26 Money Saving Tips For Australians

There’s a heap of advice on how to save money, but no matter how many pages you check, it all looks the same. Vague, generic ‘best money saving tips’ that don’t give you any practical advice on where to actually cut costs. Like, exactly how do you save money on your grocery shop? Well, there’s no need to look anymore. Here are some clever money saving tips that will actually help you save your Australian dollars.

Money saving tips overview

• Make a savings plan
• Minimise unnecessary cash drains
• Remove temptation
• Plan ahead
• Cut out bad habits
• Reduce, reuse, recycle
• Consolidate debt
• Clever ways to save money long term
• Best way to save money; out top tip

Money saving tips and ideas for savvy Australians

Make a savings plan

As boring as it sounds, it’s a good idea to make a savings plan. It should include how much you’re going to save, over what period of time, and how you plan to do it. The easiest way to do this is to:

1. Set a savings goal
2. Figure out the total amount you need to save to reach that goal
3. Give yourself a realistic timeframe
4. Decide the total by the number of weeks – this will give you the amount you need to put aside each week.

Minimise unnecessary cash drains

There are so many things in Australian life that drain away our money without us even knowing it. When you stop and take stock of your finances, you realise just how many leaky finance taps surround us. It’s time to get the financial plumber in and tighten up those pipes so you can start saving money again.

Here are some quick tips to cut out those unnecessary cash drains. 

Check your automatic payments

You might find that you are paying for a product or service you don’t even use anymore. With the rise of subscription payment models, it’s easy to lose track of what is coming out of your bank account each month.

Turn off your appliances

No, your highly-organised relatives aren’t wasting their time. It turns out that switching your appliances off when they’re not in use can save you up to 10% on your household appliance bill.

Start using shampoo and face cleanser bars

Liquid shampoo and conditioner are just money down the drain, literally. You always end up pouring out way more than you need and they are usually made up of around 80% water anyway.

An alternative hair care solution to save money is solid shampoo bars. They take a lot longer to go through and there’s no chance of them spilling the expensive product everywhere.

Not only that, but you can take them travelling with you and not have to worry about being under the liquid limit or having to pay to buy new shampoo when you get to your destination.

Switch to a small mobile plan provider

Since 2020, major telcos like Optus, Telstra, and Vodafone have increased their phone plan prices.

A great tip for saving on your mobile plan in Australia is to ditch the major plan providers and look for smaller companies. These companies tend to offer cheaper deals and generally use the larger company networks. This means you can get the same mobile coverage but at a cheaper rate.

Remove temptation

We all know what it’s like when you’ve been holding out for so long and then in a weak moment, you cave. Whether it’s eating that sugary treat or spending your hard saved cash. It sucks to feel all that effort go to waste.

So here are our top tips for saving money by removing temptation.

Online catch-ups

Here’s a frugal tip we’ve picked up from COVID-19: have online catch-ups with people. Instead of paying travel money and food and drink costs, you can stay home. And as an extra bonus, you can log off whenever you want, using a bad connection as an excuse.

Have a night in with friends instead of hitting the bars

It’s easy to keep the cash flowing when you’re out having a good time with your mates. One way to avoid blowing your hard-earned cash over a couple of nights is by having some people over instead of meeting out. You can mix your own drinks, dim the lights, and get the karaoke flowing.

Switch browsers

Tracking cookies follow us around and show us that item we’ve been thinking about buying. When you switch to a browser with more privacy features, you can stop a lot of those ads from following you around.

Here are some browser alternatives you can try to help you save that hard-earned cash:

• DuckDuckGo
• Opera
• Firefox
• Tor
• Brave

Plan ahead

Frugal shopping and living means planning ahead. You’ll find it easier to manage your budget and save a lot more when you’ve already got the map planned out.

So here are some clever tips for planning ahead to save money:

Bulk buy

If you have space in your home, a tried and true method is to bulk buy supplies with a long shelf life. It also makes it easier to budget because you don’t need to shop as often.

Buy an aloe vera plant

Living in Australia, we’re all going to face sunburnt days. The cost of all those cooling gels adds up and the products run out so quickly.

Instead of paying money every time you stay out in the sun a little too long, invest in your own aloe vera plant. Studies over the years have shown the healing properties of aloe vera on skin. And with so many sunburn products using aloe vera anyway, why not cut costs and buy your own plant?

Aloe plants are super hardy and love the heat, so they’re perfect for Australia! All you need to do is cut off a stem, slice it in half, and run it along your sunburnt skin. It’s a super easy remedy that will save you money for years to come.

Grow some of your own vegetables

Vegetable seeds are cheap to buy, easy to store, and can be super easy to grow – even for beginners! Plus it’s a great activity to do with the kids.

Here are some easy to grow vegetables with multiple yields that will save money on your grocery bill:

• Snow peas
• Herbs like basil, coriander, and mint
• Green beans
• Leafy greens like lettuce
• Shallots/spring onions

Switch to soap nuts/berries for your laundry

It’s so easy to over-pour laundry detergent in your washing machine. And then you need to get a new bottle every other week. Soapberries can be used multiple times before you need to throw them out or compost them. This household money-saving tip can save you some bucks off your laundry bill.

