In the wake of the New Year, many of us are looking to make financial resolutions. Whether you're a seasoned saver seeking a fresh approach or a novice looking to establish an emergency fund, January is the perfect time to devise a savings plan.

And what better way to do so than by revisiting some tried-and-true methods from the past?

According to 9Honey writer Jo Abi, several ‘retro savings habits’ are returning in 2024 thanks to social media.

‘We have [social media] to thank for most of these, and if they are a little too retro and cash-reliant for you, each can be easily modified to suit our digital economy,’ Jo said.

So, here are four vintage savings habits that are making a comeback and how you can incorporate them into your financial strategy in 2024.

Vintage savings techniques are returning this year because of social media. Credit: Unsplash

1. Cash-Stuffing Envelopes

This method is as straightforward as it sounds.

‘There are a number of ways to set this system up , and it really depends on your savings goals,’ Jo said.

‘You may have specific expenses you wish to save for, in which case you simply label each envelope with that expense, whether it be car registration or electricity, and add money each pay period.’

‘If general savings is what you are after, you can mark each envelope with increasing amounts and add to them each pay cycle until you reach your target.’

2. The 80/20 Rule

The 80/20 rule is a simple yet powerful concept.

‘You just take what you earn and set aside 20 per cent of it for savings each and every time,’ Jo explained.

‘If you run out of spending money, you don't dip into your savings at all.’

‘You just have to wait until you are paid again and then try and make that 80 per cent last a little longer.’

3. The Money Jar System

‘The money jar system is another one that relies on cash and is visually pleasing and satisfying, particularly if you manage to fill them up,’ Jo said.

Like the envelope system, you can designate jars for specific bills or general savings goals.

The physical act of adding money to the jars can make the process of saving more tangible and rewarding.

4. The 'No Spend' Challenge

The 'No Spend' challenge is a powerful tool for resetting your spending habits and accelerating your savings. It involves refraining from any non-essential spending for an entire pay cycle.

‘It serves as a reset for you and your family and helps break some of the spending habits that are preventing you from reaching your savings goals,’ Jo explained.

The ‘no spend’ challenge means you can only spend on essentials like food, petrol, and household bills.

While these vintage savings give you a headstart, you can create new money habits and start your investment journey this year!

A licensed personal financial social media personality shared her top money-saving tips, where she helps you navigate the financial challenges this 2024. Read more about her tips here.

Remember, the information provided here is general in nature and should not be considered personal financial advice. Always consider your personal objectives, financial situation, and needs before acting on any information.

Key Takeaways

• Retro savings habits are making a comeback in 2024, thanks to the influence of social media.
• Four methods highlighted include cash-stuffing envelopes, the 80/20 savings rule, the money jar system, and the 'no spend' challenge.
• Each method helps with budgeting and saving for specific expenses or general savings, and they can be tailored to suit the modern digital economy.
• These savings strategies not only aim to increase savings but also to change spending habits and involve the entire family for maximum effectiveness.

Have you tried any of these methods before? Share your experiences and tips in the comments below!

 

[Dennis]

I have Centrelink take out my pension a certain amount each pay day and put in an account at my bank, come end of November I have a nice amount to cover all my Xmas costs and a bit of spending money for myself, what you do not see you do not miss.

 

[RFG]

In the wake of the New Year, many of us are looking to make financial resolutions. Whether you're a seasoned saver seeking a fresh approach or a novice looking to establish an emergency fund, January is the perfect time to devise a savings plan.

And what better way to do so than by revisiting some tried-and-true methods from the past?

According to 9Honey writer Jo Abi, several ‘retro savings habits’ are returning in 2024 thanks to social media.

‘We have [social media] to thank for most of these, and if they are a little too retro and cash-reliant for you, each can be easily modified to suit our digital economy,’ Jo said.

So, here are four vintage savings habits that are making a comeback and how you can incorporate them into your financial strategy in 2024.

View attachment 39023

Vintage savings techniques are returning this year because of social media. Credit: Unsplash

1. Cash-Stuffing Envelopes

This method is as straightforward as it sounds.

‘There are a number of ways to set this system up , and it really depends on your savings goals,’ Jo said.

‘You may have specific expenses you wish to save for, in which case you simply label each envelope with that expense, whether it be car registration or electricity, and add money each pay period.’

‘If general savings is what you are after, you can mark each envelope with increasing amounts and add to them each pay cycle until you reach your target.’

