocket $10,000 by this time next year?

As many people grapple with an audit of their day-to-day expenses, personal finance expert Gareth Gumbley has outlined his step-by-step plan to boost your savings in 2019.

To save $10,000 over a year, you need to be putting away about $202 a week, so shopping around or some creative substitutes to everyday staples can go a long way.


Gumbley says start with a look at where your finances are at. Write down your habits and calculate how much each costs you over the course of a year.

"The first step is the most important step," he told news.com.au. "Have a look at your money, have a look at your finances and understand where it goes.

"Then you can start to understand where are the problems in your lifestyle and where you can make a change."

Then start to make changes from the top down: refinance your home loan or shop around for a better rate and dissect each and every utility bill, comparing them to others on the market.

"Guaranteed you can get savings in this area, it's highly unlikely that we've all got the best deal," Gumbley said.

"Start with the big items and work your way down the list, and maybe just tackle one a month rather than trying to do it all in January."

Not all of us have economics degrees, so to understand the best way to negiotate compound interest and how to maximise tax reductions, improve your financial literacy through easily digestible channels such as podcasts, YouTube videos and books such as Scott Pape's Barefoot Investor.

Once you know where your money goes and how best to save it, you can then start to get creative with swapping out unnecessary items.


Gumbley is the chief executive and founder of smartphone application Frollo, which tracks spending and shares savings tips with other users.

Substituting meats for a vegetarian option one night a week or making your own body scrub are just a couple of ways to save hundreds of dollars.

According to Gumbley, someone on an A$80,000 ($84,442) salary can save A$18,380 from just 14 spending swaps. All figures are approximate averages and based on a one-person Australian household.

Homemade lunches

Cost before: A$12/lunch x 261 work days = A$3132

Cost after: A$5/lunch x 261 work days = A$1305

Total annual savings: A$1827

Meatless Mondays

Cost before: A$15/1lb meat x 52 Mondays = A$780

Cost after: A$3/1lb tofu x 52 workdays = A$156

Total annual savings: A$624

One fewer bottle of wine per month

Cost before: A$20/bottle x 12 months = A$240

Cost after: 0 bottles = $0

Total annual savings: A$240

Weekly potlucks with mates vs restaurant dinners

Cost before: A$50/restaurant dinner x 52 weeks = A$2600

Cost after: A$20/homemade dinner x 52 weeks = A$1040

Total annual savings: A$1560

First-year special offers: Credit card

Cost before: A$100/year = A$100

Cost after: $0/year = $0

Total annual savings: A$100

Library card vs buying books audiobooks

Cost before: A$20/book/month x 12 months = A$240

Cost after: $0/unlimited books = $0

Total annual savings: A$240

Public Transit vs Car ownership (payments, petrol, insurance, maintenance)

Cost before: A$200/week x 52 weeks = A$10,400

Cost after: A$60/week x 52 = A$3120

Total annual savings: A$7,280

Swap Sell vs Purchasing new clothes

Cost before: A$100/month = A$1,200

Cost after: $0/year = $0

Total annual savings: A$1,200

Make-your-own body scrub vs Purchasing name-brand bdy scrub

Cost before: A$20/single-use scrub x 12 months = A$240

Cost after: A$40/1 tub coconut oil 1 bag of brown sugar = A$40

Total annual savings: A$200

Think before your buy groceries and reduce waste

Cost before: A$900/year = A$900

Cost after: A$450/year = A$450

Total annual savings: A$450

Cheap Monday movies vs Full-Price Saturday movies

Cost before: A$20/film x 15 films/year = A$300

Cost after: A$10/film x 15 films/year = A$150

Total annual savings: A$150

Tap water vs Bottled water

Cost before: A$2.75/L x 365L/year = A$1004

Cost after: $0/unlimited litres = $0

Total annual savings: A$1004

Home-brewed coffee vs Coffee shop

Cost before: A$3.50/coffee/day x 365 = A$1277

Cost after: A$0.75/coffee/day x 365 = A$274

Total annual savings: A$1003

Refinance your home to a better rate

Cost before: A$500,000 mortgage at 4 per cent interest = A$20,000

Cost after: A$500,000 mortgage at 3.5 per cent = A$17,500

Total annual savings: A$2500