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If you’re feeling the pinch of the cost of living crisis, or just want to improve your finances in 2024, making small changes could add up to big savings.

Read these practical money saving tips to get ideas for simple changes you could make in your daily, weekly or monthly routine that could leave you with more money in the bank once 2024 rolls round.

1. Save on shopping

Stretch your grocery budget and pay less at the checkout with these money saving tips for the supermarket.

Make a shopping list

Planning meals in advance and having a list to follow could remind you to buy only what you need and help you avoid unnecessary or impulse purchases.

Shop in the evening

You’re more likely to find the best discounts on fresh produce towards the end of the day when items go on sale to reduce waste.

Compare unit prices

Comparing the cost of similar items per 100 grams or in other units of measurement will give you a more accurate comparison of products that may be packaged in different sizes.

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Switch to store brands

A CHOICE survey found that customers could save up to 40% by switching from big brands to supermarket brands, many of which are equal or sometimes even superior in quality.

Buy in bulk

Spending more at one time to stock up on kitchen staples like rice, flour and cooking oil and other large items such as laundry detergent can save money in the long run, especially if items are on sale or you’re sharing with friends and family.

Buy fruit and veg in season

Fresh produce is more affordable when it’s in season, and you may find better prices at markets or grocers than in supermarkets. If you’re buying out of season, you can save money by buying frozen.

Avoid prepared foods

Ready meals and pre-cut fruit, vegetables and meats can cost many times more than unprocessed foods, as well as involving more packaging.

Eat less meat

Meat is often one of the most expensive items on a shopping list. You could save on this cost by avoiding meat for some meals or whole days.

2. Reduce your energy bills

Rising electricity and gas bills are a major concern for many Australian households. Consider these money saving tips to reduce your energy consumption and your bills.

Switch off devices

Turning off appliances and devices when they’re not in use will avoid wasting power on standby modes and could save hundreds of dollars each year.

Heat and cool efficiently

Only heat or cool rooms you’re using and don’t use a higher setting than you need to. Clean dust filters regularly and make sure your rooms are well insulated to avoid wasting energy.

Use appliances efficiently

Check your energy bills to find out when peak times are and try to use devices outside of these times, generally overnight. Use washing machines with a full load and cold water when possible.

Switch energy tariff

If you’ve been with the same energy provider for a few years, compare tariffs to see if you could be getting a better deal with the same provider or elsewhere.

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3. Save on driving

If you rely on your car for work or getting about, save on high petrol prices with these money saving tips for the road.

Use a fuel app

Compare bowser prices before you set off by using a free fuel app such as Fuel Map Australia, showing real-time prices at petrol stations in your area.

Drive slower

Fuel consumption is higher at faster speeds, especially above 90km/h. Driving more slowly and avoiding rapid stops and starts improves fuel efficiency (and safety).

Avoid short trips

Fuel consumption is highest when the engine is first warming up. Doing all your errands at once uses less fuel than making multiple short trips.

Cool efficiently

Air conditioning in cars accounts for around 10% of fuel consumption. You can save money by rolling down the windows at slower speeds, but this will be more expensive at higher speeds due to drag.

Consider alternative transport

Think about whether you really need to take the car, or whether other options such as carpooling, cycling or public transport could be cheaper than paying for fuel.

4. Cut unnecessary costs

Aside from saving money on the essentials, you could make room in your budget by looking for the best deals or giving up things you don’t need.

Make the most of discounts

Save up your shopping for sale times and search for coupon codes before making any big purchase. If you’re booking a trip or event, booking in advance could give you an early bird discount.

Cancel or share subscriptions

If you’re not making the most of a streaming service or gym membership, you could save money by cancelling or switching to a cheaper plan or sharing a subscription with friends or family. You may be able to find free alternatives, often available with a library membership.

Cook at home

Save money on dining out and food deliveries by cooking your own meals and even growing your own herbs and vegetables.

Travel local

If you need a break, a camping holiday or day trip close to home can avoid the cost of flights and accommodation.

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5. Seek financial support

Depending on your circumstances, you could be eligible for financial assistance or could find it helpful to talk to an expert.

Government support

There are various state, territory and federal government programs that support people on low incomes who are struggling to pay off debt or bills. Find out more by talking to a financial advisor or visiting the government’s MoneySmart website.

Child support

Although these vary from state to state, parents may find that they’re eligible for vouchers to help pay for activities, school supplies and after-school care for their children.

Tax deductions

If you submit your own tax returns, talk to a tax agent to find out what expenses you can claim as deductions, including their service.

Talk to your provider

If you’re struggling to pay bills or to make repayments on a loan or credit card, let the provider know as soon as possible, as they may have a hardship policy in place.

Talk to an advisor today

If you want to know more about how you could save money by consolidating your debts or refinancing a loan, talk to our financial experts today. We’ll make sure you understand all your options so you can make fully informed decisions. Give us a call, or apply online!


About the Author

Rowdie Lang

Rowdie has been a part of our Team since 2020. He has witnessed firsthand the ongoing evolution of the finance industry as technology continues to change the way customers' access financial services. He has a passion for helping people and relishes the opportunity to work alongside our teams every day as they help our customers financial dreams come true.

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