We don’t have to tell you we’re in a cost-of-living crisis – your bank account tells you everything you need to know. In times like this, rent/mortgage payments are up, groceries are up, fuel costs are up; everything you can think of is up, up, up. But there are some hacks and ways around things to help you save as much as you can. Here are five money hacks to help you save more money in 2024.
1. Automate your savings
Most experts you talk to will say “pay yourself first” – and that means portioning off a bit of your income to save into a high-interest bank account or into a micro investment app such as Raiz or Spaceship. Once the money is in the account, you don’t take it out unless there’s an extreme emergency – or you’ve got enough for what you’re saving for, like a home or car deposit. Can’t waste a single cent? You may want to set your savings or micro investment app to “round-ups,” which round every transaction to a dollar (e.g., if you paid 70c for something, 30c will be invested into your account.)
2. Buy gift cards at a discount
Occasionally, retailers will sell gift cards at a discount – and they could cover everything including groceries, fuel, or necessities, not just entertainment, clothing, or dining. You could hold on to them and get more for your dollar, or sell them for face value and gain a return on your investment.
3. Use online marketing to your advantage
Online marketers use something called “remarketing” – if you looked at a pair of shoes on Wednesday, chances are you’ll see ads for it again on your laptop Thursday and once more on your phone during Friday. If you can afford to wait a couple of days before buying, sign up for an account, load up a cart and cancel just before you buy. Some retailers will try to secure the sale by offering you discounts or freebies – just watch your inbox for their “pretty please” email. Other browser extensions such as Honey or Mino can automatically apply discount codes for purchases, which can save you a bundle! If you don’t want their emails, just unsubscribe.
4. Specials only shopping
My Mum loved junk mail for one reason: she could plan her shop at all three supermarkets (Aldi, Coles, and Woolworths) for the cheapest prices on everything we planned to buy that week. If it wasn’t on special, she’d find the cheapest price and shop strategically. If you live near a shopping centre with all three supermarkets, this can save you an absolute bundle. If not, record the cheapest price you see and figure out if a butcher or greengrocer can match or beat it. You’ll be amazed by how much you save!
5. Shop around on utilities
If you haven’t compared your utilities and insurance premiums in at least a year, you could be paying above and beyond what you need to for the same benefits. Gas is gas, and electricity is electricity – there’s no point paying more for the same thing. While you’re at it, audit your subscriptions and cut off anything you aren’t using; these “money vampires” can really drain your account quickly!
Remember, if you need a small cash loan to tide you over in an emergency, Fundo has your back! Our three-step application is safe and secure and you’ll have between $500 and $5,000 in 60 seconds (after contract approval, PayID bank account required.) Apply now!
