One simple change could save Aussies $1,261 a year
Aussies could save thousands of dollars by ditching unused subscription services.
The rising cost of living has hit Aussies hard and many are looking for ways to save money and improve their financial situation.
Whether you’re trying to pay off debt, save for a big purchase or just want to build up that rainy day fund, there are a few simple strategies that could save you thousands of dollars.
So, from sticking to a budget to cancelling those pesky subscription services, here are some simple things you can do to get on top of your savings.
Also read: 5 expert tips to save money on a low income
Also read: Aussies saving $743 a month despite cost of living
Also read: 4 million Aussies say they have no savings
Keep a budget
Creating and sticking to a budget is one of the best things you can do to get on top of your finances.
Budgeting is not just about cutting spending, it’s also about giving yourself the full picture of what money you have coming in and what’s going out. It’s hard to get on top of your spending if you’re not even sure what you’re spending your money on.
The Government’s free MoneySmart website has a fantastic budget tool, which allows you to input all your details to give you a comprehensive picture of your finances.
Get rid of unused subscriptions
There are an increasing number of subscriptions to keep track of - Netflix, Binge and Spotify, to name a few - and then there are your favourite smartphone games. Compile a list of all your subscriptions and eliminate the ones you hardly ever use. While you may think the monthly fee isn't a lot, it all adds up.
In fact, new research from ING found Aussies could be saving up to an average of $1,261 per year by cutting back on unused subscriptions and other regular outgoings they had forgotten about.
Make the switch to solar
Due to inflation and the cost of living rising, traditional electricity is becoming more costly with Aussies seeing their power bills rise an extra 56 per cent in the next two years.
In light of this, solar energy is becoming increasingly popular, with many families making the switch to save on their electricity bills.
Aussie solar energy provider Smart Energy found that Aussies spending $1,000 a month on electricity could save up to $69,051 in 15 years with solar power.
“Switching to solar is one of the easiest ways to avoid costly power bills,” Smart Energy’s Liam Navon said.
“Luckily in Australia we get sunshine all year around so you can take advantage of your solar system no matter the season.”
The joy of second hand
The obvious and well-known benefit of buying second hand is cost savings. No matter what you're shopping for, you'll find quality items at lower prices than if you bought them brand new.
The savings can be substantial when you consider that Australians spend more than a trillion dollars on non-essentials every year.
In addition, you can find name-brand clothing, shoes, purses, and more for a fraction of the cost from resale platforms. As an added benefit, by purchasing second hand, not only are you spending less, you are also making more sustainable choices.
Grow your own groceries
Grocery prices have been rising and Aussies are certainly feeling the pinch at the cash register. So, why not grow your own fresh fruit and vegetables if you can?
With a few dollars spent on seeds, plants, and supplies, you can grow fruits and vegetables that will yield kilograms of produce. The most effective way to save money is to figure out which of the fruit and vegetables you regularly buy from the supermarket can be grown successfully in Australia. From tomatoes to beans, carrots, pumpkins, raspberries, lemons, herbs, and more, you can grow plenty of food at home - whether you have a big backyard or a balcony.
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