Tips & Tricks to Help You Save
Saving your hard-earned money has never been more timely. But where do you look to get a bang for your buck? Here’re some of the creative ways you can save your money and boost your savings:
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
Spring is around the corner, so it’s a perfect opportunity to start on the spring clean. You never know, you might be sitting on a goldmine of things you're not using that someone out there is looking for. Sell your unwanted items through Facebook Marketspace, Gumtree and/or eBay.
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 a 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 claim a percentage of your online purchase back, and with a tool super-rewards.com.au you can have the same thing but getting your money back to your super account. Another honourable mention is a tool called Honey that searches for the best coupon codes on the internet and automatically applies it to your cart.
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 want anymore. For example, if you unsubscribe from even one service that you're paying $15 a month, you can save $180 a year.
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, especially now with COVID-19. 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.
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 cuppa 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.
Have you started saving? With record-low interest rates and great saving habits like we listed above, there’s bound to be a mortgage option out there for you. Commence the process of your pre-approval in four simple steps by completing our new Pre-Approval Form. This form with help you get an understanding of what options are available for you and what you can borrow from the bank without seeing a mortgage broker.