High interest rates and soaring petrol prices are here to stay. Cut back your spending and take pressure off your family budget. Here are ten easy ways to slash at least $100 from your monthly expenses.
1. Stop buying convenience drinks
Drinks are the number one way Australians waste money. Forget about paying a few dollars for water when you're eating out, ask for a glass of the cheap stuff instead… from the tap. When you're on the run plan ahead and take a water bottle instead of forking out at least $2 every time you want a drink. Also resist expensive energy drinks that are unhealthy and contain high levels of caffeine. Don't forget about coffee. Grab a free cup from home or the work kitchen instead of your $3.50 daily latte from the local café.
2. Take your lunch to work
It's hard to buy a basic sandwich and a drink for less than $8 these days. Plan ahead when you're doing your weekly grocery shop and take a healthy packed lunch to work at least three times a week.
3. Get rid of credit
Switch to a debit credit card and avoid interest charges and late payment fees when you don't pay your bill on time. Debit credit cards allow you to use credit card facilities but only let you spend your own money…so you can't go into debt.
4. Cut your mobile phone costs
Get your whole family to use the same mobile phone provider, as many companies offer free or cheap calls to numbers on the same network. If your mobile phone bill is blowing out each month find out if there's a plan that better suits your needs or switch to pre-paid.
5. Call for free over the internet
Forget about shopping around for the best long-distance or international calling rates, get a broadband connection and download an internet calling program like Skype. It allows you to talk to friends and family anywhere in the world online for free.
6. Review your insurance
Save on insurance by having your house, car, life and income protection insurance with the same company. Increase the excess on your house or car policies if you are struggling to meet your monthly premiums.
7. Avoid brand names
We all know brand name clothing can cost the earth and low-price retailers like Target, Kmart and Big W offer good value alternatives… so use them! You can also save a fortune if you buy home brand groceries and generic medicines. They usually have the same ingredients, work in the same way, meet the same Australian standards and are cheaper.
8. Cut down on take away meals
Plan your meals for the week before you go shopping so you don't have to resort to take away food. Home delivery can cost up to $50 for a big family, that really adds up if you do it once a week. If you want a night off from the kitchen buy a frozen dinner from the supermarket or have a BBQ.
9. Give up your gym membership
Gym memberships start at about $25 a week. Instead go running or swimming a few times a week or meet up and exercise with friends on set days.
10. Ditch the car
Save on petrol, parking and road tolls by car pooling with colleagues or catching public transport to work. If you live within 10km of your workplace consider cycling to work and walk to the shops where possible.
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