EVER-INCREASING living costs are putting more and more Australian households under financial stress. We`ve heard the experts tell you what you should be doing to get by, but we wanted to hear your coping strategies.
A lot of you said you`re struggling, and many of you had similar ideas on how to cut spending. Here are the top savings tips offered by NEWS.com.au readers:
Household and grocery hints
• Visit supermarkets late in the day to take advantage of spot specials. “I have become addicted to ‘last minute before closing’ shopping at Woolies - I have scored so many great bargains that my freezer is full to the brim,” said a NEWS.com.au reader going by the screen name Frugalhag of Adelaide.
• Take a packed lunch to work and cut out takeaway coffees and junk food. “I used to eat a lot of chips and drink a lot of soft drink. I’m all water and fruit and nuts now between meals and its made a real difference, said QuenDog of Elizabeth.
• Buy items when they are on special and buy in bulk. “I buy toilet paper, cleaning products, bottled water, and washing powder in bulk. I usually get away with a 25Kg box of cold power for $32 and it lasts me (single no kids) six months. Toilet paper is 48 rolls 2 ply for $8 so I save a fortune there alone,” said Belle of Sydney.
• Shop locally, Matt of Newtown suggested. “I shop at the markets and local grocer; they are better value, fresher and better for the local economy.”
• Mix baking soda and vinegar to create an effective household cleaning agent, was Killer Bees of Brisbane`s advice.
• Killer Bees also suggested buying cheap cuts of meat and preparing them in a slow cooker. “Try Braised Lambs necks. The meat is really cheap (works out to about $5 a kilo once you factor out the weight of the bone. By braising it, it ends up being really moist and succulent yummo!”
• Make sure the house is insulated properly and keep internal doors shut to cut down heating bills, said Regulator 09 of Adelaide.
Credit
• Never take out a loan for things that will not make money, for example cars and holidays, said TJM. If you are thinking of borrowing money, compare loan rates.
• Cut up the credit cards and pay in cash. “If you can’t pay for it upfront, save until you can,” said Missandy of Perth.
Budgeting and saving
• Pensioner Pete said when writing up a budget, list your priorities in descending order, and keep things under constant review - save first, spend later. Try our personal budget planner to help you set up a finance plan.
• Andrew of Sydney has set up different bank accounts for different purposes – an everyday one with a low balance, a second account for short term investing and paying down debt, and a third for longer term savings. Read up on tips to reduce bank fees.
• The old fashioned piggy bank is the savings tool of choice for Wally, who puts alls all his coins in a money box. “At the end of each year it totals about $2000 which I put into my investment account.” Use a savings plan calculator to see how quickly your money will build up.
Petrol
• Ged of Brisbane bought a scooter. “Sure, the initial cost of motorcycle licensing and protective clothing and the scooter itself weren’t exactly cheap, the benefit is in the running costs. I travel on average 100 kms a week for about $5 in petrol.”
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