How to save $5,000 in three months

Want to give your bank balance a boost? Here are 13 things you can do to help you save $5,000 in three months.

It might seem like a big ask but saving $5,000 over three months is not impossible. There are a number of simple things you can do to reach that goal and we have come up with 13 ideas for you.

Some mean cutting costs, some are about getting creative with your spending and some involve bringing in extra money. Some have the potential to generate significant savings while others will add smaller amounts to your bank account.

The potential savings from our suggestions actually come to $5,728 but keep in mind the savings are based on hypothetical examples. You might not be able to act on all of them or the amount you can save may be different but hopefully, it serves as inspiration.

1. Use AI in the kitchen

Have you ever looked in the pantry or fridge and thought to yourself that there aren’t enough ingredients for a decent meal so you may as well order takeaway? I know I have been guilty of this. Well, the arrival of AI means you can’t use this as an excuse anymore. There are plenty of recipe generators that use artificial intelligence to come up with recipes based on the ingredients you have at home.

So, every time you think you have nothing to cook, turn to AI before you turn to Uber Eats or Menulog. Even if this saves you just one takeaway meal a month at $50 a pop you’ll have an extra $150 in your bank account at the end of three months.

Using AI this way can also help you reduce food waste. Aussie households alone throw away between $2,170 and $2,700 worth of food on average, every year, according to a 2022 study by WRAP and Hellmann’s. Even at the lower end of that scale that works out to be about $180 a month going into the bin. If you managed to reduce that by half using AI then you can potentially add a further $270 to your savings in three months.

Potential savings: $420

2. Sell unwanted items around the house

They say one man’s trash is another man’s treasure so why not try to make extra cash by selling things that you no longer use or want? Someone might be willing to pay you big bucks for that treadmill you’ve been using as a clothes hanger.

The Gumtree Trading in the Circular Economy 2022 Report found that, on average, Australians have around 21 unwanted or unused items lying around their home. It estimates Aussies could make as much as $6,964 from selling these items. Let’s assume you can make half that amount, you’d be potentially adding $3,482 to your savings stash.

Potential earnings: $3,482

3. Download a fuel price app

Petrol prices have been through the roof, with the national average sitting at 200.09 cents per litre for the 12 weeks to the week ending 8 October 2023, according to the Australian Institute of Petroleum (AIP). Fuel price apps such as Fuel Map Australia and Petrol Spy can help you save money at the bowser because you can find the cheapest petrol in your area. A difference of 20 cents per litre between the cheapest and most expensive is not uncommon.

Let’s say you fill up your 55-litre tank once a week and save, on average, 12 cents a litre then you could potentially save $85.80 over three months.

Potential savings: $85.80

4. Ditch a streaming service

Aussies are spending on average $50 per month on streaming services, according to Canstar Blue research. With the most expensive streaming subscriptions generally topping out at about $25 per month, the findings suggest that many people are signed up to multiple streaming platforms.

How many streaming services are you currently paying for? If you have a few subscriptions going, cancelling one of them could give your savings a boost and you’ll still have something to watch. Most streaming services start at $10 a month so you could save yourself $30 over three months. Every little bit counts.

Potential savings: $30

5. Pick up a few one-off side hustle gigs

One way to put more money in the coffers is to earn more but it doesn’t have to mean taking on a permanent second job. Sites such as Airtasker have made it easier to make extra cash by picking up jobs here and there. You could get paid to wash cars, assemble furniture, do some basic gardening or even line up in queues!

According to Airtasker’s Side Hustle calculator, if you picked up two gardening/lawn mowing jobs a month you could potentially make $3,322 a year. That works out to be $830.50 in three months.

Potential earnings: $830.50

6. Try generic brands at the supermarket

Most of us are creatures of habit and tend to stick to the same brands of groceries but it can be worth trying generic brands to cut costs. In some cases – particularly with staples such as flour, sugar, rice, tinned tomatoes – you won’t even be able to tell the difference.

Aussie households spend on average $160 per week ($693 a month) on groceries, according to Canstar Blue’s August 2023 survey of supermarket shoppers. For a family of four that average is sitting at $207 a week ($897 a month).

Canstar crunched the numbers and found that the average household could potentially save $91 a month by switching 50% of their grocery spending to generic brand groceries. Over three months that comes to $273. The savings add up to $118 a month ($354 over three months) for a family of four.

Potential savings: $273

→ You may like: How to save money on groceries

7. Score yourself freebies

From free coffee to $10 vouchers there are plenty of freebies out there up for grabs – but, of course, they tend to come with a catch. Usually, it’s something like joining a loyalty program, downloading an app or registering to receive emails.

These offers are essentially like getting an instant discount. Needless to say, when it comes to vouchers, it’s important to make sure you’re still getting the best price.

Here’s how the savings could tally up over the course of three months assuming you take advantage of two offers each month.

