If you’re finding you have less money than you did a few months ago. Read on for some money saving tips from iSelect.
Way too many young Aussies have lost income – or their whole job – since the coronavirus pandemic rocked the Australian economy from mid-March.
Its hard to believe it was less than three months ago… it feels like a LIFETIME ago we were eating smashed avocado in cafes and sipping espresso martinis in bars, worrying about nothing more than if the cute waiter might be single.
Right now, even if you could go out with a gaggle of girlfriends for brunch or drinks, you may have to think twice due to having considerably less money than you did a few months back.
And even if you are one of the lucky ones who hasn’t taken a hit to their income, you are probably a lot more conscious of your spending as a result of the ongoing financial uncertainty.
A reduced income (or the possibility of one) means you need to find ways to cut your spending. Recent research for iSelect found that 59% of Aussies surveyed are looking to cut back and save money.
Meanwhile 47% have chosen to cancel some expenses, with gym memberships, entertainment streaming like Netflix and Stan, and meal and alcohol delivery services (like YouFoodz or Uber Eats) most likely to be getting the flick.
Obviously cutting out little luxuries that you can do without is a really good place to start when you need to trim your budget. But its also worthwhile looking for things that you could keep, but simply pay less for.
Instead of just cutting the fun stuff (seriously, who could imagine live without Netflix right now?) why not see if you can reduce some of your more boring expenses.
Here are a few questions to ask yourself to see if you could save on some boring adulting costs:
Are you driving less? You could save on your car insurance. Many of us have been driving waaaay less lately and petrol is not the only thing you could be saving on. Not driving as much and having your car parked safely more of the time could impact your car insurance premium so now is a perfect time to see if you could get a better deal and wipe some $$$ off your premium.
Are you using your health insurance policy? Right now, the answer is probably not. Coronavirus restrictions have meant many extras services (such as massage or dental) weren’t available for several months and while they have begun opening back up, ask yourself did you actually miss your extras cover? If the answer is no, there could be some things you’re paying for on your policy you don’t need. Premiums have been frozen until at least October (winning!) so why not shop around before then to see if you could pay less for a similar level of cover? Or if you want a quick way to bring down the cost, consider increasing your excess to reduce your monthly premiums (a good tip if you think you are unlikely to go into hospital any time soon).
Are you cranking the heater while spending more time at home? WFH means the heater is pretty much on 24/7 as Australia sinks into the depths of winter. If you’re spending more time at home, your energy bill is probably going to be higher. Which is why if you do one thing on this list, compare electricity plans make sure you aren’t paying any more than you need to.
Spending your life on HouseParty? Most of us are spending more time than ever online, whether it be for work, study or just connecting with friends via a FaceWine (all just as important!) But you may have noticed your internet plan quite literally isn’t up to speed. Might be time to check out whether a different plan can deliver more data or faster speeds. High speed internet doesn’t necessarily mean paying more so take the time to shop around and compare your options.
Car insurance, health insurance, energy bills and internet plans – all definitely dull. But these costs can really add up and when money is tight, no one wants to pay any more than they need (especially for boring things).
While you may have less money than before, you probably have a little bit more free time so why not spend just a little bit of it to see if you can save some cash? And to make it even easier, give a comparison service like iSelect a call.
They can do some of the hard work and hopefully find you some extra dollars to put towards the rent, or some new luxe trackpants. Either way, boring but well worth it.
Disclaimer: iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers.
Some products and special offers may only be available from iSelect’s call centre or website. View our full range of providers via our website: https://www.iselect.com.au/partners/
Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs.
You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy.
Sponsored Post: By Laura Crowden, iSelect spokeswoman