When it comes to saving money a good place to start is with your everyday expenses. With the high cost of living, there’s often not much leftover for saving. Making small changes to daily habits could help you save money and get you closer to your financial goals. Whether you’re saving for retirement or a first home deposit, saving money is easier when you have plan. Here are 5 ways to save on everyday expenses.

1. Reduce your grocery bills

Like many countries around the world, Australia is battling record-high inflation, with food prices rising at one of the fastest rates – up a staggering 18.6 per cent in August 2022 compared to the year before, according to Australian Bureau of Statistics.

To reduce your grocery bills: 

• Meal plan for the week ahead and then shop according to what you need for each meal using a shopping list.
• Compare prices and look out for cheaper alternatives, special offers, or own brands.
• Buy seasonal vegetables or frozen fruit and vegetables if they cost less.
• Cut down on meat and plan some meat-free meals each week.
• Buy in bulk for staples like rice, oats and flour.
• Grow it yourself if you can. 

2. Reduce your power bills

The amount of energy used in your home will depend on your local climate, the size and layout of your home, features and appliances used in your home, as well as your own personal habits. To help reduce electricity consumption and bring down the cost on your power bill, try:

• Heating or cooling only the rooms you’re using rather than the whole house.
• Open and close curtains and blinds to help control the temperature inside.
• Block draughts and cracks with window and door seals to avoid heat leaking out.
• Run washing machines with a full load and use a cold water wash instead of hot.
• Switch to energy efficient appliances and light bulbs.
• Adjust air conditioners to run at the most efficient temperature.
• Turn off plugs and lights at the wall when not in use.
• Stick to 4-minute showers.
• Avoid using appliances during peak times of day when electricity costs more.

3. Look for cheaper alternatives

As inflation takes a bigger bite out of the budget, many Australians have become budget-conscious and are bargain hunting for deals to help reduce costs. Swapping to cheaper alternatives could help reduce the cost of things like:

• Gym memberships: Try free online workout videos or fitness challenges.
• Streaming services like Netflix: Watch free TV or free streaming services.
• Food delivery services: Shop for groceries and recreate meals for yourself.
• Dining out or take away meals: Plan a picnic or a BBQ or a meal at a mate’s house.
• Holidays: Book a camping holiday or a road trip instead of an overseas holiday.
• Petrol and vehicle expenses: Use public transport if possible or car pool to share costs.

4. Shop around and compare prices

Shopping around for the best deal makes sense when you’re buying a big ticket item. After all, nobody likes paying more than they should. But it’s just as important to shop around and compare prices for everyday household expenses. Like these:

• Electricity
• Insurance
• Internet and phone

It’s worthwhile reviewing these each year. Compare service providers and pricing offers to check that you’re still getting the best deal.

5. Review insurance costs

If you’ve had the same insurance policy for some time, there’s a good chance that it’s no longer fit for purpose. When it comes to making a claim, you may discover you’re underinsured. Or you could be paying too much in monthly premiums.

The best way to determine whether or not you have the right level of insurance cover is to book an insurance review every year. By making some small changes to your policy, you could save money without compromising on insurance cover.

Get in touch with Mortgage Express to get financial advice that’s tailored to your unique circumstances and situation.

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

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