Tips and Tricks on Saving Thousands of Dollars a Year

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Saving money doesn't have to be a dragging task, it can be fun. Generally, you can either look for a way to save money or find a way to earn more. The choice is yours, but here're some interesting ideas on what you could do to boost your savings.

Get a better mortgage deal 

When you have a mortgage loan, it's not something you should set and forget. By getting a better mortgage deal, you have the potential to save thousands on repayments and interest. If you are a First Home Buyer or looking into refinancing your mortgage, now is the time to do so. Get in touch with Coronis Finance, who will do all the hard work for you and compare more than 40 lenders and products to find the one that's the perfect fit for you. It costs nothing to use our services, and we will help you understand how the new changes can help you reach your property dreams. 

Buy now, pay later services 

While it seems convenient, services like Afterpay can eat away from your account without you even noticing. Dividing your total price in four can get addicting and tempting to use regularly. When it's out of control, you may run into the risk of putting yourself into financial difficulty to repay your shopping purchases. On top of that, it can negatively reflect on your credit score. Instead of spending money on Afterpay, you could be putting this money towards your savings.

Sell unwanted things

Conduct a house search for items that you don't use regularly or might want to get rid of, you might be sitting on a goldmine or things you're not using. It is also a great opportunity to refresh your wardrobe by selling unwanted garments. Facebook marketspace, Gumtree and eBay are the best platforms to sell your items.

Switch up your savings account

There're so many options out there that can be great for your savings. Some savings accounts offer no fees and a good interest rate to boost your savings.

Check out websites like to see what options might be available for you.

Get rewarded 

An interesting tool called IFTTT can be used in many different ways to help make your life a little bit easier. There're lots of ways to save with IFTTT, like have it set up, so money from your account goes to your savings every time you like a YouTube video, add a track to your Spotify list, visit the gym, or complete your step goal.

Get your cash back

Another fun way to utilise your savings is by having some of your money back every time you shop online. With tools like Shopback you can have a percentage of your online purchase back in your bank account, and with a new tool you can have the same thing but getting your money back directly to your super account. Another honourable mention, a little tool called Honey can automatically scan for the best deal out there available and apply it to your cart, allowing you to save.

Subscription audit 

Are you subscribed to Netflix, Stan, Disney+, or Spotify? Or all of them? There're so many options nowadays that it's so easy to lose track of all subscriptions that you have, and frankly even forget about it. But while you might forget about it, your bank balance won't. Start with listing all subscriptions that you have, including streaming platforms, gym membership magazines, and subscriptions within apps on your phone. When you have your list, you'll see what subscriptions you don't require anymore. For example, if you unsubscribe from even one service that you're paying $15 a month, you can save $180 a year.

Save on gas

The prices for gas have been climbing, which is upsetting, but with apps like GasBuddy, you monitor on the map what gas stations around you have on offer, helping you save a buck. It always feels great when you can pay less for gas, doesn't it?

Utility bills

It is always a great idea to stay in-check with your telco and electricity bills, as rates often change, and you might come across a great deal. Check Energy Made Easy, a website by the Australian Government, where you can compare electricity rates from other providers. You can enter your address and details of your previous electricity bill to see how much you could be paying with other providers.

Grocery bills

One of the best tips out there is never going to the grocery store hungry as you will buy any food that crosses your sight. Have a plan when you go grocery shopping, come with a list of necessary items and opt for supermarket's home brand as it's usually cheaper than branded products. Also, always check unit prices on all in-store labels when choosing which brand to buy. Research by QUT suggested that it is possible to save as much as $1,700 on your grocery bill a year by referring to unit pricing.

Make coffee at home 

While we're avid coffee lovers here in Australia, it is a challenge to say 'no' to a nice coffee from a café across the road from the office. But think of it this way, if you limit buying takeaway coffee on weekdays, you can potentially save around $1,170 a year!

Bring your own lunch

Similar to the caffeinated companion, buying lunch every day at work can come even at a greater cost. Even if you bring homecooked lunch at least three times a week, you could be potentially saving $1,560 a year. It is also a great idea to limit UberEats, Deliveroo and other home food delivery services as they eat away hundreds of dollars a year from your bank account.

Quit smoking

While there's only 13.8 per cent of daily smokers in Australia, there're still people who smoke. Not only it is harming your health, but the health of people around you, including your children and your loved ones. A pleasant reward for quitting the harmful habit is that you can potentially save at the very minimum $2,080 a year, and that's just for 1 pack a week.

These are just suggestions that could save you thousands of dollars a year and your savings could be used to cut years off your mortgage or put towards a deposit on your first home. It is always a good idea to speak to a professional to assess your financial situation. Get in touch with our team today.

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