It’s no secret that we could all find ways to cut down on our expenses and implement some money saving habits. This can sometimes be easier said than done, though. That’s why we’ve compiled a list of ways that may help to save money, so you can minimise time on researching saving tips and get straight to making these strategies work for you.
Tips for saving on electricity and other utilities
Most likely one of your biggest expenses, electricity and utilities don’t have to cost you as much as it may seem. Believe it or not, there are a few simple, easy ways you can save money on these expenses.
For starters, when purchasing new appliances, look to switch to the most energy efficient ones available. Thinking about what chews up electricity in your household, such as lightbulbs, is a good place to start1. It’s also a good idea to review the phone and Internet plans you’re currently on. You may find your circumstances have changed since you first started these plans so you may not need certain features anymore2.
Another good way to save money stems from developing energy-saving skills. Simple habits like cutting down the time you spend in the shower and turning lights, fans, and appliances off when you’re not using them may make the world of difference1. Other good, money saving ways to cut down on water bills are to set timers when watering the grass and avoid running the dishwasher or washing machine unless it’s completely full1.
Save more with reusable products
If you’re wondering whether reusable products are really the key to saving money, you’d be surprised at just how many things you could stop buying simply by using a reusable product.
For example, probably the most obvious reusable item, a water bottle is a handy, reusable product worth the investment and is a good money saving habit to develop1. Plastic water bottles you buy from the supermarket aren’t as cheap as what they used to be, so why not buy a trustworthy bottle you can take with you everywhere.
Other items you could switch out for reusable ones include tea towels instead of paper towels and containers instead of sandwich bags. Plus, for all the coffee lovers out there, you might find that taking your own cup when you buy a coffee earns you a slight discount on the overall price – though of course this varies depending on where you buy your coffee1.
DIY solutions to cut costs
DIY (or do-it-yourself) is a term most people are familiar with and it’s for a good reason! There are so many different things you can make yourself that require items you usually have at home, so it’s a quick and easy way to save money.
A simple search online can give you DIY solutions for cleaning products, which we all know can be the pricier items on your grocery list. Often all you require is pantry staples like bicarb soda and vinegar, and before you know it, you’ve managed to make your very own sink cleaner1. However, it’s a good idea to follow an online tutorial when making your own cleaning products to ensure you have the correct proportions – safety first!
Remember when there was a bit of a trend going around where making your own facial scrubs was the ‘it’ thing to do? Well, dig out those recipes and you’ve found yourself a simple money saving habit that requires simple ingredients you usually have at home1.
DIY doesn’t just have to be limited to cleaning and beauty products though, it’s also a creative way to make gifts for friends and relatives1. Not to mention that you’ll save yourself some money and time on trying to find the perfect gift.
Saving money on groceries and food
We could all benefit from a cheaper grocery bill in these current times! Allow us to offer some money saving tips that could help you cut costs at the supermarket checkout.
When you do your next grocery shop, ensure you buy generic brands and stick to a list1. You might be thinking these are some of the most obvious money saving habits you can develop when it comes to grocery shopping, but it never hurts to remind yourself. Making use of leftovers before buying more food is another good strategy to try if you haven’t already1. For the impulse buyers out there, you may also like to try buying your groceries online so you’re not tempted by all the specials that usually greet you as you enter the supermarket1.
Now let’s think about eating out because it is possible to do this and still save money. For example, there’s no shame in sharing a bigger meal instead of getting separate ones, you’ll probably notice quite the difference when it comes time to pay the bill2. You might also like to investigate when nearby restaurants have ‘specials nights’ and stick to only getting takeaway or dining out on those days of the week2. Or, if you’re looking to really tighten up those expenses, it doesn’t hurt to establish a particular number of times you’ll allow yourself to buy takeaway or dine out each month2.
Cut costs on memberships and subscriptions
Perhaps one of the other more obvious ways to save money is to cut down on the number of memberships and subscriptions you have.
Yes, we’re telling you that you don’t need to have a subscription to every single streaming platform that’s ever existed. List out all your subscriptions and decide which ones you definitely need and which ones you can do without2. You’d be surprised how much you save!
Cutting down on memberships is also a way to save money. If you’re with a particular gym, see if it’s possible to hop between gyms on a less regular basis and alternate this with doing home workouts2.
Bonus tip – budget!
For an additional way to save money, try Queensland Country Bank’s SmartBudget account, which allows you to create a personal budget (agreement) for the year ahead that handles all your nominated bills and expenses in one place so you can focus on saving and sticking to your budget rather than worrying about paying bills on time.
Terms and conditions of Queensland Country Bank’s SmartBudget account apply. View the relevant TMD available at queenslandcountry.bank. Normal lending criteria, terms, conditions and fees apply and are available on request.
General Advice Warning: This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information in this article, you should consider the appropriateness of the information provided. In particular, you should seek independent financial advice.
Sources
1Ramsey Solutions, 2023, How to cut spending, https://www.ramseysolutions.com/saving/how-to-cut-costs
2Kelsey Sheegy, 2022, How to lower your bills: 38 ways to save, Nerd Wallet, https://www.nerdwallet.com/article/finance/how-to-lower-your-bills