We’re all working hard to make money, so make sure you’re spending it wisely! If this year has taught us anything, it’s that we can all be more mindful of the way we spend our money. Whether your bank account is looking $$$ or $, here’s some quick and easy money saving hacks for those in Australia that’ll make your dollar go that extra mile.
FINANCIAL
- Buy Now, Pay Later (BNPL) services are handy. But if you can’t afford something right this moment, do you really need it? More often than not, the answer is actually ‘no’
- Use the 30 Day Rule for all impulsive purchases and anything over $100. Use 30 days to save up enough money for the purchase while giving yourself a month to figure out if you really need that particular item/service
- Don’t keep up with the influencers. Social media has us thinking that we need the latest and greatest in order to have a good life. I’m not against buying designer items or luxury getaways. But they’re not the norm and you have to understand that. Will that big ticket item money be put to better use if you upgraded your laptop instead so you can work more efficiently on your side hustle?
- Track your expenses and I can assure you that you’re spending way too much on takeaway coffee and pricey 3pm pick-me-up sweets you can easily make at home
- Whether it be your savings account, term deposit, credit card or home loan, always ask for the best deal available. Most service providers will try to give you a better price for the sake of keeping a customer. But don’t be afraid to move if there’s more value elsewhere
- Set up automatic transfers so a proportion of your pay is reallocated to an interest earning savings account
SHOPPING
- Where possible, shop with businesses that offer price beats. Officeworks is my go-to for electronics and Chemist Warehouse is my favourite for beauty products. Did you know that Apple Australia will price match up to 10% off from a brick and mortar retailer?!
- There’s cashback on practically everything you buy online these days. Sign up to Cashrewards or Shopback, and download their browser extension so you never miss out on deals!
- Always activate loyalty program emails with bonus point offers
- Do a thorough search for discount codes whenever you shop online
- Can’t find a discount code? It doesn’t hurt to get in touch with the business and ask if there are currently any active promo codes
- Drop items in your cart when shopping online. Some retailers will send you a reminder email with a discount code to get you to finish your purchase
- Time your purchases with major sale periods. Strategically buy your Christmas, Mothers’ Day, Fathers’ Day, birthday presents during Black Friday, Cyber Monday or Boxing Day Sales
- Specific stores will have their own sales around the same time each year. Go through their Facebook or Instagram feed from last year to see when these bargains are most likely to happen
- Check with your bank or insurance company to see if they offer discounted gift cards. If you’re making a big purchase, the savings really add up
FOOD
- Buy in bulk at fresh markets or Costco and split costs with family and friends
- Packaged produce at Coles and Woolworths that are close to expiry will be marked down by 20-70% off. Look out of quick sale items like packaged cherry tomatoes, sweet potato, brushed potato, grapes, bread and baked goods
- Load up on longlife staples like canned tuna, almond milk and rice when they’re 50% off or less
- Canned or frozen goods are always good staples to have on hand. Stock up on tinned sardines, salmon, corn, peas and frozen strawberries
- Grow your own herbs – supermarket herbs are expensive AF when compared to growing your own
- If you’re eating out, you can get up to 50% off some restaurant bookings via The Fork
- Go meat-free on Mondays to save some $$$
HOME
- You guessed it! Negotiate your electricity and water bills – pick up the phone and enquire about ways you can save some cash
- Quality over quantity when it comes to electronics, furniture and homeware. Do your homework – read plenty of reviews and consider quality + price together when making home purchases
- If you’re renting, good news! It’s a renters’ market in most major cities and so it doesn’t hurt to ask for a rent reduction when your lease expires. Go into negotiations with all your talking points and clearly articulate how similarly sized homes in the same suburb are cheaper than what you’re paying
- Facebook Marketplace is a haven for gently used furniture
- When buying new appliances, look for energy-efficient goods
HEALTH
- Never, ever skimp on your health. Address aches and pains as soon as possible
- Make the most of your private health fund coverage:
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- Understand what you’re covered for and take advantage of your extras before your coverage ends
- Before using your extras, ask your specialist for their Provider Number and service Item Code. Take this info to your health fund and they’ll be able to estimate the gap you need to pay, per service
- If you’re looking for personal training sessions, seeing an exercise physio will generally be cheaper if you make claims under your extras. Exercise physios receive more in-depth medical education, making them a better option for those who have pre-existing issues they’re looking to rehabilitate and improve
- Clinical Pilates is also claimable under private health funds. After the rebate, they work out to be the same price as normal group Pilates classes. However, the advantage of Clinical Pilates is that they’re run by physios with a background in rehab in smaller classes
BEAUTY
- Body lotion works on your face too!
- Save your coin and do these DIY beauty treatments at home
- Cosmetics like mascara and eyeliner perform more or less the same regardless of brand or price. Cosmetics you can justify spending a little bit more is if you’re able to find your perfect shade of foundation, blush, lipstick, concealer or eyebrow pencil/liquid. Even then, look for dupes
- You don’t need to buy every shade of lipstick. You just need 3 – one for daywear, one for nights out and one for special occasions. Apply this to any cosmetic product you find yourself consistently buying without finishing before expiry
- Stop buying every serum your favourite influencer flaunts. What works for them, might not work for you. But drinking more water, exercising and eating less sugar is universal advice
ENTERTAINMENT
- Speak to your internet provider and negotiate a better deal. Look into whether it’ll be cheaper to sign onto a new plan or bundle two services together. If a different provider has a better offer, ask if they’re willing to match
- Ask yourself if you really, really do need Netflix, Stan, Spotify etc
- If yes, share subscriptions with friends or family. There’s bound to be someone out there that will want to share costs!
- If you’re headed to the pub, bring cash so you’re not tempted to drink and spend forevermore
ONE MORE!
1. Bought something that stopped working well before expected? Don’t rush to replace it just yet. Australia’s Consumer Law warrants that all goods sold must be of acceptable quality. Check with the ACCC and your state’s Fair Trading to see if you’d be eligible for a refund, replacement or repair at the retailer’s cost