2. The 80/20 Rule

The 80/20 rule is a simple yet powerful concept.

‘You just take what you earn and set aside 20 per cent of it for savings each and every time,’ Jo explained.

‘If you run out of spending money, you don't dip into your savings at all.’

‘You just have to wait until you are paid again and then try and make that 80 per cent last a little longer.’

3. The Money Jar System

‘The money jar system is another one that relies on cash and is visually pleasing and satisfying, particularly if you manage to fill them up,’ Jo said.

Like the envelope system, you can designate jars for specific bills or general savings goals.

The physical act of adding money to the jars can make the process of saving more tangible and rewarding.

4. The 'No Spend' Challenge

The 'No Spend' challenge is a powerful tool for resetting your spending habits and accelerating your savings. It involves refraining from any non-essential spending for an entire pay cycle.

‘It serves as a reset for you and your family and helps break some of the spending habits that are preventing you from reaching your savings goals,’ Jo explained.

The ‘no spend’ challenge means you can only spend on essentials like food, petrol, and household bills.

While these vintage savings give you a headstart, you can create new money habits and start your investment journey this year!

A licensed personal financial social media personality shared her top money-saving tips, where she helps you navigate the financial challenges this 2024. Read more about her tips here.

Remember, the information provided here is general in nature and should not be considered personal financial advice. Always consider your personal objectives, financial situation, and needs before acting on any information.

Key Takeaways

• Retro savings habits are making a comeback in 2024, thanks to the influence of social media.
• Four methods highlighted include cash-stuffing envelopes, the 80/20 savings rule, the money jar system, and the 'no spend' challenge.
• Each method helps with budgeting and saving for specific expenses or general savings, and they can be tailored to suit the modern digital economy.
• These savings strategies not only aim to increase savings but also to change spending habits and involve the entire family for maximum effectiveness.

Have you tried any of these methods before? Share your experiences and tips in the comments below!

I have an online savers account. If I have any funds left over prior to next pension I transfer it over to that account. I even try to force myself to transfer money over & save it. Helps wilth unexpected bills like the vet..ouch!

 

[ElizaKaye]

We learnt to save money by the old school bank account. Many of these suggestions will not work if we can't save cash - not even in a piggy bank.

 

[DLHM]

We learnt to save money by the old school bank account. Many of these suggestions will not work if we can't save cash - not even in a piggy bank.

That’s right @ElizaKaye. With the push toward a cashless society, it feels like we’d be winning a losing battle. But the concept of money saving instead of buying because I want it now, is something that many younger people need to learn.

 

[Liz]

I have the envelope system, works well. But if we go cashless, I am stuffed. I save from most pensions into special accounts with my bank to cover things like vet bills, emergency medical bills, and to cover if big items break down. It all is transferred straight out of my pension and what is left is for food, electricity, phone and pet insurance which has just gone up $12 a fortnight. That is going to eat into the food bill.

 

[DLHM]

I have the envelope system, works well. But if we go cashless, I am stuffed. I save from most pensions into special accounts with my bank to cover things like vet bills, emergency medical bills, and to cover if big items break down. It all is transferred straight out of my pension and what is left is for food, electricity, phone and pet insurance which has just gone up $12 a fortnight. That is going to eat into the food bill.

Sounds like you’re doing all the right things, @Liz. With this greedy and gutless way we are governed, you never know when the rug will be pulled from underneath. But my cynicism aside, I hope you have a lovely day.

 

[Liz]

Sounds like you’re doing all the right things, @ Liz. With this greedy and gutless way we are governed, you never know when the rug will be pulled from underneath. But my cynicism aside, I hope you have a lovely day.

You too.

 

[Jarred Santos]

I used to save by taking whatever was left by the end of the month in my salary account to another one. Now, I take off what I intend to save before anything else and then spend whatever's left. Saving isn't easy these days, but small tweaks help!

 

[Jarred Santos]

But the concept of money saving instead of buying because I want it now, is something that many younger people need to learn.

Well said, @DLHM! That's partly why I've been off social media for the most part. It's so easy to get tempted by the latest things with all their bells and whistles online. Before you know it you're already on your way to your nearest shopping centre

 

[June E]

I have a small amount of saving taken from my pension every fortnight and put in a seperate account, along with another account for bills. Similar to the envelope method. Works well for me.