Fifty ways to save a fortune
So today we help you take control in the battle against rising prices, with the best list of money-saving tips the country has seen.
Where politicians have produced little more than slogans - remember "ease the squeeze" - with these ideas you really can take some pressure off the household budget.
And as a consequence we even have a saving for Julia, Tony, Wayne and Joe - their breath.
Because our 50 money-saving tips will do what they either won't or can't, by putting more money back in your pocket.
The combined benefit of implementing everything on our list is a staggering $22,516 - or $17,056 for non-smokers.
But using even just a handful of the ideas will more than neutralise the surges in the price of electricity, rates and childcare.
Throw out the second fridge. Only use your own bank's ATMs. Switch off the computer. Bring back bubble and squeak.
Our advice won't cut in to your quality of life. But it will improve your bank balance. It's the type of help needed by families such as the one on the front page.
David and Inga Bean have had to move in with his parents since Lulu, 2, came along.
"Cost of living is generally so expensive, our electricity bill has tripled this winter ... it is very hard being a young family and trying to get ahead. That's why we moved home, to try and get a head start," Mr Bean said. "If you want the truth, what the politicians say doesn't really affect us that much at the end of the day. I feel like we won't really get much better than what we're getting now."
Additional reporting: Alexandra Blucher
FIFTY WAYS TO SAVE MONEY:
1 Draw up a budget. It gives you a plan, removes stress and may allow you to put credit cards in a cup of water and freeze them. Web search on “fido budget’’ for Federal Government-backed planner
2 Pack lunch on Monday, Tuesday and Wednesday. Reduces outgoings by an average of $15 a week.
3 Start a hobby that saves or makes money. For instance, brewing beer. Switch one long neck of theirs a week with one of yours.
4 Buy quality and mend it as required. A book called The Millionaire Mind reveals that 70 per cent of millionaires have cobblers resole their shoes.
5 Eat early. Canberra’s renowned Chinese restaurant The Chairman & Yip discounts by 20 per cent and gives you a glass of wine if you’re done by 7.45pm. Take advantage of early-birds once every two months.
6 Get a better deal on electricity. According to goswitch.com.au, Blacktown families can get a discount of up to 7.4 per cent by switching.
7 Get a discount off your gas bill. AGL offers 5 per cent off if you sign to a two-year contract.
8 Pump up your tyres. Low pressure increases fuel consumption by up to 3 per cent. That adds up for a family-sized car.
9 Throw out the beer fridge. In the Greater Sydney area the State Government will pay you $35 if you do. Go to fridgebuyback.com.au.
10 Stop using other banks’ ATMs. At up to $2.50 a pop it’s worth taking a stroll to your own bank’s cash machine. Or withdraw cash at the supermarket checkout.
11 Switch to a low-rate credit card. Comparison service Mozo says higher rate cards’ rewards programs are usually a waste of money.
12 Avoid bank fees. The latest RBA data shows we are paying $3.8 billion in non-mortgage bank fees. Reduce your contribution by 20 per cent by setting direct debits and switching to more competitive products.
13 If you have broadband internet consider Voice over Internet Protocol telephony. It can be costless and allows you to stop paying a phone company $30 a month for line rental.
14 Hang out the washing. It’s worth it, according to the NSW Department of Environment, Climate Change and Water.
15 Switch to a front-loading washing machine. It’s better for your clothes and Choice found a Whirlpool’s front-loader used a third of the power of its top-loader.
16 Don’t leave appliances on standby. According to the Australian Conservation Foundation, standby consumes 750 kWh per household each year.
17 Bring back bubble and squeak. The University of Western Sydney’s Urban Research Centre has calculated Sydney is throwing away $183 million of leftovers. Let’s eat them.
18 Bring back the barber. Cut the cost of a cut by half.
19 Avoid surcharges. If you must pay by card when a surcharge applies, use Mastercard or Visa over Amex or Diners.
20 Rebates. This tip could be particularly helpful for aged pensioners. Go to dadhc.nsw.gov.au/dadhc/Older+People/Older+People+Concessions.htm
21 Get a library card. Reducing your book purchases by one $25 book every other month.
22 Consider switching to a basic variable home-loan rate. It can be 0.7 per cent cheaper than standard-variable. This saving is based on a $300,000 mortgage over 30 years.
