How much money do you have in your savings account? However much it is, it’s going backwards with the rate of inflation at 3.5 per cent.
And with the continuing conflict in Ukraine affecting petrol prices, the high inflation rate is expected to stay for the good part of the year. And let’s not even go where the Reserve Bank is promising rate rises on your mortgage,
To help you beat inflation, Really Simple Money made this list of 17 solid ideas you can try today.
Set up a budget
Before you can beat inflation, you should first reassess your cash flow. It’s a lot easier to inflation-proof your life if you know what’s coming in and out of your wallet.
Ditch your landline
You’ve still got one? Didn’t get the email? No one is using it nowadays, so end your landline contract with your telco and get rid of that Jurassic phone.
Use public transport if you can
I know. All those COVID germs. But trust us, am hour in a mask is worth avoiding the cost of petrol, car insurance, servicing. Only use your car when necessary. If you have a second car – sell it.
Sign up for multiple bank accounts
If you are struggling with managing your income and expenses using one bank account, consider signing up with multiple bank accounts for different categories. This will add more structure to your savings and spending. A bank account for holidays, one for big purchases, one for the kids expenses…you get the picture!
Settle your credit card debt in full
It’s best to get rid of credit card debt as soon as possible because that is one of the most expensive payables you can have. According to Canstar, the average interest in a non-rewards card in Australia is 13.61%. Paying your credit card debt in full will help you avoid the big repayment when the time comes for the interest rates to spike up further.
Review your savings buffer
Ideally, you should have at least three to six months worth of living expenses. If you have a savings buffer in place, be sure to reassess its value considering the current cost of living so you’ll have peace of mind.
Refinance your mortgage
We recently ran into a top adviser and even she admitted she used a broker! Take a look at your mortgage and try refinancing if it’s not competitive. Some alternative lenders offer rewards and cashbacks for refinancing. Yes, you get MONEY Back!
Check for ‘lost super’ and ‘unclaimed money’
Did you know that there are millions of dollars deposited in government vaults just waiting for a legal claim? Check out this guide from Australian Taxation Office (ATO) on how to check if you have unclaimed money in your super.
Switch your health fund
Many health funds are planning to increase their rates this April. To avoid the added cost, you may try switching to a health fund that has confirmed not increasing their rates. This includes HCF, UniHealth and Nurses & Midwives Health, Teachers Health, TUH, Frank, GMHBA, AHM, Medibank, Bupa, AIA, and NIB.
Switch your mobile plan
You may save hundreds of dollars on lower monthly subscriptions if you switch your NBN and mobile plans to a competitor brand.
Switch energy retailers
While power bills are already dropping, you can still save money by transferring to another energy retailer. Visit comparison websites such as Energy Made Easy.
Cancel your pay cable subscription
Do you really need those multiple channels that are probably already on YouTube? Perhaps you can just stick to one streaming service for TV entertainment. Know it’s hard when your friends all tell you about their services – but just fend off with the latest from the service you’ve chosen.
Installing solar panels can help you further decrease your energy bills. Also, there are available government subsidies, and many solar companies are now offering easy financing options.
Apply for membership cards in fuel stations
Take advantage of membership cards or rewards schemes offered by particular petrol stations. You may get special discounts and additional perks.\
Sell your stuff
Look around your room. Chances are, you have a lot of things that you are just collecting dust. You can sell these things online for extra cash.
Use coupons to save you money when grocery shopping. Shop at grocery stores or supermarkets that have more variety and normally have lower prices than specialty shops. Also, avoid shopping when you are hungry. Everything will look delicious, so you may be tempted to buy foods that you don’t need. For more grocery tips, check out this comprehensive guide from Really Simple Money.
Check if you are eligible for government support
The federal government recently announced cash payments for pensioners, carers, veterans, job seekers and retirees. Subsidies are available for each state so be sure to check your state website.