With the rising cost of living, many of us are feeling the pinch, especially those who are renting or relying on pensions. There are a few ways to cut down on expenses and make your money go further, so we thought to compile some practical tips to help you save during these challenging times. Let’s dive in!

1. Be Smart About Groceries

Limit Store Visits: Try to shop only once a week. This can help curb impulse purchases and stick to your budget.
Meal Prep: Create a plan and stick to it to avoid getting last-minute takeaways.
Click & Collect: By doing your grocery shopping online instead of in real life, you avoid getting enticed to buy more than what’s on your shopping list.
Opt for 'Seconds' in Fruits and Vegetables: These are perfectly good produce with minor imperfections, often sold at a discount.
Compare Unit Prices: Instead of focusing on the total price, check the unit price to ensure you're getting the best value for your money.
Be Flexible: Don’t be afraid to switch pack sizes and brands, or choose loose produce over pre-packaged items.
Buy in Bulk: Purchasing larger quantities can often save money in the long run.
Cook in Bulk: Prepare meals in larger portions and freeze leftovers for later.
Look for Specials: Stock up on items you regularly use when they’re on sale.

2. Save on Personal and Household Items

Menstrual Products: If you menstruate, consider investing in a menstrual cup or leak-free underwear to avoid the recurring cost of pads and tampons.
Buy Detergent in Bulk: Some brands offer huge discounts online, so stock up when you see a good deal.
Make Your Cleaning Products: A mix of white vinegar, dishwashing liquid, and eucalyptus oil works wonders and is very cost-effective.
Use a Drying Rack: Save on electricity by air-drying your clothes instead of using a dryer.
Go Green for Free: Instead of buying new plants, ask friends for cuttings. It's a cost-effective way to expand your garden or collection of houseplants without spending a dime!

3. Get Smarter About Bills and Services

Pay Bills on Time: Avoid late fees by staying on top of your payments.
Switch to Cheaper Phone Plans: Consider budget-friendly options like Woolworths, Boost, or Aldi Mobile (they utilise Telstra network but offer it cheaper).
Bank Wisely: Switch to a bank without fees and good interest rates, like ING or UP. An additional value of UP bank is that the brilliant app helps you manage your money with automation and savers!
Evaluate Your Insurance and Utility Rates: Shop around annually to ensure you’re getting the best deal.
Use Round-Up Features: Some banks offer features that round up your purchases to the nearest dollar and save the difference, helping you build savings painlessly.

4. Embrace a Minimalist Lifestyle

Borrow Instead of Buying: Get books from the library or borrow formal attire from a friend instead of purchasing new products every time.
Make Coffee at Home: Skip the daily café visit and brew your coffee at home.
Cut Down on Unnecessary Purchases: Avoid buying items you don’t really need, and shop pre-loved on Facebook Marketplace or Gumtree.
Sell Unused Belongings: Declutter your home and make extra cash by selling items you no longer need. Think about clothes, furniture, bikes, board games…
Evaluate Your Subscriptions: Consider whether you need all your audio and video streaming subscriptions like Netflix, Disney+, Amazon Prime, Binge, Foxtel, Stan… Maybe you can do without some! But also check the recurring charges on your Apple ID; there might be some surprises.

5. Optimise Your Living Space

Insulate Your Home: Fill in cracks, hang curtains, and use draft stoppers to keep your house warm without cranking up the heater.
Unsubscribe from Temptations: Reduce impulse buys by unsubscribing from emails and notifications that encourage you to shop.

6. Smart Socialising

Budget-Friendly Friend Catch-Ups: Suggest walks, coffee dates, or movie nights at home instead of pricey outings. You can even organise a clothing swap with friends to refresh your wardrobe without spending a dime.
Drink Water: Cut down on costly soft drinks or alcohol and stick to tap water (not bottled water), which is both healthy and free. If you crave some extra flavour, try adding cordial or make your own kombucha.
Pack Snacks and Water: Always bring a water bottle and some snacks when you go out to avoid expensive purchases on the way.

By implementing these tips, you can stretch your budget and reduce financial stress during this cost of living crisis. For those on a pension or living with a disability, the money squeeze can cause significant challenges and disruptions to daily life. By making small adjustments and being resourceful, you can find ways to ease the pressure and maintain financial stability, no matter your circumstances. Remember, every little bit counts!

How to Save Money in a Cost of Living Crisis