How to save when money is already tight

The first step in saving money is to review your spending to double check if there are any areas where you can tighten the belt. Usually, the first thing to cut out when times are tough are non-essential purchases - the 'nice-to-haves' such as entertainment, dining out, and new clothes.

But what if you've already cut out the non-essentials and still don't have anything left to save? In this case, it’s time to look at what you’re paying for some of your essentials to see if you can get a better deal.

Your home loan: does it still suit your needs?

If you’re not on a fixed term, you could refinance a loan with a lower interest rate, which could save you significant money.

Your credit card: is it costing you more than it should?

If you paying off a credit card, you may be able to transfer the amount you owe to a card with an interest-free period, which will help you get on top of repayments and save you money. Many cards also have hefty annual fees – when you're comparing cards, look for ones with low or no annual fee and an interest-free period for balance transfers.

Energy: are you on the best rate for your gas or electricity usage?

Check with your energy provider to see if you’re on the cheapest plan for your type of energy usage – how many people live in your home, how much energy you use and when. If you’re on the best deal at your current provider, shop around to see if there’s something better out there. Depending on what state you’re in, you may also be eligible for an energy rebate from the government.

Subscriptions: do you need them all?

When was the last time you tallied up all the subscription services you pay for? Some people have more streaming services and news subscriptions than they can possibly have time for. Most streaming services do not have lock-in contracts, so you can cancel them at any time. Consider reducing the number of services you have to one at a time and if you want to resubscribe, simply cancel your current service so you’re only ever paying for one.

Want to talk to a banking expert about your saving needs?

We’re here to help. Call us on 13 63 73, book an appointment, or visit a branch.

Information in this article is general in nature and does not take into account your objectives, financial situation or needs. You should consider the appropriateness of this information and refer to the relevant Terms and Conditions or Product Disclosure Statement before acquiring a product.

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