Simple everyday practices that can help you save money in 2024

As we move through 2024, many of us are looking for ways to save money amidst rising costs and economic uncertainties. Here are some practical tips that can help you stretch your dollars further and build a more secure financial future.

Saving Money on Food and Groceries

Meal Planning and Prepping

• Weekly Meal Plan: Planning your meals for the week can significantly cut down on impulse buys and food waste. Use Australian resources like the CSIRO’s Total Wellbeing Diet planner to create balanced, cost-effective meals.
• Bulk Buying and Batch Cooking: Purchase staples like rice, pasta, and canned goods in bulk from stores like Costco or Aldi. Spend a few hours on weekends batch-cooking meals such as stews and casseroles, then freeze portions for easy weekday dinners.
• Smart Shopping: Use apps like Half Price to find weekly grocery specials. Shop seasonal produce at farmers’ markets for fresher and cheaper options.
• Meal Prep Benefits: Batch cooking not only saves money but also reduces the temptation to order takeout.

Switching to Generic Brands

• Generic Brands Savings: Opt for generic or store brands at supermarkets like Coles and Woolworths. These products often have the same quality as name brands but at a lower cost.
• Testimonials: Check online reviews and forums such as Choice for quality comparisons of generic brands.

Growing Your Food

• Home Garden Tips: Start a small garden to grow herbs, vegetables, and fruits. ABC Gardening Australia offers advice tailored to Australian climates.
• Cost Savings: Growing your food reduces grocery bills and provides fresher produce.

Cooking at Home

• Financial Benefits: Cooking at home is cheaper than dining out. Plan simple, nutritious meals that are easy to prepare.
• Affordable Recipes: Websites like taste.com.au offer recipes that are budget-friendly and easy to follow.

Using Digital Coupons and Discounts

• Finding Coupons: Look for digital coupons and discount codes on websites like OzBargain and RetailMeNot.
• Exclusive Deals: Subscribe to newsletters and follow brands on social media to access exclusive deals and promotions.

 

Saving Money on Utilities

Reducing Energy Consumption

• Energy-Efficient Appliances: Invest in energy-efficient appliances with high star ratings. The Australian Government’s Energy Rating Calculator can help you compare models.
• Solar Energy: Take advantage of government incentives for installing solar panels. The Small-scale Renewable Energy Scheme (SRES) offers rebates that can reduce installation costs significantly.

Home Energy Audits

• Conducting Audits: Perform a home energy audit to identify ways to save on energy bills. Use Australian Government’s YourHome website as a guide for doing this yourself.
• Simple Fixes: Seal drafts with weather stripping and improve insulation to keep your home energy-efficient.

Reducing Water Usage

• Water-Efficient Fixtures: Install water-efficient showerheads and taps. Fix any leaks promptly to avoid wasting water.
• Rainwater Harvesting: Set up a rainwater tank to reduce reliance on main water for gardening and other uses.

Using Comparison Websites

• Finding Best Deals: Use comparison websites like Finder and Canstar to compare prices on insurance, utilities, and other services.
• Regular Reviews: Regularly review your service providers to ensure you’re getting the best deal.

Negotiating Bills and Contracts

• Better Rates: Negotiate better rates on your phone plan, internet service, and insurance by researching competitors and being prepared to switch.
• Effective Negotiation: Approach negotiations with clear goals and remain polite but firm.

Saving Money on Transportation

Public Transport and Carpooling

• Using Public Transport: Save on fuel and parking by using public transport. Melbourne’s Myki and Sydney’s Opal cards offer discounted travel fares.
• Carpooling: Join a carpooling group through platforms like Car Next Door to share travel costs and reduce wear on your vehicle.

Telecommuting and Remote Work

• Cost Savings: Working from home saves on commuting costs, work attire, and meals. Invest in a comfortable home office setup.
• Productivity Tools: Use tools like Zoom and Slack to stay connected and efficient while working remotely.

Saving Money on Shopping

Mindful Spending

• Expense Tracking: Use tools like Tippla to track your spending and identify areas to cut back.2
• 30-Day Rule: Delay non-essential purchases by 30 days. If you still want the item after the period, then consider buying it. This helps reduce impulse spending.

Using Cashback and Reward Programs

• Popular Programs: Sign up for cashback programs like Cashrewards and ShopBack. Always check for cashback offers before making online purchases.
• Maximising Benefits: Use credit cards with reward points for everyday purchases and pay off the balance each month to avoid interest.

Buying Second-Hand

• Thrift Stores and Markets: Shop at second-hand stores like Salvos or Vinnies, and check online marketplaces like Facebook Marketplace for bargains.
• Quality Finds: Look for high-quality items by inspecting them for wear and tear, and ask sellers about the history of the item.

Participating in Local Buy Nothing Groups

• Buy Nothing Groups: Join local Buy Nothing groups on Facebook to exchange goods and services for free.
• Community Building: Engage with your community to share resources and build relationships.

Avoiding Impulse Buys

• Shopping Lists: Create shopping lists and stick to them to avoid unnecessary purchases.
• Spending Limits: Set spending limits for non-essential items and use cash instead of cards to control spending.

