Cost of Living Crisis: How to Save Money on Daily Expenses | News from the region

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Cost of living crisis: how to save money on daily expenses

It’s no secret that times are tough in the 2022 landscape. With cost of living pressures continuing to rise for many Australians due to inflation, saving money can feel like a impossible task.

If you’re feeling the cost of living in Australia and you don’t know how to reduce your daily expenses, you’ve come to the right place. With a little discipline and a few tricks up your sleeve, you’ll be able to drastically reduce your daily expenses, even in the midst of rising gas, grocery, and utility bills.

Today we’re sharing 6 tips we’ve gotten from expert financial planners in Sydney to help you save money on day-to-day expenses in 2022. Read on to find out more!

1. Rethink your grocery strategy

According to Canstar Blue’s latest survey of supermarket shoppers, Australians now spend an average of $152 a week on groceries. Groceries are one of our biggest expenses after housing and transport costs, so it only makes sense that Australians are looking to lower their grocery bills wherever possible.

While it may seem impossible in today’s climate of $12 cabbage and extravagantly priced broccoli, there are a few small steps you can take to cut tens or even hundreds of dollars off your monthly food bill.

The first and easiest way to cut costs is to think about where you shop. For example, a basket of high-brand goods from Aldi costs an average of just $91.76, compared to Coles and Woolworths which cost $170.54 and $168.74.

Add this difference over 52 weeks of the year and you will have saved up to $3,000! The same logic applies to shopping at local farmers’ markets which often tend to offer better deals than larger supermarkets. Other ways to reduce your grocery spending include only buying seasonal produce, buying in bulk, and making a grocery list (and sticking to it) to make sure you don’t buy items you don’t need.

Find out more ways to reduce the cost of groceries in 2022 here.

2. Use an app to score cheap fuel

Another major contributor to daily expenses if you are someone who owns a car is of course fuel. Fortunately, fuel prices have fallen since their peak at the start of the year, but there are still things you can do to further reduce your costs.

A perfect example of this is using an app to mark cheap fuel. Mobile apps such as Fuel Map, MotorMouth or Petrol Spy offer up-to-date fuel prices so you can see who has the cheapest price in your area. Our favorite, however, is the 7-Eleven app which lets you search for nearby 7-Eleven stations and lock in the cheapest fuel price for a week.

Check out 16 more tips to save money on gas here.

3. Cut down your monthly entertainment subscriptions

With many of us subscribing to a mix of different subscriptions, it can be all too easy to rack up a monthly bill in the hundreds. Netflix, Spotify, Binge, Apple TV, Stan, Disney+ and the list goes on. The first step is to take the time to evaluate your monthly subscriptions to see exactly where your money is going.

Once you have a clearer idea of ​​how many subscriptions you have, you can make a call to see if you need every subscription you have. Even canceling a subscription or two can make all the difference when it comes to saving your precious dollars on day-to-day expenses.

Trick : Looking to save money without sacrificing entertainment? One of our favorite tips is to research free entertainment options. You can do this by exploring Youtube, signing up for free trials (remember to cancel your trial before the billing period begins), and local on-demand streaming services.

4. Use cashback sites

If shopping online is a habit you can’t bear to kick, your best option is to use cashback sites like Shopback and Cash Rewards. These websites pay their users/members a percentage of the money earned when they buy goods and services through affiliate links. To put it simply, each time you make a purchase via a cashback site, you receive a small commission which is paid to you!

While we’re talking about online shopping, other tools like Honey and RetailMeNot are also fantastic options that give you a wide variety of coupons and promo codes to shave precious dollars off your online shopping.

5. Go the DIY route with your morning coffee

We hate to be the bearer of bad news, but according to the latest stats, a cup of coffee in Australia could reach $7 by the end of 2022. If you’re someone who can’t start the day without your cup of coffee beloved, switching to a DIY cafe experience is a great way to save some precious pennies.

If instant coffee or 3-in-1 sachets don’t quite do the trick, investing in a small capsule coffee machine is a fantastic compromise for those who appreciate a finer brew. There are many capsule/pod machines on the market in 2022, ranging from as low as $65 to a few hundred dollars. Even with this small investment, you will save hundreds and hundreds of dollars over the course of the year.

Trick : We like to add an inexpensive flavored syrup pump to our morning brew for a DIY coffee experience from the comfort of your own kitchen.

6. Remember to track your expenses

Last but not least, if all else fails, tracking your expenses can be an incredibly effective way to assess and reduce day-to-day expenses. In fact, the most financially successful people in my life know where every penny goes each month. By using apps and tools like Mint or YNAB, you’ll not only know where your money is going, but you’ll also be able to make informed choices when it comes to day-to-day spending.

Check out the 5 best expense trackers of 2022 here.

Saving money and reducing daily expenses in 2022 doesn’t have to be a daunting task. We hope this article has provided you with valuable information on the many tips and tricks you can use to achieve your money saving goals. So if you’re looking for more ways to save this year, remember to think outside the box!

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