The cost of living crisis shows no signs of slowing in Australia, with inflation continuing to spiral.
Everyday essentials, such as groceries, fuel, medications and household basics are going up.
Most families are struggling in some way to afford the increased cost of living, even on a dual income.
Discretionary spending, such as holidays, luxury goods and other “nice to have” items, is becoming increasingly difficult to justify as households need to buckle down and focus on being able to afford the essentials.
That’s why we’ve prepared this helpful article, which will cover the top money-saving tips for families to follow as 2024 approaches.
Continue reading to learn more on this vital topic.
Refinance Your Home Loan
Did you know that by refinancing your home loan, you can save thousands of dollars over the course of your repayment period?
Though it might at first glance seem like accruing more financial instability, when you refinance, you have an opportunity to get a better interest rate, which may decrease the amount you’re paying back over the course of your repayment.
Banks want your business, and many will offer competitive interest rates and other perks for choosing them as a customer.
Some will offer cashback, reward and flight points, fee-free credit cards and transaction accounts, and other incentives in order to get your business.
It’s worth shopping around for a better deal on your home loan, which may help you save money in 2024.
You could even consider approaching a mortgage broker who can help you find a great deal.
Shop Around For Insurance And Utilities
Insurance and utilities such as gas, electricity and internet are significant ongoing costs for regular households. Insurance premiums for cars, home and contents can range into the thousands each year.
So it’s a good place to start when researching where to cut costs for your 2024 budget.
It’s worth comparing insurers and seeing if switching providers can save you money – it doesn’t always pay to be loyal to these companies.
Use online comparison tools to compare the insurance product market and see if you can find a better deal.
Or, you could call up companies and get quotes directly. Some will have special offers, such as a discount when signing up online.
While you’re at it, it’s worth comparing your utilities costs too.
Essentials like gas, internet and electricity need to be factored in to your budget, but they can end up producing pretty staggering bills.
What was a good offer when you first signed up for a company may no longer be as competitive.
If you can save between $10-50 a month on these bills combined, it will add up over the course of a year and have a positive impact on your household’s budget.
Like insurance companies, you can either use online tools or get direct offers from utility providers.
Invest In Solar Panels
One particularly excellent way to make your home energy efficient and save money at the same time is by having a licensed electrician install solar panels on your roof.
These panels will provide renewable energy for your house, reducing the amount of electricity you have to pay for.
At the peak of summer, you might be able to power your home directly from these solar panels.
And if your panels generate enough energy, you may even be able to sell some electricity back to your retailer for the grid.
There are several state and federal government rebates available, making the installation of your panels more affordable.
Sure, there’s an upfront cost, but if you consider the ongoing savings, this can be a savvy investment for 2024.
It’s a great sustainable choice as well, so all the more reason to look into it.
Smart Grocery Shopping
As mentioned earlier, the cost of essentials such as groceries can be a significant ongoing expense for families, and it keeps going up.
You can mitigate this cost by being savvy with your shopping.
For instance, sweet and salty treats can be expensive, and they’re not great for your health either.
Avoid stocking your trolley with processed snacks, and instead opt for fresh and healthy produce. One tip is to shop around the outside aisles and avoid the middle.
Plan your meals and shop for ingredients rather than pre-paid meals, and don’t go when you’re hungry.
Stock up on bulk, healthy foods such as potatoes, grains, legumes, tomatoes, herbs and spices and make large batches of healthy food such as stews, soups, curries, stir-fries and roast vegetables. This cheap and easy method of cooking will reduce your grocery bill significantly.
Finally, look out for the weekly specials at the shops, which coloured tickets on the shelf will indicate. Buying discounted groceries can help you save money, which will assist you in achieving your financial goals in 2024.
Cut Out Unnecessary Spending
You might be surprised at how much your unnecessary spending adds up over the month.
If you’re looking for an easy way to save money without noticing, check out your streaming services, retail subscriptions such as Amazon Prime, and online gaming purchases.
It might be worth reviewing your monthly spending and seeing where you can cut back.
For instance, if you have three streaming services, cut back to one, and you’ll save around $40 a month.
You can also pack your lunch to take to work to avoid buying takeout each day.
Have a look at these sorts of purchases with fresh eyes and think about what you genuinely use or need frequently, and what costs keep recurring mostly because you haven’t put time aside to remove yourself from the service.
This helpful article has shared our top money-saving tips for families to follow over 2024.
Our guide should help you save money, cut costs and be in a healthy financial position during the new year.
Saving money doesn’t have to mean cutting out everything you enjoy, or sacrificing on what’s important to you.
By making smart choices, and reducing unnecessary spending, you’ll feel much more secure and confident with how you use your money.
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