From extreme overhauls to savvy spending:  How Aussies are taking back control of their savings

There was once a time when “being good with money” meant bringing lunch to work or walking instead of taking a taxi. But in a cost-of-living crunch, Aussies have been getting creative.

ING research in partnership with YouGov shows many Aussies are embracing significant lifestyle shifts to rebuild their savings buffers and regain a sense of financial control.

On the extreme end of the scale? Nearly one in five Australians – and almost a quarter of Gen Z –  say they’re gearing up for a ‘No Spend Year’, committing to purchasing no discretionary or non-essential items, while one in eight plan to buy only second-hand or thrifted items.

One in ten is also considering moving back home to accelerate their savings goals.

But it’s not always the big bang changes that take your money further. For some, it’s about making sure their money is working a little harder in the background.

Our data shows customers of ING’s Pocket Perks program have received more than $1.4 million in cashback since launch, just by taking advantage of the hundreds of everyday spending merchant offers.

The most redeemed offers sit across essential categories like pharmacy, groceries, pet supplies and retail essentials, which we know make the biggest difference to the day-to-day grind.

From drastic to deliberate

Many Aussies are finding that the most effective savings habits are often the most sustainable ones.

When we asked Aussies what their go-to savings hacks were for 2025, the most common ones included:

• Sticking to a stricter budget
• Cutting back on non-essentials
• Avoiding impulse purchases
• Shopping smarter using cashback and/or loyalty programs

So, while extreme savings habits might work for some, the truth is there are many more tangible ways to achieve all four of the goals highlighted in our data.

It might mean setting clearer weekly spending limits, planning meals before you shop to avoid midweek top-ups, or building in a quick monthly review of recurring expenses like subscriptions.

For households feeling stretched, small margins matter. Saving $10 on your grocery bill per week, or gaining cashback on routine purchases, may not feel transformative in the moment, but over time, it can translate into hundreds of dollars of savings over the course of a year.

Building financial confidence in 2026

Whether it is committing to a No Spend Year, switching to second-hand purchases, tightening a household budget or layering in smarter tools like cashback programs, the common thread is intention.

Australians are clearly prioritising financial stability and long-term goals. For some, that means significant lifestyle changes. For others, it is about steady, manageable adjustments that compound over time.

At ING, we do not see these behaviours as signs of going without. We see them as a renewed focus on taking control and turning strong saving intentions into lasting financial confidence.

Matt ✌️

@mattyb_money

Matt Bowen is ING’s Head of Consumer & Market Insights. He appears daily on Ch7 Sunrise program with commentary on the top money stories for Australians. For interviews or media enquiries, or interview requests, please contact Cassandra Geselle.