How Aussies can effortlessly save $13,000 this year despite soaring living costs—learn these 8 tricks!
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As the cost of living in Australia continues to climb, many of us feel the pinch in our wallets. From rising grocery bills to soaring rent prices, stretching every dollar is becoming increasingly difficult.
But fear not, CHOICE Editorial Director Mark Serrels provided several ways to keep more of your hard-earned cash without making drastic lifestyle changes.
In fact, with a few adjustments, you could save a staggering $13,000 this year alone! It might seem daunting, but slight shifts in your daily habits and spending patterns can significantly impact your savings. Let’s dive into these eight genius tricks to help you beat the rising costs and maintain your financial health.
1. Slash Your Energy Bills with Simple Switches
Electricity bills are a significant concern for many Australian households. But did you know that by turning off appliances at the power points, you could save up to $240 annually?
Devices like wireless routers, printers, microwaves, and televisions consume passive power even when unused.
So, make it a habit to switch them off at the wall and watch those savings add up.
2. Health Insurance: Time for a Check-Up
Health insurance is necessary, but it doesn't have to cost you an arm and a leg.
Switching providers, especially from big names like Medibank and Bupa, to smaller funds could save you a fortune.
Gold policyholders could pocket up to $1,870, silver to $1,170, and bronze to $860 per year.
It's worth comparing policies to ensure you're not overpaying for the same level of coverage.
3. Drive Down Car Insurance Costs
Car insurance is another area where Aussies can save big. With premiums varying widely, shopping around can lead to significant savings.
Depending on where you live, finding a more affordable policy that still offers the coverage you need could save you anywhere from $93 to $330 a year.
4. Protect Your Home for Less
Home insurance is necessary but doesn't have to break the bank.
Increasing your excess to between $1,000 and $1,500 could reduce your premium by about 10 per cent.
Depending on your state, this could mean savings ranging from $1,010 to $4,665.
Always shop around and compare quotes to find the best deal.
5. Laundry Savings That Make Cents
Laundry habits can also impact your budget. By washing full loads in cold water, using a top-performing but cheaper detergent, and reducing your reliance on a dryer, you could save approximately $660 a year.
Ditching fabric softeners can add another $77 to your annual savings.
6. Brew Up Savings on Beverages
Your daily coffee, tea, or fizzy drink habit can add up. However, making these beverages at home could save you a substantial amount.
Home-brewed coffee could save you $2,200 a year compared to buying from a café, and a soda maker could save you at least $420 annually on sparkling water.
7. Energize Your Savings by Switching Providers
Many Australians fall into the trap of introductory energy rates that skyrocket after the initial period.
You could save up to $350 a year by switching to a better energy plan. It pays to monitor your energy bills and shop for the best rates.
8. Smart Grocery Shopping Strategies
Finally, spreading your weekly grocery shop across different retailers can lead to significant savings.
By comparing prices and taking advantage of specials, you could save 20 to 40 per cent on groceries.
This strategic shopping could lead to an annual saving of up to $1,861.
Implementing these eight simple tricks can help you control your finances and save a substantial amount of money, even as living costs continue to rise.
Remember, every little bit helps; over time, these savings can significantly affect your financial well-being.
We'd love to hear from you! Have you tried any of these money-saving strategies? Do you have any other tips to share with our community? Let us know in the comments below.
But fear not, CHOICE Editorial Director Mark Serrels provided several ways to keep more of your hard-earned cash without making drastic lifestyle changes.
In fact, with a few adjustments, you could save a staggering $13,000 this year alone! It might seem daunting, but slight shifts in your daily habits and spending patterns can significantly impact your savings. Let’s dive into these eight genius tricks to help you beat the rising costs and maintain your financial health.
1. Slash Your Energy Bills with Simple Switches
Electricity bills are a significant concern for many Australian households. But did you know that by turning off appliances at the power points, you could save up to $240 annually?
Devices like wireless routers, printers, microwaves, and televisions consume passive power even when unused.
So, make it a habit to switch them off at the wall and watch those savings add up.
Eight practical strategies to save money—potentially over $13,000 in a year—have been provided by CHOICE despite rising living costs. Credit: Depositphotos
2. Health Insurance: Time for a Check-Up
Health insurance is necessary, but it doesn't have to cost you an arm and a leg.
Switching providers, especially from big names like Medibank and Bupa, to smaller funds could save you a fortune.
Gold policyholders could pocket up to $1,870, silver to $1,170, and bronze to $860 per year.
It's worth comparing policies to ensure you're not overpaying for the same level of coverage.
3. Drive Down Car Insurance Costs
Car insurance is another area where Aussies can save big. With premiums varying widely, shopping around can lead to significant savings.
Depending on where you live, finding a more affordable policy that still offers the coverage you need could save you anywhere from $93 to $330 a year.
4. Protect Your Home for Less
Home insurance is necessary but doesn't have to break the bank.
Increasing your excess to between $1,000 and $1,500 could reduce your premium by about 10 per cent.
Depending on your state, this could mean savings ranging from $1,010 to $4,665.
Always shop around and compare quotes to find the best deal.
5. Laundry Savings That Make Cents
Laundry habits can also impact your budget. By washing full loads in cold water, using a top-performing but cheaper detergent, and reducing your reliance on a dryer, you could save approximately $660 a year.
Ditching fabric softeners can add another $77 to your annual savings.
6. Brew Up Savings on Beverages
Your daily coffee, tea, or fizzy drink habit can add up. However, making these beverages at home could save you a substantial amount.
Home-brewed coffee could save you $2,200 a year compared to buying from a café, and a soda maker could save you at least $420 annually on sparkling water.
7. Energize Your Savings by Switching Providers
Many Australians fall into the trap of introductory energy rates that skyrocket after the initial period.
You could save up to $350 a year by switching to a better energy plan. It pays to monitor your energy bills and shop for the best rates.
8. Smart Grocery Shopping Strategies
Finally, spreading your weekly grocery shop across different retailers can lead to significant savings.
By comparing prices and taking advantage of specials, you could save 20 to 40 per cent on groceries.
This strategic shopping could lead to an annual saving of up to $1,861.
Implementing these eight simple tricks can help you control your finances and save a substantial amount of money, even as living costs continue to rise.
Remember, every little bit helps; over time, these savings can significantly affect your financial well-being.
