Tips to save while costs of living are increasing  

Featured Posts

Financial Health

Personal Finance

+ 1

Team MONEYME|08 May 2023| 3-minute read

The rising cost of living might have you feeling like your money is out of control. How can you budget when you don’t know how much damage your next grocery bill is going to do?  

Inflation is tough, that’s for sure. But there are ways to save. Here are our top tips. 

Kill your bills by shopping around 🏹 

Between leaps in electricity prices and exploding insurance premiums, bills are a big contributor to financial stress.  

But you might be surprised at how much you can save by shopping around. Why not jump on a comparison site right now and find out? Compare the Market lets you compare energy plans, as well as all kinds of insurance, including home and contents, health, and car.  

Once you’ve found a better deal, call your provider, and tell them about it. Ask them what’s the best offer they can make to keep you on their books. Don’t settle easily.  

Use less, save more 🛟 

Given the crazy cost of energy at the moment, one way to save is using less of it. There’s a bunch of options for doing that–even in winter: 

• Swap light bulbs to LEDs – and switch them off whenever you can. Candles are more romantic, anyway.  
• Wash your clothing in a full load, in cold water.  
• Replace your fan heater with a split system and keep the thermostat at 18 to 20 degrees. Every degree above 20 can add 10% to your bill.* 
• Keep your fridge at 4 to 5 degrees and your freezer at -15 to -18 degrees.   

• A full freezer uses less energy than an empty one, stock it up with leftovers or fill zip lock bags with water for makeshift ice packs. 

Roll your debts into one 🛼 

Interest rates has increased eleven times between May 2022 and May 2023, intensifying debt pressure. The more debts you have, the greater it is.  

Ease the load by taking all your debts and rolling them into one. You’ll have just one monthly payment to make. Plus, you can probably negotiate a better interest rate.  

Refinance your home loan 🛖 

Home loan repayments going through the roof? Consider refinancing. That means moving your loan to a new provider with a better deal. Think beyond big banks to other lenders, such as credit unions and digital platforms.  

A good starting point is a comparison site, like Oxygen Home Loans. It scours the market for the hottest rates–and has helped more than 27,000 customers refinance in the past 19 years.  

You might need to flex your negotiation skills. Once you’ve found a better deal, tell your provider–and challenge them to better it. 

Regaining control 🕹​️​ 

You can’t control inflation and interest rates. But, you can take steps in your own world to save – and feel better about your financial future. Hopefully, these tips will help you find a way through. 

*Source: https://www.energy.vic.gov.au/for-households/save-energy-and-money/top-10-energy-saving-tips