The Top 10 Ways Young Aussies Save Money

Here's how Generation Y is keeping the piggy bank fat.

Earlier today we wrote about the first ever Future Leaders Index, which measured the savings and debts of young Australians aged 18 to 29.

Check out the results of the study here.

One of the most fascinating insights provided by the report was the conclusion that members of Generation Y are both “savvy” savers and “canny” consumers.

With many concerned about their future finances, young people are reportedly putting aside “that little bit extra” to make life easier down the track.

We thought it might be interesting to share the ten most popular tactics used by millennials to save some cash. Which of these are you already doing?

1. Make meals at home (69 per cent)
2. Buy groceries on special (65 per cent)
3. Often just stay in rather than go out (64 per cent)
4. Only upgrade phone, iPad, laptop, other technology when needed (62 per cent)
5. Buy fewer material goods e.g fashion accessories, etc. (53 per cent)
6. Buy cheaper groceries rather than branded ones (49 per cent)
7. Exercise for free - run, swim at beach, etc. (47 per cent)
8. Buy less expensive non-food e.g. clothing, footwear, etc. (46 per cent)
9. Get movies, TV shows, music, games books for free (32 per cent)
10. Live with parents to pay lower/no rent (31 per cent)

(We're assuming #1 is more in line with a cup of noodles rather than a GOOP-style, home-cooked feast.)

Just missing out on the top ten: Cancelling gym memberships, going to fewer leisure/sporting events and only travelling on a tight budget.

Anything they missed? What are your saving tips?