Look for ways to reduce spending
Look at your expenses to see where you can make changes or get a better deal. It may surprise you how little things add up.
Find quick wins
Look through your bank or credit card statements for the last two months. Identify anything that isn't essential. This could be things like subscriptions or memberships.
Reduce your grocery bills
To reduce your grocery bills:
- Plan ahead – plan meals weekly (including lunches and snacks) and stick to your shopping list, so you only buy what you need.
- Buy on special – look for cheaper home or own brands, buy frozen vegetables as they're nutritious and may cost less than fresh.
- Go seasonal – save by buying fruit and vegetables in season, shop at your local fresh markets or grocers.
- Eat less meat – meat can be expensive so try to buy when marked down at end of day, and plan some meat-free meals.
- Buy in bulk – buy staples (like rice, oats, flour) when marked down, or buy bulk amounts with your neighbours or friends.
- Grow it yourself – get your family involved in making a herb or vegetable garden together.
Reduce your electricity bills
To reduce your electricity consumption and your bill:
- Heating and cooling – only heat or cool the room you're using rather than the whole house. Open or close the blinds to help control the temperature inside, block draughts to avoid leaking heat (for example, put a door snake at the bottom of a door).
- Laundry – run your washing machine with a full load and use cold water in your machine when possible.
- Appliances – use energy-efficient appliances or lights if you can. Try to use appliances outside peak times when tariffs are lower (check your bill to find when it's cheaper)and adjust temperature settings on air conditioners to the most efficient level.
- Turn off when not in use – turn off your 'vampire appliances' at the wall so they don't use energy when not in use (these include gaming consoles, any appliance with a 'standby mode', and phones that are at 100% charge).
Swap to cheaper alternatives
- Gym memberships – look for no-cost classes or running groups in your local area, or try free online workout videos or fitness challenges.
- Streaming services – look for free streaming channels or apps.
- Food delivery services – delete the app and try recreating a take-out meal yourself at a lower cost.
- Eating out – instead of eating at a restaurant, have a picnic or BBQ at the beach, park or someone's house.
- Holidays – consider holidays with no air travel, like camping or day trips from home.
- Transport – look at car-pooling, or ride your bike instead of taking public transport.
Shop around for better deals
- Electricity – compare energy suppliers to make sure you're getting the best deal. Use the Government's Energy Made Easy website. Or Victorian Energy Compare, if you're in Victoria.
- Insurance – when it's time to renew your insurance, compare premiums with other providers. You could get a discount if your policies are grouped together, or be offered an incentive to stay with your current insurer. For tips see choosing car insurance or home insurance.
- Internet and phone – look at your monthly usage over a 12-month period and look for a plan that suits your needs. You could be paying for more than you use, so there may be cheaper options. Or your provider could offer you an incentive to stay, which may be a better deal.
see the full article on moneysmart.gov.au