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10 top tips to help you beat the rising cost of living

Here are our 10 top tips for beating the rising cost of living and making your dollar go further.

With costs rising across many areas of life’s expenses, small savings across the board can have a big impact.

1. Check your home loan rate

Your home loan is a great place to start when looking for savings. If you haven’t yet reviewed your home loan, now is the time. With rates on the rise, there is an opportunity to save money and better align your loan to your future goals – there’s more to a home loan than just an interest rate. Take into consideration the loan term, interest rate, home equity, your LVR (loan to valuation ratio), offset facilities and how your home loan aligns to your current goals.

2. Review big ticket expenses

When feeling the pinch, reviewing memberships to clubs, societies and gyms, as well as subscriptions and recurring expenses can make all the difference. You might be able to make a saving by switching from monthly to annual payments, or you might decide to scale back for a few months to trim some fat from your budget.

3. Share streaming services with friends

Research has shown that Aussies waste $390 million every year on unused subscriptions. Review which ones you’re signed up to and consider cutting some out or strategically sharing multi-screen subscriptions with mates.

4. Take a takeaway time out

While convenient, takeaways can significantly chew through your disposable income and dial up the pressure on your household budget. Try deleting apps from your phone to remove temptation and filling your freezer with ‘fakeaway’ alternatives to cook at home – save the real deal takeaway for special occasions.

5. Meal plan and get creative

We hate to say it but keeping on top of a proper meal plan does make a world of difference to your budget. Plan out your meals for the week ahead – including snacks and desserts! Try to cook extra servings for leftovers as an alternative to takeaway on low-energy evenings.

6. Do your grocery shop online

Grocery shopping online helps keep you on track with your meal plan and removes temptation to overspend. Many supermarkets update their weekly specials on Wednesdays, making it a good day to shop to make the most of new offers.

7. Compare your energy costs

It’s something we often ignore but switching to a cheaper energy deal can deliver substantial savings with minimal impact to your lifestyle. Use your local government’s comparison website to compare providers against your usage rate. Some states even offer rebates and rewards for comparing and/or switching.

8. Be energy savvy

Once you’ve optimised the cost of your energy, make small tweaks to your usage to keep your bills as low as you can. Ensure heaters and appliances aren’t left on overnight or while you’re out and look to savvy switches for savings. Fans tend to use less energy than air conditioners, and smaller space heaters can cost less than heating your whole house with ducted heating. In bed, popping on an electric blanket before you sleep can help on cooler nights, without having to crank up the heating.

9. Tighten up your budget buckets

Sit down and review how you organise your money. It pays to compartmentalise your savings and discretionary spending categories to help you keep on top of your priorities. If you regularly dip into savings for non-essentials, it may help to put it in an account with a different provider to reduce your ease of access!

10. Compare petrol prices

Fuel can be a budget-sucker at the best of times, and especially when prices are on the rise. Using an app like PetrolSpy allows you to compare prices in your area and make sure you’re filling up at the lowest price.

With interest rates on the move, there’s never been a better time to review your finances. Adelaide Bank can support you to ensure your home loan is still the right one for you and is meeting your current needs. For more information click here.

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