Tips & Tricks – 7 tips to reduce your cost of living.
Interest rate hikes. Inflation. Petrol prices. It seems the cost of everything is proving to have a big impact on our finances. We have put together 7 tips and tricks that you may not have thought of that will hopefully leave you with a little more money to spend where you really need it. Remember, a few dollars here and there really do add up!
1. Check your home loan rate
Your home loan is a great place to start when looking for savings, as it is usually our largest expenditure. If you haven’t yet reviewed your home loan, now is the time. With rates on the rise, there is an opportunity to save money and better align your loan to your future goals – there’s more to a home loan than just an interest rate. Take into consideration the loan term, interest rate, home equity, your LVR (loan to valuation ratio), offset facilities and how your home loan aligns to your current goals. Our team of Financial Brokers can assist with finding the best loan to suit your needs and budget.
2. Share streaming services with friends
Are you wasting money on subscriptions you don’t even use? Research has shown that Aussies waste $390 million every year on unused subscriptions. Review which ones you’re signed up to and consider cutting some out, or strategically share multi-screen subscriptions with friends and family. Also, ensure that auto-renewal is turn off for apps and subscriptions you don’t use.
3. Tighten up your budget
Take a look into your budget and identify areas where you can tighten up. Separate your savings from your discretionary spending to ensure you’re prioritizing your financial goals. Make it harder to dip into savings for non-essentials by keeping them in a separate account.
4. Compare petrol prices
Fuel can be a budget-sucker at the best of times, and especially when prices are on the rise. Using an app like PetrolSpy allows you to compare prices in your area and make sure you’re filling up at the lowest price. The 7-Eleven app is also good for locking in prices when they are low. You can view all nearby petrol prices, then choose one to lock in and pay that price at any 7-Eleven station.
5. Turn off power-sucking devices
The cost of keeping devices on standby, such as printers and microwaves, can chip away at your bank account – sometimes to the tune of hundreds of dollars a year. Turn off devices completely by switching them off at the wall when you can and pay attention to energy-efficiency labels to shave that bit extra off your power bill.
6. Say hello to homemade food
It can be so tough to say no to dining out, grabbing takeaway lunches, or indulging in a daily latte. But those little luxuries are slowly draining our wallets and increase our living costs without us even realising it. If you want to keep food costs down, start by making more homemade meals. Cooking your own meals not only saves you money, but it also brings a sense of satisfaction and accomplishment. There are many websites which contain recipes to feed your family on a budget, including this one where meals come in at under $5 per serve: budget family meals
7. Have a ‘No Spend’ or ‘Low Spend’ weekend
It is easy to spend a few hundred dollars in a typical weekend. Coffee, eating out, activities for the kids, alcohol and entertainment all add up! Instead, find some free activities for you to do, ride your bike around, eat meals with food you already have at home and watch some movies. If you spend $200 in a weekend, but have just 10 of these weekends, you can save $2,000 a year!
It’s time to take charge of your finances and make small changes that can add up to big savings. Take control of your money and watch as your financial future begins to shine brighter than ever before!