Saving tips to overcome inflation

Record-high inflation is now very palpable in almost every Aussie household. With the Australian Bureau of Statistics forecasting even more rises until the end of the year, we are sharing a list of saving tips for you to consider. While some of them might seem very obvious, it might be a great idea to reinforce good old habits and pick up some new ones.

Once small change can go a long way

No need to go from eating out, shopping and getting a massage every week to staying home doing crosswords and nothing else. Changing just one habit can make a difference already. This could be as simple as cancelling one streaming subscription or switching gym memberships to a more affordable one.

The bills we all get

Electricity bills are quite high for some families, and usually the reason is quite simple: bad service and too many appliances plugged in. You can find many tips online on how to save some cash here, or even call your provider to breakdown your monthly expenditure.

Make an income out your savings

Some banks offer a basic bank account with zero fees. We’ve looked at online savings accounts but also consider lending your money out on Ratesetter, a peer-to-peer lending platform which can offer you a return of up to 9%.

Make a list and shop smart

Impulsive purchases, we are all guilty of that. Take your shopping list to the grocery store and make sure you stick to it, despite any “promotions”!

Night out with friends?

If you’re planning on having dinner with friends or going out for a couple of drinks, make sure to check out any deals in advance. You can choose a restaurant with specials, bar with happy hour or even check out an app like Eat Club.

Late night grocery shopping

Many drop their prices in the evenings when they know they have to shift perishable products before the end of the day.

Meal-prepping

This has proven to be a HUGE money saver for many young adults, plus it helps keep track on your eating habits and stay away for junk food!

Go for a veggie meal every now and then

Lentils and beans are definitely cheaper than steak and salmon. There are some amazing recipes our there and heaps of YouTube videos to help you create delicious vegan dahls and chickpea salads.

Save the time and effort with your dishwasher

They generally use a lot less water than washing your dishes by hand in the sink.

Make your car more fuel-efficient

Very simple: keep your tyres inflated. If the tyre pressure is low, it increases the drag on the car which means you will use more fuel.

Don’t fall for the marketing tricks

Many generic brands offer the same product quality as the ones with the pretty package and shocking price tag. Read labels, test new and more affordable brands, shop smart!