Money saving tips

13 money tips to tackle the challenges of a higher cost of living

If you’re feeling the pinch of increasing costs, we have 13 tips that could work for you.^{^}

Whether it’s coming off a low fixed rate or just doing the weekly grocery shop, costs seem to be creeping up but, here’s the thing: those little savings here and there can really add up over time. So, let's dive into our top 13 tips to help you tackle the challenges of a higher cost of living and make your money go further.

Get to Know Your Numbers - Make a Budget
It's true what they say: what gets measured gets done, and that applies to your finances too. To take control of your financial situation, start by getting a clear picture of your income and expenses. You can use various tools, like our budget planner, budgeting apps like YNAB, good old Excel, or even a trusty pen and paper, to keep track of your spending habit.
- Calculate your family's total income, including your salaries, any potential bonuses, and those extra earnings from things like dividends or side hustles.
- Then, break down your expenses into two categories: fixed costs (like home loan payments, insurance, and utilities) and variable costs (such as gifts and clothing). It's also helpful to distinguish between discretionary spending (like entertainment) and non-discretionary expenses (such as groceries).
- If you find that you're now spending more than you're earning, start looking for ways to trim your costs. But remember, it's crucial to strike a balance – don't go overboard with budget cuts, as it may not be sustainable. Including some room for discretionary spending in your budget is a smart move to keep things in check. Ultimately, finding a budgeting style that suits your needs will set you up for financial success. So, take control of your finances and make that budget.
Make Your Money Work for You
Don't let your hard-earned cash sit idle in a regular transaction account, doing nothing for you. Instead, if you have a home loan consider stashing most of it in an offset account or a redraw facility. If those options don’t work for you, at least opt for a high-interest savings account.
An offset account subtracts its balance from your mortgage, reducing the interest you pay. On the other hand, a redraw facility allows you to make extra payments while still having quick access to your funds if needed. Both are smart ways to cut down on mortgage interest.
Change One Habit a Day
Small changes can lead to big results. Try altering one spending habit daily, whether it's reducing takeout meals, curbing online shopping, or dropping one streaming service. These small adjustments can add up to significant savings.

Hunt for Bargains on Major Expenses
Take a closer look at your gas, electricity, phone, or internet bills. Are there better deals out there? If so, either switch providers or negotiate with your current one to match the better offer.

Find a Smarter Path for Insurances
Consider getting advice around paying for personal insurances like life or income protection insurance through your super fund. This can be another way to help improve your immediate cash flow.

Start a Lunch Club
Save some serious cash by preparing your own lunches instead of buying them. Get your coworkers involved in a lunch club, and you'll not only save money but also have the opportunity to make healthier choices.

Tackle Your Debts
Being in control of your finances often means addressing your debts (apart from your mortgage). Start by listing all your debts and devising a plan to pay them off. You can begin by paying off the smallest debts first, giving you momentum to tackle the larger ones. Another option is debt consolidation but be it’s good to be cautious with this approach to avoid repeating the cycle.

Shop for Groceries Online
Keep your meal planning on track and resist overspending by doing your grocery shopping online. Start with the sale section and build your meals around discounted items.

Compare Fuel Prices
Fuel costs can eat into your budget, especially when prices are high. Use apps like PetrolSpy to compare prices in your area and make sure you're filling up at the lowest cost station.

Eat Wisely and Save
Cook healthy, hearty meals in bulk and freeze them in portions. This not only saves money but also time during dinner prep. If you have the space, consider growing your own herbs and save a bundle each year.

Explore Free Entertainment
Look for free events happening in your city on weekends. Planning ahead can lead to enjoyable experiences while putting you in a position to add to your savings.

Grab those discounts
Here's a little money-saving secret: you can often score discounts on products related to the brands you're already using. And guess what? Australian Unity isn't the only company that rewards its loyal customers with discounts and perks. So, keep an eye out for those sweet deals!

Boost Your Income
Remember, it's not just about cutting costs; you can also increase your income. Explore income-boosting opportunities like freelancing or selling items online to help counter the rising cost of living.

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