5 life hacks that will save you loads

Bessie Hassan | Money expert at finder.com.au

From taxes to petrol costs to account fees, life can get pretty expensive, so learning a few money-saving hacks that can help keep costs down along the way is an important skill to grasp no matter what life stage you’re at.

Read on to learn more about some practical (and unconventional) hacks that can save you money.

Also read: 10 things your banker won’t tell you

• Get discount vouchers on your birthday

When your birthday comes around, many retailers will offer you vouchers or codes that enable you to make purchases at a discounted rate (sometimes these can be up to 20% off). To make the most of these offers, create an account with some of your favourite retailers and register your birthday details.

If you’re thinking of purchasing something, try to hold off until your birthday and redeem the voucher then. It’s a simple hack, but one that’s often underestimated.

• Score reward points next time you visit the cinema

If you purchase an Event Cinemas or HOYTS movie voucher online or in-store, you can earn points for every dollar you spend. For instance, Woolworths Rewards members can enjoy 1 point per dollar spent on Event Cinemas and HOYTS e-gift cards.

Additionally, if you join the HOYTS Rewards program, you’ll be eligible for discounted tickets and Candy Bar promotions. You can also join the HOYTS Silver program for $13 p.a. to enjoy 10% back in HOYTS dollars on eligible purchases.

• Fill up on a Tuesday

Being strategic about when you fill up with petrol could potentially pocket you hundreds of dollars each month. Typically, petrol is more expensive on the weekends as this is when there’s the biggest spike in demand, so avoid filling up on a Saturday if possible.

Generally, Tuesday is considered to be the cheapest day of the petrol cycle so keep this in mind before your next visit to the petrol station. Comparing prices at local stations is another easy way to reduce your fuel bill, even if it means driving an extra 5ks!

Also read: The feared apartment ‘glut’ is easing – but only here

• Be careful about increasing your credit card limit

While it may be tempting to up your credit card limit, especially if you need quick access to funds or you want a greater rewards earning potential, try to avoid this where possible. Increasing your limit is suitable in some situations, but only if you can pay your debt back comfortably.

If you struggle to meet existing repayments, you may want to rethink your need to up your limit. A higher limit will lump you with more interest to pay off and it will take you longer to service the debt. If this describes your situation, you may want to consider other options, such as revising your budget to find ways to raise surplus cash.

• Don’t pay ATM withdrawal fees

Whether you’re withdrawing funds locally or abroad, you should (almost) never pay ATM withdrawal fees. Depending on the financial institution, withdrawal fees for non-customers can range from $1 to $2.50 per transaction. (Now that ATM fees have been ditched by the Aussie banks over the weekend – make sure you don’t get caught while you’re using your card abroad).

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Keeping an eye out for discounted birthday vouchers, knowing how to earn reward points for your spend, being mindful about credit card limits and avoiding ATM withdrawal fees are just some of the ways you can improve your financial well being. Do some research and talk to your friends and family to see what hacks have worked for them. You’d be surprised at how much you could save