With the rising costs of living, this winter season could find many faced with increased expenses – such as raised heating bills and shopping for warmer clothing.

The right spending habits, however, such as seeking winter discounts and keeping track of your regular expenses could help you boost your savings while still having the essentials needed for the colder months ahead.

Here are 7 tips to help you boost your savings this winter

1. Reduce your electricity bills

With temperatures continuing to drop, it could help to be mindful of your electrical bills. You could start by staying conscious of your shower time, as heating water could consume over 20% of household energy1. Energy.gov.au recommends keeping showers to around 4 minutes to help conserve your energy use1. Consider minimising your heater usage by layering up with warm clothing and using blankets. Additionally, consider making it a habit of switching off unused devices at the power point – as standby power can account for up to 3% of total energy costs1.

Each of these effective practices could help reduce your energy bills while still staying cosy throughout the winter season.

2. Create a budget for the season

Planning a weekly or monthly budget for the colder months could help you avoid any unnecessary or excessive spending. Consider assessing your current expenses, cutting out costs you no longer need while allocating funds for the essentials – such as heating bills and outerwear.

| Avoid unnecessary spending with a winter budget

To get you started, you can use our budget planner calculator to help you keep a close eye on your savings goals and daily expenses by receiving a  comprehensive overview of your income and expenses.

Additionally, our Mobile App can help you monitor your spending habits, view your bank balance, receive credit card alerts, and more – providing a convenient way of staying on top of your finances.

3. Explore seasonal deals and sales

As the new financial year rolls around, it may be worth taking advantage of the many End of Financial Year (EOFY) sales, which could help you score significant discounts. These could range from clothing and cosmetics to furniture and electronic gadgets.

When it comes to household appliances, consider buying used items, as prices for white goods have seen substantial increases of up to 26% between 2018 and 20212 (particularly among washing machines, fridges, and dishwashers). Exploring these seasonal deals and discounts could help you make the most of your budget and save more in the months to come.

4. Cut back on entertainment costs

Another simple way of saving during this winter season is to cut back on your monthly entertainment costs. It could help to start evaluating your digital subscription services, as the average Australian spends approximately $62 a month3 on them. Consider identifying subscriptions you no longer use or can do without and cancel them.

| Cancel subscription you don’t need or use

Additionally, instead of spending on expensive outings, you could explore the free events and activities available in your local area. These could include visiting museums, art galleries, or attending community events. Embracing these cost-effective opportunities allow you to save money while providing enriching experiences for the months ahead.

5. Consider meal planning

Meal planning could be a powerful tool of boosting your savings – not only for the next few months, but throughout the entire year. Research reveals that Australian households contribute to $2,133 of food waste annually4. By adopting meal planning, you could eliminate food waste and potentially save up to $40 a month based on these findings.

| Plan your meals in advance, make a grocery list and stick to it.

It’s a simple yet effective concept: plan your meals in advance, make a grocery list based on those plans, and stick to these items when shopping. It could help you avoid impulsive purchases and ensures you use your ingredients efficiently, while reducing the likelihood of food going to waste.

6.Take advantage of winter sales and promotions

Along with EOFY promotions, you could also expect an abundance of winter sales in the following months. Plenty of retailers offer enticing discounts and special deals on various winter-related items, such as sporting equipment, winter wear, and heating appliances.

Be sure to keep watch for any promotional emails from your favourite stores and take the time to browse through online marketplaces or your local shopping centres to uncover the best deals. This could help you strategically plan your purchases and make the most of your money while still sticking to your savings goals.

7. Build a winter emergency fund

Finally, consider building an emergency fund for the winter months. These are savings designed to help you cover any urgent or unexpected expenses – such as a medical bill or unexpected travel costs.

| Put money aside for urgent or unexpected expenses

Having a savings account could be an incredibly effective way of growing these funds in a short span of time. Our , for example, could help you meet your savings goals by providing a place to contribute a portion of your income regularly. Its competitive interest rates also allow you to earn an additional funds on top of your balance, with even greater funds earned when you make no withdrawals in any calendar month.

Grow your savings this winter season

Maintaining a savings account could help you ensure you meet your money goals as well as your needs this winter season. Consider getting in touch with one of our experts today to discuss our best savings accounts or view our list of award-winning savings accounts.


  1. Australian Government – Department of Climate Change, Energy, the Environment and Water. “Winter – 10 free things you can do now”. https://www.energy.gov.au/households/household-guides/seasonal-advice/winter
  2. 2023. “How to buy or repair a second-hand appliance”. https://www.choice.com.au/shopping/everyday-shopping/bargain-hunting/articles/buying-second-hand-appliances
  3. 2022. “Media Consumer Survey 2022”. https://www2.deloitte.com/au/en/pages/technology-media-and-telecommunications/articles/media-consumer-survey.html
  4. Fight Food Waste Limited. 2021. “Australian household food waste - A summary of behaviours, attitudes, perceived and actual food waste.” https://fightfoodwastecrc.com.au/wp-content/uploads/2021/07/FINAL-summary_report.pdf


The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness to your objectives, financial situation and needs.

Before opening an account with us, you should read our Terms and Conditions for Savings Accounts and Payment Services and Financial Services Guide.

Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305.


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