Tips on how to grow your savings

Posted July 2020

This is an odd time for all of us, and it will remain that way for some time to come - that’s why Unity is focused on helping you, our members achieve a better tomorrow.

We all have very different habits when it comes to saving and spending, and different goals when it comes to
planning for the future — some are comfortable spending all their budget each week, while others like to put some savings away.

We want to help retain those “better-than-before habits” you may have initiated through COVID-19 lockdown, and help you stretch and bolster your savings.

The real cost of coffee

Did you know that a whole bag of coffee beans is the same price as one or two cafe-bought coffees? If you were making your own coffee throughout lockdown, why not make the most out of it and make a savings plan from your daily coffee budget. We would never expect you to cut caffeine out altogether so below we have shared some coffee options to make at home:

• Stovetop latte made in a saucepan with a whisk to create that velvety latte texture
• Plungers are still alive and well in many cafes so dig yours out of the cupboard and get plunging
• Whipped iced latte is a treat in the blender at home
• Single-serve powder lattes and cappuccinos from the supermarket, a box of 10 can work out about the same price as a café bought coffee

Limiting extras

Incidentals have been a hot topic among parents of school-aged kids Incidentals are a real savings killer. While in COVID19 lockdown many people noticed a significant drop in their incidental costs simply due to not being on the go so much: No $10 here for a school lunch, no $40 there for a teens trip to the movies, and no popping to the supermarket on the way home and overspending. If you did notice a dip in your incidental spending now is the perfect time to pop that money aside into a savings account and focus on keeping those incidentals to a minimum.