Cut out bad habits

A recent post by Queensland Health talked about how you could save an extra $13,000 in a year if you quit smoking. With cigarette tax costs growing higher and higher, there’s never been a better time to quit.

Here are some more saving tips that will improve your health at the same time.

Reduce drinking

Australians love a good beer to relax and unwind. And while drinking in moderation shouldn’t hit the bank account too hard, drinking excessively can.

Cut back on gambling

There are a lot of ways to gamble in Australia, from the deaf lottery to the old pokie machines. And while joining in every now and then shouldn’t drain too much of your paycheck, the costs can add up very quickly.

Source: Queensland Treasury, Australian Gambling Statistics

Stop skipping floss in your bedtime routine

Dental costs pack a punch and one way to help minimise the time and money you spend at the clinic is by taking proper care of your teeth. For many of us, that means stepping up our flossing game.

If you do need some cash for the dreaded dentist, check out our blog on dental loans and other dental finance options.

Avoid games with microtransactions

It’s awful when you get sucked into a great game only to find it’s riddled with pay-to-play microtransactions.

Not convinced of the cost-saving possibilities? In 2020, Australians spent nearly 1 billion on microtransactions and in-game purchases.

Reduce, reuse, recycle

You can save money fast, even on a low income, by making some simple daily and household changes.

Here are some money saving hacks that will also help the planet and make you feel good and wholesome.

Invest in a keep cup

Stop getting takeaway coffee every day and bring a coffee with you to work. This is a notion that’s been around for ages, but it bears repeating.

Bring your water bottle with you everywhere

Paying for bottled water isn’t a big expense. But when you start taking your water bottle with you everywhere, you’ll realise you actually save up quite a bit of cash very quickly. You can get bottles of all shapes and sizes to fit even the smallest bag, so you’ll never be without that precious life-giving water.

Buy loose fruit, vegetables, and grain

Just bring a few weightless cotton bags with you to the grocery store or market and grab what you need from the loose fruit and vegetables.

You won’t be paying for pre-packaged food that you aren’t going to eat. This cuts back on money waste and food waste because you only pay for what you actually use/need.

Added bonus: We’ve all gotten to the bottom of a bag only to find squashed or overripe fruit or veggies. Well, when you buy your groceries loose and not packaged, you know you’re only getting the best picks.

Learn to sew and mend clothes

It’s time to get creative with how you save money. Instead of throwing away that old garment, learn to repair it. It’s a great way to save money when you’re on a tight budget and lots of fun too!

Basic sewing isn’t hard once you get the hang of it. And you can always pick up a free class from your local library or hit up your grandma for some lessons.

Here are just a few libraries offering free sewing classes and machines around the country:

• Brisbane (QLD) – Makerspace for adults: Sewing induction
• Redcliffe (QLD) – TheSewingStudio
• Montash (VIC) – Sew Fantastic
• Campbelltown (NSW) – Borrow sewing time at the library
• Casuarina (NT) – Sewing machines
• West Torrens (SA) – Wednesday Sewing Studio
• Mandurah (WA) – Sewing Drop In

Just look up a library near you and check out what they have to offer!

Buy refurbished equipment instead of new

There are plenty of online sites offering refurbished technology at a discounted budget price. It’s a great way to get the latest gadgets without the high price tag. For example, you can save 40% on new refurbished smartphones on sites like Reebelo.

Here are some thrifty sites to check out for refurbished phones and tech:

• Reebelo
• Dick Smith
• OzMobiles
• Frank
• Apple Certified Refurbished

Check out the dents shop for household goods

There’s nothing wrong with a few dents or scrapes on your fridge. After all, it’s what’s on the inside that counts. You can save some big bucks and get a great bargain by looking up your local discount warehouse or factory outlet.

Consolidate debt

You may end up saving money on interest by combining your debts into one loan. It makes it easier to keep track of your finances and you will only have one payment coming out regularly.

But make sure to check that you will actually be paying less on interest before you commit to a debt consolidation loan.

Clever ways to save money long term

Saving money isn’t all about the here and now. It’s about laying a foundation to build a solid financial future. There are a lot of things you can do to lay this foundation and help you build up a cash reserve for the future.

Improve your credit score

The higher your credit score, the better you look to lenders. And with better credit generally comes more borrowing power and lower interest rates. That’s why it’s financially beneficial to work on improving your credit before you try to take out a bigger loan.

Find out how a small personal loan can help improve your credit score and other ways to improve your credit.

Open a term deposit account

This type of account will lock your savings away for a set amount of time. So even if you are tempted to use it, you can’t get the money out until the set time has elapsed. You can generally get term deposits from a month to a few years.

Best way to save money: our top money-saving tip

Our best money saving tip is to set up a personal budget sheet. It can be easy to become discouraged when you set off down the frugal living path. And by documenting your expenses you can see just how much you are saving.

Not only does it make saving cash easier but it makes it simple to see other possible saving opportunities. Before you know it you’ll have a nice nest egg to spend on something special.

There are plenty of tools out there to help you take control of your finances. Check out our ultimate guide to creating a personal budget to get started today.

What to do if you have no savings

If you’re just starting to save but don’t have enough set by for an emergency, it’s easy to apply for an online cash loan. You can get the cash you need in an instant and get back to planning your saving journey sooner.

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