Thrift Shopping for Clothing

• Stylish and Economical: Find unique and affordable clothing items at thrift stores. Look for items in good condition and consider alterations for a perfect fit.
• Quality Tips: Check seams, fabric quality, and labels for durability.

Seasonal Shopping

• Taking Advantage of Sales: Plan major purchases around seasonal sales like Black Friday and Boxing Day to get the best deals.
• Strategic Planning: Create a list of items you need and wait for sales to buy them at reduced prices.

Saving Money on Household Expenses

DIY and Upcycling

• Repurposing Household Items: Transform old furniture with a fresh coat of paint or reupholster worn chairs. Sites like Gumtree are great for finding DIY inspiration and materials.
• Home Decor Projects: Create unique home decor items using inexpensive materials from stores like Bunnings.

Using Reusable Products

• Reusable Products: Switch to reusable water bottles, shopping bags, and coffee cups to save money and reduce waste.
• Environmental Benefits: Reducing single-use items helps decrease your environmental footprint.

Household Maintenance

• Avoid Costly Repairs: Regular maintenance of appliances and home systems can prevent expensive repairs. Clean filters and check for leaks regularly.
• DIY Repairs: Learn basic home repairs through online tutorials and save on professional services.

Eco-Friendly Practices

• Composting and Recycling: Compost kitchen waste and recycle to reduce garbage bills and benefit the environment.
• Implementing Practices: Start with simple changes like using reusable bags and containers to gradually adopt a more sustainable lifestyle.

Bartering and Trading Skills

• Skill Bartering: Trade skills like gardening, tutoring, or home repairs with others in your community to save money.
• Service Exchanges: Join platforms like Airtasker to find opportunities for bartering services and skills.

Saving Money by Reducing Discretionary Expenses

Cutting Down on Subscriptions

• Review Subscriptions: Audit your current subscriptions and cancel those you don’t use regularly. For streaming services, consider using free trials or rotating subscriptions.
• Free Alternatives: Utilise free resources such as local libraries for books and magazines, or Kanopy for streaming movies.

Making Use of Community Resources

• Local Libraries: Libraries offer free access to books, movies, and the internet. They also host workshops and events.
• Community Centers: Participate in free community events for entertainment and socialising without spending money.

Television and Streaming Services

• Cutting the Cord: Save money by cancelling cable TV and using streaming services like Netflix and Stan instead.
• Shared Subscriptions: Share streaming service accounts with family or friends to split the cost.

Free and Low-Cost Entertainment

• Local Events: Check community boards and websites for free local events, outdoor activities, and festivals.
• Online Courses: Platforms like Coursera and EdX offer free courses on a variety of topics.

Library Resources

• Library Access: Use your local library for free access to books, movies, and online resources. Participate in library-hosted events and workshops.
• Library Programs: Many libraries offer programs and services beyond borrowing books, such as language classes and tech help sessions.

Travel Hacks

• Budget-Friendly Tips: Book flights in advance, use travel reward points, and find affordable accommodations through sites like Airbnb.
• Local Exploration: Explore nearby destinations to save on travel costs while discovering local attractions.

Cutting Down on Alcohol and Tobacco

• Health and Financial Benefits: Reducing or quitting alcohol and tobacco can lead to significant savings and improved health.
• Support Resources: Seek support from programs like Quitline for tobacco and alcohol reduction programs.

Health and Fitness on a Budget

• Affordable Fitness: Stay fit with free home workout videos on YouTube, join community sports teams, or use free fitness apps like FitOn.
• Preventative Healthcare: Regular exercise and a healthy diet can prevent costly medical bills in the future.

Saving Money through Careful Financial Planning

Financial Literacy and Education

• Personal Finance Education: Educate yourself with free resources including the articles we publish here regularly on Friendly Finance. This can help you learn more about personal finance without having to shell out money for paid courses.
• Budgeting Tools: Consider downloading free budgeting tools. You can look at our list of top money management apps you can use.

Smartphone Apps for Savings

• Savings Apps: Use apps like Splitwise for tracking shared expenses and Honey for finding online discount codes.
• Effective Use: Regularly check these apps for new deals and keep track of your spending habits.

Credit Card Rewards

• Maximising Rewards: Use credit cards with reward programs for everyday purchases and pay off the balance monthly to avoid interest.
• Responsible Use: Avoid debt by only spending what you can afford to pay back each month.

Automating Savings

• Automatic Transfers: Set up automatic transfers to your savings account each payday to build your savings without thinking about it.
• Savings Apps: Use apps like Raiz that round up purchases and invest the difference to grow your savings.

Minimising Debt

• Debt Repayment Strategies: Use the snowball method (paying off smallest debts first) or the avalanche method (paying off highest interest debts first) to reduce debt faster.
• Interest Reduction: Consolidate high-interest debts into lower-interest loans to save on interest payments.

Reducing Bank Fees

• Low-Fee Accounts: Choose bank accounts that offer low or no fees. Compare options on websites like Canstar.
• Avoiding Fees: Avoid common fees by understanding your bank’s fee structure and keeping track of your account balance.