In the first month, let’s say you’re in the market for new bed linen or towels. You could score a $10 voucher to use at Adairs by subscribing to the retailer’s newsletter. It can only be used on purchases over $50 but chances are you’d spend that much anyway.

You wouldn’t mind getting a bite to eat while you’re at the shops. How does a burrito from Guzman y Gomez sound? Join the GOMEX loyalty program and you’ll get a ‘free burrito reward’ coupon. You don’t have to use it for a burrito – you can order anything from the menu and receive a discount equal to the value of a regular burrito ($13.70).

In the second month, you have to buy a gift for a friend’s birthday. Find something you think they’d like at David Jones and you could receive a $10 welcome reward to use towards the gift by becoming a David Jones Rewards member.

You also quite fancy something sweet. Download the Gelatissimo Club Gelato app and you’ll get $5 credit which can be used on a purchase of $10 or more.

Now on to the third month and you need a new pair of shoes. Become a member of Novo Rewards and you can get $10 off your first purchase as long as $49.95 or more.

Finally, you can treat yourself to a free coffee at Mrs Fields by joining Mrs. Fields Rewards online or at Jamaica Blue by downloading the app (as long as you are a new member). The potential savings are around $4.

Potential savings: $52.70

8. Get cashback when you shop

How do you like the sound of getting cash back when you shop? There are a number of apps and websites that let you do just that and they can be another way to nudge up your savings. Cashrewards and ShopBack are two of the most popular options.

Exactly how much cash you get back varies from retailer to retailer and there are often short-term promotions where the cashback amounts are boosted but the amounts can range anywhere from around 1% to 30% or more for the special promos.

Assuming you spend $200 a month at stores offering cashback and you get 3% cashback on average, then at the end of three months that will generate savings of $18. Keep in mind, though, that cashback isn’t paid immediately. Cashrewards, for example, says it can generally take anywhere from 14 to 100 days for the money to hit your account.

Potential earnings: $18

9. Use your rewards points to shop

Given that 90% of Aussies are members of at least one loyalty program, according to research from the Australian Loyalty Association, and that on average Aussies are members of six loyalty programs in total, chances are you have collected points somewhere that you can use towards a purchase. Or maybe you’ve earned enough points on your rewards credit card to buy a $50 voucher.

Take a look at your membership to see just how much the points you have built up can get you.

Potential savings: $50

10. Join a library

If you love a good book then consider borrowing your local library rather than popping out to the shops to buy them. You might have to be a little patient though to get your hands on newer releases as they can be quite popular. Just be sure to ask if you can be put on the waiting list if the book you want is on loan.

If you normally buy one book a month at $25 a pop then at the end of three months you’ll have saved yourself $75.

Potential savings: $75

11. Get paid for your opinion

What if I told you that there are organisations that are willing to pay for your opinion and, in some cases, you don’t even have to leave the house to share your thoughts? Askable, Realtime Research and SaySo are some of the companies offering online paid research opportunities.

Askable says typically you can expect to be paid $30 to $50 for online sessions and up to $60 to $120 for in-person jobs. If you take on one job a month paying $50 then that’s an extra $150 towards your savings.

Potential earnings: $150

12. Ditch your gym membership

Being fit and healthy is important but it is possible to do it without paying for an expensive gym membership. There are free apps you can use to work out from home and you often don’t even need any equipment.

Given that Aussies spend an average of $81 per month on gym memberships according to Canstar Blue, ditching your membership could potentially save you $243 in three months. If you really miss the gym you can always join again when you hit your savings target.

Potential savings: $243

→ You may like: Sam Wood’s top tips for staying fit and healthy on a budget

13. Opt for generic medication

If you take prescription medication then consider buying the generic option when you’re at the pharmacy. Often you’ll be presented with the option when you’re getting your prescription filled but, if not, you can always ask if there is a generic version available. There are also generic alternatives to popular pain relief medications such as Panadol and Nurofen.

And, in case you were worried, generic medicines are as effective and safe as brand-name medicines according to Healthdirect. “Generic medicines contain the same active ingredient. This is why they work the same way as brand-name medicines,” says the website. “Generic medicines can only be sold in Australia if they meet the same strict standards of quality, safety and effectiveness as the original brand.”

Let’s take a look at how much you could potentially save over three months using Nurofen and rosuvastatin as an example. The latter is used to treat high cholesterol and was the most commonly prescribed PBS/RPBS drug between July 2020 and June 2021.

At the time of writing, a 48-pack of Nurofen from Chemist Warehouse would cost you $11.99 but you could pick up the generic Ibuprofen for $5.99 – $6 less.

You’d pay $11.99 for 30 Crestor tablets (10mg) but the generic option would cost you $4 less which adds up to $12 over three months.

Potential savings: $18

→ Related: How to save money – 70 tips to cut living costs

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