23 Consider switching from monthly repayments to fortnightly repayments of half the monthly repayment. It’s like making one extra monthly repayment. On $300,000 you’d pay $150 a month more. But the interest reduction over the term is huge.
24 If you have school-age children, keep all your receipts to claim the Education Tax Refund. You’ll get up to the following amount from the ATO for one kid in primary and one in high school.
25 And that’s not all. If the Coalition wins, that saving will be even bigger, while a Labor victory would make it easier to claim the full value of its existing rebate because uniform costs will also be included.
26 If you never turn off your home computer it costs you $75 a quarter. So flick the switch.
27 Consider a different car insurer. There is much more competition in the market now than a couple of years ago. Try the new justezi.com.au comparison website.
28 Sometimes it pays to be loyal. In a civilised society no one should have to give up visiting their caffeine dealer. If they have a 10th coffee free card, use it. Get them to keep it at the cafe so you don’t lose it.
29 Have you won Lotto yet? If not, give up. Stop being a loser.
30 Make sure your credit file is error-free. Getting a copy of your file can be free. If you discover errors, odds are you will be paying more to borrow than you should. Contact Veda Advantage on 1300 762 207 or go to website mycreditfile.com.au.
31 Stop smoking. After the recent 25 per cent excise hike it’s not only punishing your health but your wallet. According to Ash, 18 per cent of adults smoke.
32 Dry July. This charity is set to raise $2 million in 2010 to help adult cancer patients. Join up and go booze free for a month. ABS figures show we spend about $25 a week on grog.
33 Go to the movies on Tuesday rather than Friday or Saturday. A 2010 study by Macquarie University put the discount in Sydney at $3 a ticket. If a family goes fortnightly there are big (screen) benefits.
34 Wash in cold water. The results are the same. But according to the NSW Department of Environment, Climate Change and Water, the bottom line is different.
35 If you have life insurance or income protection insurance. Consider running it through your super fund, where it’s paid for with money taxed at 15 per cent rather than higher personal tax rates.
36 Transfer money from your transaction accounto to an online sacings account.
37 Ditch pay by the month. Insurers such as Suncorp charge premiums of up to 15 per cent – equal to credit card rates – for the privilege.
38 Wash the car yourself. It’s great exercise and, if done with the kids, can be a lot of fun.
39 Drink tap water. If you currently drink just one bottle of water a week then this tip can earn you a “grey nurse” annually.
40 2-for-1 meal deals. As just one example, the Argyle Hotel in The Rocks does two steaks for $16 on Tuesdays. Take advantage of such deals once every two months.
41 If you are planning to purchase, say, a TV, shop around. Sites such as getprice.com.au or myshopping.com.au can help.
42 Choose LCD over plasma. The Federal Government’s energy rating website says a Panasonic LCD’s running costs are less than half the same size Panasonic plasma.
43 Sites such as lasoo.com.au collate specials from Harvey Norman, Target, Big W, Dick Smith, The Good Guys and Fantastic Furniture. It helps you buy for less.
44 Sell your junk. You can pay for some of these purchases with money from selling your clutter on Ebay or via a garage sale.
45 Avoid extended warranties. Quite often they are a waste of money because goods and services by law must last for a “reasonable” length of time.
46 Comparison shop on flights and accommodation. There are many websites to help you do this, from webjet.com.au to wotif.com.au.
47 Re-evaluate your gym membership. According to gymprices.com.au average membership is $75 a month. Running and cycling, push-ups, chin-ups and sit-ups could achieve the same effect for free.
48 Use these savings to save more. If you contributed $1000 of savings to your home loan a year ($83 a month) then you’ll repay your debt three and a half years quicker.
49 Subscribe to The Daily Telegraph. It’s already the biggest bargain going round. But you can get it delivered seven days a week for a 25 per cent discount. Go to newspapersubs.com.au/dthomedelivery/
50 Print this article and hang it on the fridge.
- John Rolfe
- From: The Daily Telegraph
- July 31, 2010 12:00AM
- HAD enough of politicians' hollow promises to reduce the cost of living? We have too.
