Our readers share their best money saving tips
The Reserve Bank of Australia (RBA) lifted rates for the second time in as many months on Tuesday, leaving more Australians concerned about how they can make ends meet.
Luckily, our readers have submitted their best tips on how to stay afloat during this tumultuous financial time, without sacrificing the things they’ve come to love.
1. Pick the right time to buy your groceries
Bec Miller says it’s all about timing – you can great deals at a lower price.
“Going into the supermarket when the reduced-to-clear stock has been completed, I usually save $20-$60 a week buying items,” she says. “I go in around 3pm and stock can be redone at 6pm, so if I saw something good at 3pm, I will go back at 7pm and get it at 80% off the original price.”
2. Buy generic brand prescriptions
Prescriptions can be costly, but SinChoo Wee knows how to get them without breaking the bank.
“If you need to buy prescriptions, buy a generic brand,” our savvy shopper writes. “They are as effective as the branded ones plus, they are cheaper. Alternatively, go to pharmacies that offer prescription price match. It is worthwhile to compare prices before you made your purchase.”
3. Tackling rising gas and electricity costs
With the winter months upon us and the urge to keep the heater on at all times Glynis Kiang has some tips that will help save you hundreds of dollars.
“Reduce energy bills by checking your home insulation to prevent cold air coming in and warm air escaping out,” she says. “Relatively simple and low-cost measures like sealing windows and doors with self-adhesive weather strips and using a door snake beneath doors are a good start. Hanging heavy curtains in front of windows helps to reduce heat loss through the glass in winter and help to keep out the heat in summer.”
4. Sign up for market research and earn money
Kate Beka Hen has found a great way to earn extra money that can go towards every day expenses.
“Sign up to market research activities – can pay quite well for 1-2 hours of your time,” she says. “You can get $120 for 2 hour focus group, which usually pays in gift vouchers that you can use for groceries, petrol, entertainment or holidays.”
5. Invest in a chest freezer
With the supply and demand of produce becoming a problem, Lynda Miller has found a solution to ensure there is always meats in the freezer.
“When we see heavily discounted meat / chicken / frozen items we stock up and put them straight into the freezer to cook later on, ” she explains. “It has saved us a lot of money, especially as we purchased the chest freezer second hand.”
6. Growing your savings account
Michelle White is one savvy financial whiz, sharing her tips on how to increase your savings, not deplete them.
“Allocate your expenses to separate online high interest bank accounts, then anything left over hide from view in an account not attached to your bank card,” Michelle says. “This way, your savings grow and you won’t be tempted to spend it because it won’t be visible.”
6. Get clothes and homewares for discounted rates
Tara Mcintosh reveals that you can look your best without it costing a fortune. Her advice?
“Buy clothes, toys, jewellery, books and homewares from an op shop – saves heaps of money,” she explains. “Grow herbs and veges at home – in can be done in pots and saves money,” she adds.
7. Buy budget-friendly products
Some products are more expensive than others, namely due to their brand label, which people are familiar with, but Katherine Clarkson reveals how she has sliced the cost of her grocery bills.
“Don’t be afraid of the to buy the Woolworths or Coles brand products they are just as good the well know brands and can save you a lot of money when shopping,” she explains. “I started to buy these brands when prices of the well know brands went up in price and has made a big difference.”
8. Slash the price of your mobile bill
With many of us constantly glued to our phones, our data usage is rising leading to an increase in our phone bills, but Bruce Clark-Kennedy has found a way to pay next to nothing on his bill.
He says: “Ditch the mobile data plan and use free Wi-Fi only. There’s plenty available, you just need to wean yourself off instant internet access!”
9. Managing your credit card
It’s tempting when you’re running low on cash to reach out for your credit card, but this can become problematic as you are faced with a big bill. Christina Wee has found a solution that allows you not fall into too much debt.
“If you have big balance on your credit card, seek for another bank’s credit card balance transfer program e.g. St George who offers 0% interest rate for 18 months,” she explains.
10. Get weekly deals and steals
We’ve all noticed our grocery bill has gone up in recent months , with us buying less and seemingly spending more, but John Wilson has found a way to save over $3,000.00 per year.
“Always shop the supermarket catalogues for the weekly specials,” he reveals. “If an item that you use regularly is 50% off, buy 2 (or more) of them, especially if they are non-perishables such as shampoo, pantry staples, canned or bottled goods.”
Discover more savings tips here.
Win a month’s worth of groceries from Woolworths
We’re giving away a $400 Woolworths voucher to one lucky saver.
Let us know your best savings tip and you can win a month’s worth of groceries!