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Creating Freedom Through Financial Independence


Podcast: Big Wins to Boost Your Savings Rate

February 23, 2021

In this episode…

Today we share how to nail down the big categories of spending – housing, cars, food and holidays.

Because getting these right really ramps up your savings rate and your ability to build wealth faster!  These are ideas we’ve implemented in our own lives so we wanted to pass them on to you 🙂


Listen to the show…

(you can download the mp3 file here)


Discussion points…

  • Housing costs (02:32)
  • Super-cheap interest rates  (10:51)
  • Cars and transport  (17:21)
  • Food and cooking  (24:47)
  • Cafes and restaurants  (34:46)
  • Holidays and travel  (38:19)

Resources and stuff mentioned…

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Do you have something to add to this discussion?  Share your thoughts in the comments below…


11 Replies to “Podcast: Big Wins to Boost Your Savings Rate”

  1. Great episode! Interesting how people tying their identities to their car so much. Exemplified to the extreme when people spend hundreds for a personalized number plate with their name…would love to hear a rant about those lol

    1. Haha ohh the number plates they’re great aren’t they?! And the other half of the time they simply reinforce whatever type of car it is (which we already know!) – “HSV 308” “Boss FPV” or something equally useless. Man, they amaze me…

    2. I am one of those people who identify my car as an extension of myself, more so when I was in my early 20s -30s, but not so much now as I’m in my 40s and have wised up to NGAF lol. But to help people on here understand about the subject is that growing up in the 90s all we had were cars and the youth culture that went along with it. We didn’t cling to our phone or internet. We just wanted to have the fastest and baddest cars out there. It was all about beating the guys next to you. It was also an escape more most young adults back then. They were massive money pits lol.
      But cars to me now represent a means from A to B. I’d rather have something saved for the kids nowadays.

  2. G’day Boys ,
    I drive a $5000 car ( I’ve had for 12 years and in great nic ) , my car rego & insurances are less than $800 ( Live in Sydney , have all my demerit points and get a massive discount and discount on my licence) make my own food for lunch & dinner , don’t have Netflix , don’t watch crap tv , drink tap water , have never had fillings ( teeth ) as I am on top of the hygiene…. teeth decay can cost a fortune!!!!!
    I respect my body ( have a $65 a month membership) which I love and walk 10 thousand steps EVERY day ….and more !!! … I’m the happiest person on the planet !!!! …you know laziness is the biggest excuse on the planet and unfortunately in this world, CONVENIENCE , Keeping up with the Jones , Smiths , Chans & Singh’s , is keeping people broke ! With this unhealthy mindset , forget about investing, if the majority can’t even save !!! Slaves !!

    Great Podcast as Useshhhh!! boys !!!

    Take care ????

    1. Jimmmmyy, nice work mate 😉
      You’re running a very efficient, productive and successful human life there man, kudos to you!

  3. Hey SMA,

    In pondering the constitution of VGS this week I determined that 1.1% of the ETF is held in Tesla (at that time anyway).

    Given Tesla now owns bitcoin, I am indirectly a holder of bitcoin! Since you too are a holder of VGS – you are a holder of bitcoin!

    I’m actually pretty unhappy about this as I consider Tesla’s valuation to be somewhat speculative – $1.5m for every vehicle they delivered last financial year. Not only this but I would seriously question the organizations governance structures in light of their recent policy change allowing them to invest shareholder funds in speculative investment classes.

    I wondered what your thoughts are regarding the above, and also more broadly the issue of ETFs being forced to hold/acquire stocks that are inflated by temporary or speculative bubbles (Tesla being one in my opinion).


    1. Haha yeah that has crossed my mind briefly. I don’t take any time to think about stuff like this honestly. It’s such a small amount in the grand scheme of things – I’m not smart enough to know whether such things are bubbles or not. Maybe. I really don’t know (but nobody does, people have been saying Tesla is worthless since the start).

      We only know things are a bubble in hindsight. For context, people have been pushing the ‘tech bubble 2.0’ idea for ten years and been flat out wrong.

      Other companies are considering similar things in holding some bitcoin alongside their cash. If they feel bitcoin is a reasonable place to store a bit of their cash vs a bank account, then that’s up to them, it’s unlikely to affect the overall companies very much at all.

      If bitcoin, or any of these things end up being valuable in the future, then certain companies will be profiting from the related technology (by ways other than holding bitcoin). So whether it goes to zero, or it goes to 1 million, when considered across a portfolio and over our lifetimes, it’s completely meaningless.

      Short answer is, I don’t know, I don’t worry about it, and it doesn’t really matter overall 🙂

  4. Hi Dave,

    Great Podcast.

    Mate, I could not believe you and Pat did not rant about the classic response that you see on Reddit about this topic.
    It goes along the lines of you don’t need to worry about this expense cutting. What you need to focus on is simply earning more money!
    It is just as easy as asking your boss for a pay rise, starting a side hustle etc.


  5. Hey Dave,

    Since you live in Perth, I was wondering we could meet up at a park, and have a talk. I know you’re all busy, but it’d be a pleasure to meet you, and I’ve been a huge fan of your work. I’m also currently pursuing FIRE, and I know I’d learn so much from you.

    Good job on your podcast and keep up the effort.

    P.S. I live in Southern River.

  6. Thanks boys,
    The most vital take away from what I just heard is about the double benefits to health and finances of making your own food. Especially pertinent at my age. Keep up the good work guys!
    thanks from
    I Wanna Be Richer Get The Picture

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