So today we help you take control in the battle against rising prices, with the best list of money-saving tips the country has seen.
Where politicians have produced little more than slogans - remember "ease the squeeze" - with these ideas you really can take some pressure off the household budget.
And as a consequence we even have a saving for Julia, Tony, Wayne and Joe - their breath.
Because our 50 money-saving tips will do what they either won't or can't, by putting more money back in your pocket.
The combined benefit of implementing everything on our list is a staggering $22,516 - or $17,056 for non-smokers.
But using even just a handful of the ideas will more than neutralise the surges in the price of electricity, rates and childcare.
Throw out the second fridge. Only use your own bank's ATMs. Switch off the computer. Bring back bubble and squeak.
Our advice won't cut in to your quality of life. But it will improve your bank balance. It's the type of help needed by families such as the one on the front page.
David and Inga Bean have had to move in with his parents since Lulu, 2, came along.
"Cost of living is generally so expensive, our electricity bill has tripled this winter ... it is very hard being a young family and trying to get ahead. That's why we moved home, to try and get a head start," Mr Bean said. "If you want the truth, what the politicians say doesn't really affect us that much at the end of the day. I feel like we won't really get much better than what we're getting now."
Additional reporting: Alexandra Blucher
FIFTY WAYS TO SAVE MONEY:
1 Draw up a budget. It gives you a plan, removes stress and may allow you to put credit cards in a cup of water and freeze them. Web search on “fido budget’’ for Federal Government-backed planner
2 Pack lunch on Monday, Tuesday and Wednesday. Reduces outgoings by an average of $15 a week.
3 Start a hobby that saves or makes money. For instance, brewing beer. Switch one long neck of theirs a week with one of yours.
4 Buy quality and mend it as required. A book called The Millionaire Mind reveals that 70 per cent of millionaires have cobblers resole their shoes.
5 Eat early. Canberra’s renowned Chinese restaurant The Chairman & Yip discounts by 20 per cent and gives you a glass of wine if you’re done by 7.45pm. Take advantage of early-birds once every two months.
6 Get a better deal on electricity. According to goswitch.com.au, Blacktown families can get a discount of up to 7.4 per cent by switching.
7 Get a discount off your gas bill. AGL offers 5 per cent off if you sign to a two-year contract.
8 Pump up your tyres. Low pressure increases fuel consumption by up to 3 per cent. That adds up for a family-sized car.
9 Throw out the beer fridge. In the Greater Sydney area the State Government will pay you $35 if you do. Go to fridgebuyback.com.au.
10 Stop using other banks’ ATMs. At up to $2.50 a pop it’s worth taking a stroll to your own bank’s cash machine. Or withdraw cash at the supermarket checkout.
11 Switch to a low-rate credit card. Comparison service Mozo says higher rate cards’ rewards programs are usually a waste of money.
12 Avoid bank fees. The latest RBA data shows we are paying $3.8 billion in non-mortgage bank fees. Reduce your contribution by 20 per cent by setting direct debits and switching to more competitive products.
13 If you have broadband internet consider Voice over Internet Protocol telephony. It can be costless and allows you to stop paying a phone company $30 a month for line rental.
14 Hang out the washing. It’s worth it, according to the NSW Department of Environment, Climate Change and Water.
15 Switch to a front-loading washing machine. It’s better for your clothes and Choice found a Whirlpool’s front-loader used a third of the power of its top-loader.
16 Don’t leave appliances on standby. According to the Australian Conservation Foundation, standby consumes 750 kWh per household each year.
17 Bring back bubble and squeak. The University of Western Sydney’s Urban Research Centre has calculated Sydney is throwing away $183 million of leftovers. Let’s eat them.
18 Bring back the barber. Cut the cost of a cut by half.
19 Avoid surcharges. If you must pay by card when a surcharge applies, use Mastercard or Visa over Amex or Diners.
20 Rebates. This tip could be particularly helpful for aged pensioners. Go to dadhc.nsw.gov.au/dadhc/Older+People/Older+People+Concessions.htm
21 Get a library card. Reducing your book purchases by one $25 book every other month.
22 Consider switching to a basic variable home-loan rate. It can be 0.7 per cent cheaper than standard-variable. This saving is based on a $300,000 mortgage over 30 years.
