The Best Ways To Save Money In Australia

For the majority of us, the goal is to save money each month, but particularly in Australia, where the cost of living has considerably risen over recent years, it's more important to find ways of saving money where we can. Whether you're aiming to build your savings, pay off debt, or simply live more comfortably. In this blog piece, we will give you some top tips on how you can save money.

Create and Stick to a Budget

The first step to saving money is knowing where your money is going. Create a monthly budget that outlines your income and expenses. Tools like GLOSS Vault’s budget planner can help you get started. Categorising specific amounts for essentials such as rent/mortgage, utilities, groceries, transport, and leisure activities can really help you see how much is being spent and where you can potentially cut back and save.

Compare Your Prices When Shopping

Take advantage of sales, discounts, and loyalty programs offered by major retailers such as Woolworths, Coles, and Aldi when shopping. Use comparison websites like Compare the Market for utilities such as electricity and gas to ensure you're getting the best deal. Social media groups can also be extremely useful, such as Simple Savers where people share their useful tips on how and where they’re currently saving money.

Reduce Utility Costs

You can cut down on electricity bills by simply switching to energy-efficient appliances. You and your family in the house can be vigilant by making sure lights and the other electronics in your house are switched off when they are not in use. You can also consider installing solar panels if that’s possible in the area where you live, saving you big on energy bills in the long run. For water bills, use water-saving showerheads.

Maximise Your Rewards Cards

Make the most of rewards cards such as Flybuys or Woolworths Rewards when shopping for your essentials. These cards offer points that can be redeemed for discounts or vouchers, helping you save money on future purchases.

Public Transport

Consider using the train or bus as an alternative to driving, getting yourself an Opal card can save you up to 30% on train fares when during off-peak periods. You could also use the brand new Sydney Metro. If you need to drive to work you can share the journey to work with a colleague instead of driving alone to save on fuel and parking costs.

Meal Planning

Planning and preparing your meals for the week ahead is a great way of avoiding impulse buying and will also reduce food waste. When going out for dinner, look for restaurants offering specials or discounts through apps like Groupon or Entertainment Book.

Free To Use Activities

Australia is a beautiful country and for the majority of the year has great weather for outdoor activities. There is an array of low-cost entertainment options such as local festivals, museums, lagoons and parks. Take advantage of memberships like National Trust or state libraries for discounted access to cultural and recreational activities.

Review and Switch Insurance Policies

Regularly review your health, home, and car insurance policies to ensure you're getting the best coverage for the lowest price. Consider bundling policies with one provider for additional savings.

Utilise Cashback Websites

Shop through cashback websites like Cashrewards or ShopBack to earn money back on purchases made online. These platforms partner with retailers across a range of categories, offering cash-back incentives that can accumulate over time. Want to know more about the details of cashback? We have a detailed piece explaining all the benefits just here.

Summary

Saving money does require discipline and consistency but with these practical tips and strategies, you can make big improvements on the amount you’re saving. Start small, track your progress, and celebrate your achievements along the way. By making informed choices and being mindful of your spending habits, you'll be well on your way to achieving your financial goals. Creating your own money-saving strategies will help you save towards the future as well as contributing to the short-term.

Here at the GLOSS Vault, we have made it our mission to help as many people like you across Australia and New Zealand feel in control of your money and ensure you’re getting the most out of it. To find out more about us and what we do click here. If you’d like to see our app in action for yourself head here!