Money is tight, budgets are maxed out, and people are stressed. Everyone everywhere is desperately trying to save money. So here are seven high-impact ideas you might not have thought of yet to cut costs.
1. Drop off in one car
How’s the traffic? Everyone likes convenience, but if he needs two cars for two people to work, it’s non-negotiable. But if either of you is working from home a lot right now, you need to think about the options for sharing a car and becoming one family member for her, and the potential savings that might come from doing so. That means one less vehicle, one less registration, less insurance, less maintenance, and significantly less fuel.
again, Nicole Pedersen-McKinnon:
One car is fine for me and my family, and I know others who are getting by in the same car. There are also three children in such a family, which focuses on savings. The schedule is tight and it’s just a matter of waiting a bit.
2. Incorporate borders
Australia is suffering from a housing supply crisis, with the National Housing Finance and Investment Corporation forecasting a shortage of 106,000 homes by 2027. The lack of supply has also contributed to an 11.8% rise in rents over the past year.
So if you’re having trouble paying your bills or renting a property that has vacancies, you can consider asking someone for help. Flatmates.au, flatmatefinders.com.au and roommates.com.au are “matchmaking” services that help connect people who have space with people who need a place to live.
Taking a boarding house can be a big help in making up for the high cost of housing.
3. Barter for cheaper rent
With low supply but high demand and interest rates rising multiple times, landlords are raising rents to recoup costs. However, there may be opportunities for those who are willing. Think about what could save the landlord time and money or add value to the property.
For example, it is good to start gardening. You can also suggest maintenance and home improvements. Using all your skills can significantly reduce the price of the property you live in.
4. Shop smart
Start shopping smart and think about how much you can save by spending your money at discount and bulk supermarkets instead of the big ones. Markets are also a great place to shop, but avoid high-end markets that charge premium prices and instead look for direct-from-the-land markets where farmers sell fresh, healthy produce at much lower prices. Sho.
These markets also make for a fun free weekend getaway for families.
5. Reduce utility bills
Another big expense in life is utility bills. Consumption is key in the cold season. Instead of reaching for your reverse cycle air conditioner remote control, you can keep the cold at bay with a more cost-effective way to warm up.
Hot water bottles, blankets, blinds, opening windows and doors to sunlight are effective ways to save money.
6. Save money on food like in the 70’s
Here’s a simple money-saving solution. It’s about getting the “old fashioned” stuff. We are all making our tastes more elaborate and expensive, which may no longer be sensible or sustainable. Instead, think seared tuna pasta, days of bolognese, or a jar of salad.
The high-protein, low-carb combination that has been advocated in the past may not fit your budget right now.
7. Get in a healthy financial position
We live in a beautiful country with great weather. So could a gym membership replace outdoor exercise like running, horseback riding, walking, or hiking?
Gym memberships can be a significant portion of your disposable income, and you can always start again if you have the money to spare.
Motivational words at the end
Hopefully this is just temporary budget pressure. The odds of further rate hikes are waning and will eventually lead to another rate cut. At some stage your salary will also go up, which will eventually ease the pressure on your purse strings.
But now may be the time to take urgent action. Restaurants and bars and sweet and expensive socials may already be gone. Looking around, it seems like a lot of people have already cut back on that discretionary spending for now. But what else can be done to prevent short-term problems from turning into long-term disasters?
Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me. www.nicolessmartmoney.com.follow nicole Facebook, twitter and Instagram.
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