23 Consider switching from monthly repayments to fortnightly repayments of half the monthly repayment. It’s like making one extra monthly repayment. On $300,000 you’d pay $150 a month more. But the interest reduction over the term is huge.
24 If you have school-age children, keep all your receipts to claim the Education Tax Refund. You’ll get up to the following amount from the ATO for one kid in primary and one in high school.
25 And that’s not all. If the Coalition wins, that saving will be even bigger, while a Labor victory would make it easier to claim the full value of its existing rebate because uniform costs will also be included.
26 If you never turn off your home computer it costs you $75 a quarter. So flick the switch.
27 Consider a different car insurer. There is much more competition in the market now than a couple of years ago. Try the new justezi.com.au comparison website.
28 Sometimes it pays to be loyal. In a civilised society no one should have to give up visiting their caffeine dealer. If they have a 10th coffee free card, use it. Get them to keep it at the cafe so you don’t lose it.
29 Have you won Lotto yet? If not, give up. Stop being a loser.
30 Make sure your credit file is error-free. Getting a copy of your file can be free. If you discover errors, odds are you will be paying more to borrow than you should. Contact Veda Advantage on 1300 762 207 or go to website mycreditfile.com.au.
31 Stop smoking. After the recent 25 per cent excise hike it’s not only punishing your health but your wallet. According to Ash, 18 per cent of adults smoke.
32 Dry July. This charity is set to raise $2 million in 2010 to help adult cancer patients. Join up and go booze free for a month. ABS figures show we spend about $25 a week on grog.
33 Go to the movies on Tuesday rather than Friday or Saturday. A 2010 study by Macquarie University put the discount in Sydney at $3 a ticket. If a family goes fortnightly there are big (screen) benefits.
34 Wash in cold water. The results are the same. But according to the NSW Department of Environment, Climate Change and Water, the bottom line is different.
35 If you have life insurance or income protection insurance. Consider running it through your super fund, where it’s paid for with money taxed at 15 per cent rather than higher personal tax rates.
36 Transfer money from your transaction accounto to an online sacings account.
37 Ditch pay by the month. Insurers such as Suncorp charge premiums of up to 15 per cent – equal to credit card rates – for the privilege.
38 Wash the car yourself. It’s great exercise and, if done with the kids, can be a lot of fun.
39 Drink tap water. If you currently drink just one bottle of water a week then this tip can earn you a “grey nurse” annually.
40 2-for-1 meal deals. As just one example, the Argyle Hotel in The Rocks does two steaks for $16 on Tuesdays. Take advantage of such deals once every two months.
41 If you are planning to purchase, say, a TV, shop around. Sites such as getprice.com.au or myshopping.com.au can help.
42 Choose LCD over plasma. The Federal Government’s energy rating website says a Panasonic LCD’s running costs are less than half the same size Panasonic plasma.
43 Sites such as lasoo.com.au collate specials from Harvey Norman, Target, Big W, Dick Smith, The Good Guys and Fantastic Furniture. It helps you buy for less.
44 Sell your junk. You can pay for some of these purchases with money from selling your clutter on Ebay or via a garage sale.
45 Avoid extended warranties. Quite often they are a waste of money because goods and services by law must last for a “reasonable” length of time.
46 Comparison shop on flights and accommodation. There are many websites to help you do this, from webjet.com.au to wotif.com.au.
47 Re-evaluate your gym membership. According to gymprices.com.au average membership is $75 a month. Running and cycling, push-ups, chin-ups and sit-ups could achieve the same effect for free.
48 Use these savings to save more. If you contributed $1000 of savings to your home loan a year ($83 a month) then you’ll repay your debt three and a half years quicker.
49 Subscribe to The Daily Telegraph. It’s already the biggest bargain going round. But you can get it delivered seven days a week for a 25 per cent discount. Go to newspapersubs.com.au/dthomedelivery/
50 Print this article and hang it on the fridge.
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