A money-saving hack that makes use of free spreadsheets has been helping hundreds of women save between $1,000 to $20,000 in one year.

“We are here because we believe that sorting your money stuff doesn’t need to be a drag,” said Victoria, founder of finance platform ‘She’s on the Money’.

She’s on the Money shares online resources for topics such as budgets, goal setting activities, and regular finance learning. Photo from She’s on the Money.​

The strategy is actually really simple! There are 52 boxes in every spreadsheet, which represent one week for a year. Every week, cross out a box and transfer the amount into your bank or savings account.

The amounts in each box vary from $0 (free week!) up to $600, depending on the end goal.

Many women have expressed their satisfaction with how well the finance tips worked for them this year in a Facebook group. Several of them even said they were able to combine more than one spreadsheet together.

Others shared how they used the money saved from the spreadsheets to pay off personal debts, save for a car, and even to put down a deposit for a home.

“I did the $1,000 one and started it in January. It was so perfect as I used mine for Christmas! So little stress, especially at this time of year,” said one woman, while another wrote about how she was able to save enough to buy a new car, calling the $10,000 spreadsheet a ‘blessing’.

“I'll be doing the same next year but the $20,000 one to help me save for a house,” the woman added.

“I did the $5,000 savings plan and used the money to pay an extra $5000 off a personal loan... It was the best feeling ever and such a great challenge to keep me focused!” said another.

They recommended printing the money sheet and sticking it somewhere you would frequently see to easily keep track of your savings.

Others advised that it's important to transfer the money at the start of the month or straight after you get paid, so there is less of a chance of you spending the money.

You can download the printable money saving sheets on the ‘She's on the Money’ website.

The end goal options are available in $1k, $5k, $10k, and $20k. Photos from She’s on the Money.​

Jasmine, another financial adviser from Melbourne, also suggested writing down your entire budget for the year, including any ‘hidden expenses’ that might come up.

“Once I saw my incoming and outgoing, I decided to do a review of all expenses to try and reduce them,” she said.

“During Black Friday sales, I managed to get cheaper car insurance and a better phone plan; I also cancelled a few subscriptions.”

 

[Ricci]

Maybe I'm missing the point but why not just set up a weekly/monthly transfer to a savings account for a regular sum? $19.25/week would give you $1001/year and isn't it easier to budget when you deal with regular set amounts?

 

[MummaG]

Maybe I'm missing the point but why not just set up a weekly/monthly transfer to a savings account for a regular sum? $19.25/week would give you $1001/year and isn't it easier to budget when you deal with regular set amounts?

This is a good idea but it can come down to what one can afford each week. eg: the first fortnight of each month I have a lot of direct debits coming out of my account so I don't have a lot of money left over. The last fortnight of each month I have very little going out so I could put more into a savings account.

 

[Ricci]

This is a good idea but it can come down to what one can afford each week. eg: the first fortnight of each month I have a lot of direct debits coming out of my account so I don't have a lot of money left over. The last fortnight of each month I have very little going out so I could put more into a savings account.

So add up how much you could save each week for 4 weeks and have this amount transferred out in either week 3 or 4. Or transfer the minimum amount each week then have extra transfers in weeks 3 and 4. Saving money comes down to habit and a frame of mind.