Slash Your Expenses in 2025: Insider Secrets You Can't Afford to Ignore!
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Let’s face it, we all want a bit more cash in our pockets for the new year. Whether it’s to pay off a pesky credit card bill, save for a holiday, or just have a bit of breathing room in the bank, making small adjustments to how we spend can make a big difference.
We caught up with personal finance expert Sarah Megginson, who has some cracking advice on how Aussies can make 2025 the year their bank balance finally smiles back. Here’s how you can start saving money and avoid common financial traps without feeling the pinch.
Ditch the Credit Card Interest
Credit card interest can sneak up on you faster than you can say "late fee." If you’re carrying a balance, you're basically throwing money down the drain. Sarah’s top tip? Pay your balance in full each month. That way, you won’t pay a cent in interest. Simple, right?
If that’s not possible, consider switching to a card with a lower interest rate. For example, Sarah’s mate saved big time by moving from an American Express rewards card (with a 23.99% interest rate) to one with a more reasonable 10.99%. One quick phone call – and boom – more money staying in her pocket. It’s that easy.
Say Goodbye to Late Fees
Late fees can pop up in all sorts of places – your credit card, energy bills, phone bills, or even daycare fees. They’re easy to forget about, but they sure can add up. The fix? Set up direct debits for everything. If you’re not keen on using a credit card for this, just set up a separate “bills” account and transfer a set amount each payday. This way, you’re not dipping into your everyday spending account and risking an overdraft (which could end up costing you even more).
Paying Too Much for Your Bills? Shop Around!
We all have those regular bills – energy, insurance, the mortgage, and so on. But are you sure you’re paying the best rate? Sarah is a big fan of shopping around for better deals. For example, she’s currently paying 23c per KW for energy, while some of her neighbours are getting stung with 30c per KW. That’s a 30% difference! And it’s not just energy – take a look at your car insurance, mobile plan, and even your streaming subscriptions. You’d be surprised at how much you can save just by making a few quick calls or hopping online to compare prices.
Sarah’s mate saved a whopping $700 on car insurance after seeing her post on Instagram about the power of comparison shopping. "I had no idea I could pay less!" he said. Now, he knows – and so do you!
Watch Out for Afterpay Fees
Buy Now Pay Later services, like Afterpay, are a slippery slope. They can make us feel like we’re not spending a cent, but those sneaky late fees can rack up, especially if you forget to pay it off in time. Sarah’s advice? Take a breather before you buy. Fill up your cart, but don’t check out straight away. Wait 24 hours. By then, you’ll likely realise you don’t need the item, and you’ve saved yourself a whole lot of hassle.
Stop Paying Full Price for Hotels
Dreaming of a holiday this year? Before you lock in that hotel, do some homework. You’d be shocked at how much the price can vary between websites. There’s always a discount or deal hiding somewhere. And when you check in, don’t be shy to ask for an upgrade. Sarah’s mate recently stayed at a hotel in Bali and wasn’t thrilled with her room. A polite request for a better one scored her a free upgrade to a penthouse suite, worth four times the price she paid. It doesn’t hurt to ask, and the worst they can say is no.
Wrapping It Up: Small Changes, Big Savings
Making 2025 the year your wallet thanks you is all about being smart with your money. It doesn’t require a huge overhaul of your lifestyle, just a few small tweaks here and there. Whether it’s avoiding credit card interest, paying bills on time, or shopping around for better deals, Sarah’s tips are easy to implement and could save you hundreds – if not more.
So, why not give it a go? Start with one or two of these ideas today, and you’ll be well on your way to a healthier bank balance in no time. And hey, if you can pocket an extra $700 like Sarah’s mate did, you’ll be one happy camper!
We'd love to hear from you, our savvy Seniors Discount Club members. Have you tried any of these tips? Do you have any of your own to share? Drop us a comment below and let's navigate the financial landscape of 2025 together, one smart saving at a time.
We caught up with personal finance expert Sarah Megginson, who has some cracking advice on how Aussies can make 2025 the year their bank balance finally smiles back. Here’s how you can start saving money and avoid common financial traps without feeling the pinch.
Ditch the Credit Card Interest
Credit card interest can sneak up on you faster than you can say "late fee." If you’re carrying a balance, you're basically throwing money down the drain. Sarah’s top tip? Pay your balance in full each month. That way, you won’t pay a cent in interest. Simple, right?
If that’s not possible, consider switching to a card with a lower interest rate. For example, Sarah’s mate saved big time by moving from an American Express rewards card (with a 23.99% interest rate) to one with a more reasonable 10.99%. One quick phone call – and boom – more money staying in her pocket. It’s that easy.
Personal finance expert Sarah Megginson shared tips for Aussies to save money and avoid common financial traps without the strain. Credit: Shutterstock
Say Goodbye to Late Fees
Late fees can pop up in all sorts of places – your credit card, energy bills, phone bills, or even daycare fees. They’re easy to forget about, but they sure can add up. The fix? Set up direct debits for everything. If you’re not keen on using a credit card for this, just set up a separate “bills” account and transfer a set amount each payday. This way, you’re not dipping into your everyday spending account and risking an overdraft (which could end up costing you even more).
Paying Too Much for Your Bills? Shop Around!
We all have those regular bills – energy, insurance, the mortgage, and so on. But are you sure you’re paying the best rate? Sarah is a big fan of shopping around for better deals. For example, she’s currently paying 23c per KW for energy, while some of her neighbours are getting stung with 30c per KW. That’s a 30% difference! And it’s not just energy – take a look at your car insurance, mobile plan, and even your streaming subscriptions. You’d be surprised at how much you can save just by making a few quick calls or hopping online to compare prices.
Sarah’s mate saved a whopping $700 on car insurance after seeing her post on Instagram about the power of comparison shopping. "I had no idea I could pay less!" he said. Now, he knows – and so do you!
Watch Out for Afterpay Fees
Buy Now Pay Later services, like Afterpay, are a slippery slope. They can make us feel like we’re not spending a cent, but those sneaky late fees can rack up, especially if you forget to pay it off in time. Sarah’s advice? Take a breather before you buy. Fill up your cart, but don’t check out straight away. Wait 24 hours. By then, you’ll likely realise you don’t need the item, and you’ve saved yourself a whole lot of hassle.
Stop Paying Full Price for Hotels
Dreaming of a holiday this year? Before you lock in that hotel, do some homework. You’d be shocked at how much the price can vary between websites. There’s always a discount or deal hiding somewhere. And when you check in, don’t be shy to ask for an upgrade. Sarah’s mate recently stayed at a hotel in Bali and wasn’t thrilled with her room. A polite request for a better one scored her a free upgrade to a penthouse suite, worth four times the price she paid. It doesn’t hurt to ask, and the worst they can say is no.
Wrapping It Up: Small Changes, Big Savings
Making 2025 the year your wallet thanks you is all about being smart with your money. It doesn’t require a huge overhaul of your lifestyle, just a few small tweaks here and there. Whether it’s avoiding credit card interest, paying bills on time, or shopping around for better deals, Sarah’s tips are easy to implement and could save you hundreds – if not more.
So, why not give it a go? Start with one or two of these ideas today, and you’ll be well on your way to a healthier bank balance in no time. And hey, if you can pocket an extra $700 like Sarah’s mate did, you’ll be one happy camper!
