These simple hacks will help you save money, make your money go further or earn some extra income on the side.
"Spending a little extra time shopping around can absolutely save you money. The best place to start in my opinion is cleaning basics like laundry detergent, toilet paper and dishwasher tablets. Stock up on these bulk items once every couple of months at a discount department store, and you'll notice a big difference to your grocery budget."
"I honestly don't buy too much new these days, most things I need I can find second hand for a fraction of the price. When I need clothes for my daughter, I always shop at Vinnies first because their kids stuff is all $1-$2 per item and a lot of it is barely used (kids out-grow things so quickly, they aren't in them for too long!). "
"I went online to cancel my Foxtel, which is a $54 monthly package, and they immediately offered me $10 off per month for the next 6 months to keep me as a customer."
"We are saving $303 per month on our home loan, thanks to finding a better home loan rate. Our mortgage broker wanted us to sign up to a home loan around 6.12%, but I found one for 5.69%. That's an annual savings of $3,000+."
In simple terms, there's two parts to saving more money - cutting down on your spending and growing your savings:
This includes things like budgeting, tracking your spending and decreasing your living costs to build up your savings. On this page we've included 50 money-saving tips to help you find more ways to save.
You can grow your savings by putting it somewhere where it generates a return, such as a high interest savings account or ETF.
How much could you save per month?
To give you an idea, the average person saves approximately $720 per month, according to our consumer sentiment tracker (November data). NSW and ACT are the biggest savers, putting away $813 and $895 a month. Families with 2 kids are best at saving for a rainy day. They manage to put away over $940 a month.
Pictures: Getty images
Response | Male | Female |
|---|---|---|
| Banking app | 24.7% | 20.04% |
| Spreadsheet | 18.47% | 12.1% |
| I don't track my expenses | 15.06% | 18.25% |
| Pen and paper | 10.84% | 18.25% |
| No formal tracking | 14.66% | 16.07% |
| Budgeting app | 5.22% | 3.97% |
| Receipts and invoices | 2.81% | 4.37% |
| Expense tracking in statements | 3.21% | 2.98% |
| Automated transactions | 2.81% | 2.78% |
| Other | 2.21% | 1.19% |
