How to reduce your household spending
Following months of interest rate rises and increasing costs of living, many families are now feeling financial pressure. We turned to the Inner West Mums community to find out how they are making ends meet during this challenging time. We hope these tips will help your family, too!
- If you have a mortgage, talk to your bank to get the best interest rates. Some banks are offering discounts to avoid losing customers.
- Similarly, call your various service providers, such as insurance and utilities, and negotiate a better rate.
- Switch to prepaid mobile to avoid bill headaches each month.
- Research which NSW Government vouchers you are eligible for and be sure to use these before they expire.
- Review your bank transactions. Think carefully about the things you are spending money on regularly and consider whether you can reduce, substitute or eliminate any of those items.
- Create a household budget – then stick to it! Check out https://moneysmart.gov.au/budgeting/budgetplanner
- Plan your meals for the week, including breakfast and lunch. List the items you need for each meal on your shopping list and buy for those meals only. Use cash for your purchases to avoid overspending.
- Always check the specials before you shop in a catalogue or using apps such as Half Price or Frugl. Buy non-perishable items in bulk where you can.
- Give Aldi a go.
- Check specialised shops, such as butchers, chicken shops, seafood shops, etc., for cheaper prices.
- Go to supermarkets later in the evening to pick up reduced items.
- Shopping online can help prevent ‘impulse buys’. Sort by the lowest unit price to buy the best value items.
- Utilise food banks, such as the Addi Road Food Pantries.
- Use subscription services for toilet paper, paper towel and washing liquids.
- Shop around for the best prices on prescription medication. Chemist Warehouse usually has competitive prices.
- Buy pet food online, which is often heavily discounted.
- Consider making your own cleaning products with vinegar and baking soda.
- Use apps like Cash Rewards and ShopBack to get money back on items purchased.
- If you shop regularly at Woolworths or Big W, join the Woolworths Everyday Rewards scheme, which gets you a discount off a shop once a month. Woolworths insurance also gives you 10% off a monthly shop.
- If you shop at Coles, join the FlyBuys scheme where you can accumulate points for later purchases.
- Buy seasonal fruits and vegetables.
- Join a fruit and veg co-op.
- Store fresh produce appropriately to prevent waste.
- Make a list of what is in the freezer and be sure to use it before it goes bad.
- Plant some herbs and vegetables if space allows.
- Cook meals in bulk on the weekends and freeze portions for when you’re rushed during the week.
- Buy cheaper cuts of meat and use a slow cooker.
- Bulk out meals with lentils, chickpeas, beans, grains etc. The McKenzie’s Foods website has great recipes, with options for meat-free meals and bulking out dishes.
- Make ‘salads in a jar’ in bulk which stay fresh all week.
- Say goodbye to ready-made sauces and marinades and learn to make your own.
- Make your own lunchbox snacks. Buy larger bags of chips, biscuits, etc., and break these down into smaller quantities. Also make your own yoghurt snacks using reusable pouches.
- Do not waste those leftovers. These are perfect for work and school lunches.
- Takeaway coffee can really add up. Make it at home. Invest in a reusable cup so you can take it on the go.
- When heading out for the day, pack your own drinks, snacks and meals, so you don’t need to buy expensive items when you get thirsty or hungry.
- It’s easy to get into the habit of ordering takeaway or home delivery at the end of a hard day, but it really adds up. Try to get takeaway only as a special treat.
- If you use meal services like Dinner Ladies, bulk out these meals too so they go further.
- If buying McDonald’s, purchase a Family Box rather than multiple separate meals. Also use the McDonald’s app for regular discounts and rewards.
- When planning to eat out, use sites like First Table and Eat Club to get a discounted meal rate.
- Reduce your alcohol consumption. Explore some of the cheaper wines, etc., such as those from Aldi, or alcohol-free beverages.
- Buy second hand where possible. Buy/swap/sell groups, Marketplace and even your local Vinnies are full of treasures.
- Go through your wardrobe and find clothes you have forgotten about. Sell or donate any items you no longer need.
- Similarly, go through your home and sell or donate any unwanted items.
- For those who purchase clothes each month, consider a subscription service like Glam Corner.
- Repair rather than replace broken items. Google ‘DIY repairs’ for your particular item. You’ll be surprised at what you can fix yourself.
- If you need to purchase a new appliance, look for factory outlets where you can often pick up perfectly good items at a fraction of the retail price.
- Avoid running appliances during peak hours where possible.
- Maintaining your air conditioning may set you back in the short term, but ensuring your indoor temperature solution is up to scratch can actually save you thousands over the year. Consider locally based air conditioning services like Alliance Climate Control.
- Invest in solar panels.
- Never pay for parking! Look for free parking in back streets. Set a timer to be sure you leave within the free parking period.
- Buy an electric cargo bike instead of a second car. Ultimately, you’ll save money on petrol, parking fees and upkeep.
- Use Fuel Check to find the best prices on petrol locally. Also the 7/11 app has a fuel price lock feature, allowing you to lock in a reduced fuel price.
- For gifts, a little bit of planning can go a long way. You can often find a better deal online than in physical stores.
- Eliminate gift giving with your partner on birthdays, anniversaries, Valentine’s Day, Mother’s Day/Father’s Day, Christmas, etc. Prioritise spending quality time with them over physical gifts. Consider extending this to other adult members of your family.
- Organise ‘fiver’ birthday parties, where friends give the birthday child $5 which they can put towards something they really want.
- Buy cheap cards from Big W or Kmart or make your own.
- Get acquainted with your local library.
- Only subscribe to one streaming service at a time. Watch the things you’re interested in on that one, then cancel the service and subscribe to another. Also take advantage of any free introductory periods.
- Sydney has an abundance of free activities for families. Get out and enjoy the many wonderful beaches, parks and attractions. Check budget travel/backpacker blogs for activities and tips. Also search ‘Sydney’ on Instagram for fresh ideas.
- Don’t deprive yourself of nice experiences as this can lead to splurging. Use Groupon and similar services to find deals on experiences such as paid attractions, massages, etc. Then make sure you use them!
- Make playdough, cloud dough, slime, bubble mix, etc., from scratch.
- Take advantage of all the great free council events so you don’t feel like you are missing out by not buying tickets to shows and festivals.
- If you’re planning a holiday, consider a camping trip.
- If time permits, find a side hustle. There are lots of possibilities, including babysitting, ironing, virtual assistance, typing/transcribing, pet minding/feeding, Uber driving, and more.
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