Can you save $10k in a cost of living crisis? Queenie Tan says you can
Life has never been more expensive, but you still want to save money. Is it a pipe dream or totally doable? Finfluencer Queenie Tan spills the tea.
Queenie Tan, a licensed financial creator, says saving $10,000 in just 12 months is achievable – with the right plan in place.
"If you want to set yourself a big goal like saving $10k a year, that's $27.40 a day. If you can find a way to make little savings here and there, it can add up to something big at the end of the year," Queenie says.
It seems like a bit of a big ask, especially in the middle of a cost of living crisis. But let's add up the ways you could save using Queenie's top tips:
Tip #1: Pay less for your everyday bills
"Your electricity is the same whether you get from one company or another," Queenie points out.
"So make sure your electricity, phone, insurance and internet are competitive. Sites like Energy Made Easy and Finder are great resources to help people compare energy."
Finder research shows the average Australian can save up to $660* on their energy bill and $277* per year on your broadband over 12 months, simply by switching to a cheaper provider. That's almost $1,000 in savings, and you stand to save more if you compare across all of your household bills.
"Things change all the time and you could really change your household bills like your energy and phone plan every month if you wanted to!" Queenie adds.
"I tend to call my providers and negotiate or I compare and look for better deals every year, but by all means, if you want to do it more often you can. Once a year is a really good rule of thumb."
Tip #2: Double check the sneaky bills you forget about
"There's often bills that you forget about day-to-day and those costs add up," Queenie says.
I can relate to this: for almost two years, both my husband and I had a family music subscription at a cost of $20 a month. Mine was Apple Music, his was Spotify. When we finalised realised and cancelled one subscription during our streaming audit, we calculated we'd wasted about $500 by having duplicated accounts.
Sneaky forgotten bills and money leaks to look out for:
- Music streaming, like Apple or Spotify
- TV streaming – if you have them all, you're spending $100+ a month!
- Online memberships – to clubs, programs and groups
- Software memberships – like Adobe or Chat GPT
- Online news subscriptions eg. New York Times Games
- Gym memberships
- Late payment fees – banish these by setting up a direct debit!
- Bank fees; switch to a different bank account with no fees
Tip #3: Prep your food at home
Most of us look forward to a cheeky coffee run during the workday, or we might splurge on lunch from the local cafe. But these habits can quickly cost a small fortune, Queenie says, and so they represent a huge opportunity to save.
"When I was saving for my first home, I stopped eating lunch out when I was at the office and I decided to meal prep and bring my lunch to the office. I'd often make a bit extra the night before and bring it to lunch the next day as leftovers," Queenie says.
"For people who spend a lot of money on takeout because it's convenient, the Thermomix is a great time-saving appliance. If you'd asked me a year ago I wouldn't have had any thoughts on the Thermomix, but I've had it for 6 months and it replaces everything – if you can afford it and you're busy and time poor, it can be really beneficial. I got rid of all my other appliances and just use this."
With a pricetag of $2,579, a Thermomix is obviously a big upfront investment and it's not affordable for everyone. But if you're spending $100 or more every week on takeaways, UberEats and bought lunches and you're keen to stop paying the convenience tax, Queenie says it'll pay for itself within a short period.
Feeling inspired to start saving? Review all your bills in one go with Finder's Financial Fitness Challenge. The average renter could save $3,964* over a year, while the average homeowner could put a whopping $11,379* back in their pockets.
Is it right to link to a known multi-level marketing scheme in this post? (Thermomix if you didn’t catch it)
Maybe the place to start is to cook meals in your home using the tools already available rather than shell out $2,500 to make the same meals.
https://www.finder.com.au/news/can-you-save-10k-queenie-tan-says-yes
Hi Georgie, The brand is linked at the end of the article as a source for the price. Agreed – with the right basic cooking skills, you can whip a storm in the kitchen regardless of your tools!