Life’s becoming more expensive and many Australians are feeling the pinch. Whether you’re saving for your first house, dealing with a growing family or simply attempting to keep up with the bills, finding ways to boost your income and cut costs is more crucial than ever. Fortunately, there are tons of smart tricks that can help. Here’s a mashup of some quick wins and longer-term moves that can help you get ahead financially.
Quick Wins for Freeing up More Cash
Cancel Your Unused Subscriptions
Do a financial spring clean. Check your bank statements or a budgeting app to track down subscriptions you may have forgotten about. Be it a streaming service you don’t use or an app you never touch, getting rid of these can save you hundreds in a year.
Take Advantage of Cash-back and Rewards Programs
Most Australians are already taking advantage of cash-back platforms and loyalty programs. These allow you to earn back a percentage of your spending when you shop through partner retailers. That can translate into substantial savings over time. Don’t ignore supermarket rewards schemes, either – many offer discounts, points or fuel vouchers.
Compare and Switch Providers
If you haven’t switched phone, internet or energy provider in years, you’re likely paying over the odds. Spend a few minutes comparing plans and switching to a better deal. Many providers offer new customer discounts or incentives to retain you, so don’t hesitate to negotiate.
Check for Unclaimed Money
It is surprising how much money is unclaimed – lost super accounts, unclaimed bank balances, unpaid rebates. It takes just a few minutes to check, and could net you a nice little windfall!
See What Government Help You’re Eligible For
Government payments and concessions aren’t only for pensioners or the unemployed. Families, carers students and low-income earners could be eligible for help. It’s worth finding out what’s there, and applying if appropriate.
Simple Side Hustles to Boost Your Income
Sell Items You No Longer Use
If it’s collecting dust, it’s likely worth selling. Go online and sell those unused gadgets, furniture or clothes on Facebook or Gumtree. It frees up room and puts money back in your pocket.
Tap Into the Gig Economy
There are many flexible earning opportunities out there, from food delivery to odd jobs. There are platforms for everything, such as AirTasker, from rideshare driving to putting together flat-pack furniture. Your own schedule of work and paid as you go.
Freelance Your Skills
Are you good at writing, design, photography or admin? You might be earning additional income freelance. Even tutoring, editing or assisting with job applications are in demand.
Rent Out What You Own
Spare room? Rent it out. Extra car? Think of car-sharing services. People rent out tools, musical instruments, even parking spaces. If you have something that’s sitting idle, somebody out there will pay to use it.
Get Paid for Surveys and Micro-Tasks
Surveys, app testing, or small online tasks can supplement your income (admittedly not all are income replacements), putting pocket change in your during downtime. It won’t get you rich, but every little bit helps.
Smart Savings on Everyday Spending
Create and Stick to a Budget
Making a budget isn’t about eliminating all pleasures in life – it’s about ensuring your money goes where you want it to. Monitor your income and expenses to identify areas where you could cut back and goals to save for.
Meal Matters and Shop Smart
If you want to cut your grocery bill in half, right meal planning. Make a shopping list, don’t go shopping when you’re hungry and be on the lookout for specials or store-brand alternatives. Over time, small changes can make a major difference.
Cut Back on Food Waste
Use what you already have before buying more, freeze leftovers and monitor expiry dates. Plus, reducing food waste doesn’t just save money, it’s better for the planet, as well.
Lower Utility Bills
Power down appliances at the wall, wash your clothes with cold water and only turn on energy-efficient light bulbs. These adjustments may sound small but can bring home a lot of savings on your energy bills each year.
Comparison Shop for Insurance and Loans
Don’t let loyalty cost you. Be it car, health or home insurance – check your policy every year and compare with others. So with home loans and credit cards. Just a slight rate drop can mean major savings!
Long-Term Moves
Upskill to Boost Your Career
It is possible it can lead you to better job opportunities and higher pay. Taking a course, learning a new skill, or making a career move are all ways of ensuring that your skill set is ever expanding and, consequently, you are able to increase your earning capacity.
Invest, Even If It’s Only Small
You do not have to be wealthy to get started investing. Setting yourself up for the future with micro-investing apps, high-interest savings accounts or even salary sacrificing into your super. The earlier you start, the longer your money can grow.
Take Advantage of Tax Time
To maximise your refund, know what you can claim. You could also deduct work-related expenses, donations and even some kinds of insurance. Making sure to keep receipts and also stay on top of organisation pays off come 1st July.
Review Your Super
Your super is essentially your future income. Consolidate it, check your fees, ensure it’s invested in a manner appropriate to your stage of life. Even minor gains can translate into thousands of dollars on your balance over time.
Explore Government Incentives
From first-home buyers to solar panels to education, there are lots of incentive schemes and rebates available. All States and Territories have unclaimed money programs — so keep an eye out — it’s money you may be entitled to, and probably don’t know about!
Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.
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