One in two households say their biggest financial concern is the cost of necessities like fuel, utilities and groceries, which will be further exacerbated by the recent private health insurance premium rise.
This will add an average $200 to the cost of annual premium for family hospital cover, and more than $250 for those not eligible for the tax rebate.
ME Bank offers easy ways to help you save money on the day-to-day costs so you’re not caught short when monthly bills increase.
Tip 1: Drive a better deal on fuel
According to the Australian Competition and Consumer Commission (ACCC) petrol prices move in regular cycles so understanding when to fill your car up on the cheapest days, while avoiding expensive days will save you plenty of money in the long run. For details of price patterns in your area, visit www.accc.gov.au/consumers/petrol-diesel-lpg/petrol-price-cycles
Tip 2: Switch to save on utilities
Jump on a utilities comparison website (such as iSelect) to ensure your provider is competitive and offering you the best rate in your area. You should also be able to see other low cost energy providers and some will help you make the switch to the new provider free of charge.
Tip 3: Look for bargains on groceries
Enjoying savings at the grocery store is possible if you stick to a few ground rules
- Always shop with a list – it prevents impulse buying, which can be a real budget breaker
- Avoid stocking up on pre-prepared foods, you’ll save a bundle opting for homemade
- Where possible, hit the supermarkets towards the end of the day when fresh produce like bread, fruit and meat can be heavily discounted
- Avoid shopping when hungry – it’s much harder to avoid those temping (and pricy!) treats when all you can think about is eating.
Tip 4: Don’t overlook your home loan
People tend to overlook some of their biggest household expenses such as the rate you pay on your home loan. There may be little to be gained from saving a few dollars on groceries for example, if you have a home loan charging an uncompetitive rate.
You could save a huge amount of money by taking a few minutes to review your current loan and identify opportunities to secure a loan with a lower rate. Alternatively, look for a loan offering features better suited to your needs so you can budget accordingly.
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