2. Get a little greener
Saving money while saving the planet? It may sound too good to be true, but being conscious of what you’re using, or investing in greener solutions, could help your bank account in the long-term.
Here are some going green tips to take a look at:
- Replacing household lights with energy-efficient LED light bulbs
- Unplugging unused electrical devices entirely (appliances on standby are often still using a lot of electricity)
- Recycle rainwater or greywater for use on the garden
- Go meat-free more often and save money on grocery shopping
- Repair clothes or broken furniture where possible instead of repurchasing
- Before buying, try a second-hand store or website first
3. Rack up some rewards
Very few things in life are free, but a lot of things are on special. One idea for saving money without much extra effort is to look out for deals on your weekly shop and tap into the world of discount codes, coupons and reward cards.
Excess spending just to rack up points might not be the best approach, but smart rewards plan usage could save you a few dollars down the track. A loyalty card at your local café won’t hurt.
Check if any services you already use – such as your private health insurance or credit cards – offer any rewards. These can often include shopping discounts or movie tickets to help you have fun without blowing your budget.
4. Phone a friend (i.e. your bank)
There’s no harm in checking in with your bank every so often to see if you’re using the accounts, credit cards or home loan that best suit you and your current situation. If you don’t ask, you’ll never know. When it comes to home loans and depending on what’s best for your needs you could consider:
- See if there are other accounts or packages you could make use of, such as offset accounts which could help reduce the amount of interest that you pay
- Discuss the pros and cons of changing to a fixed or variable interest rate or choose to split your home loan between variable and fixed
- Explore making extra repayments or changing frequency of payments
- Consider refinancing your home loan and consolidating any other debts. If you have enough equity in your home, you may be able to consolidate your other debts to a lower interest rate.
You will need to consider what will work for you, taking into account your financial needs, situation and goals. Ask your lender about your options.
5. Work from home
In recent years, a hybrid in office and working from home roster has become the norm for many people. And turns out, it can in some ways be a bit of a money saver too.
While working from home, you might end up paying more for heating and electricity, but you don’t have to pay for transport to work , you’re less likely to eat lunch out, and you’re far less likely to go wild at after work drinks!
If you can’t work from home, see if there are other easy ways to save money – like on your commute. Can you ride a bike? Or get off at an earlier (and cheaper) stop and walk the rest?
Test it out if you can and try to find a lifestyle groove that suits you - and do what you can to implement it in the long term.
And if you’re still looking for some ideas on how to save money – even if it’s just a few bucks here and there – you’ll find lots of resources including tips and guides, budget trackers and real-life examples on our financially ready hub.