August 23 2022
"Finding ways to reduce your weekly expenditures is really the key to having a financially successful 2022." - Marco Zande, Strategy Executive
It is no secret that times are tough in the 2022 landscape. With cost of living pressures continuing to grow for many Australians due to inflation, saving money can seem like an impossible task.
If you're feeling the cost of living pinch in Australia and aren't sure how to reduce your everyday spending, you've come to the right place. With a little discipline and a few tricks up your sleeve, you'll be able to significantly reduce your daily expenses, even amidst rising petrol, grocery and utility bills.
Today, we share 6 tips that we have sourced from expert financial planners in Sydney to help you save money on everyday expenses in 2022. Read on to find out more!
1. Rethink your grocery shopping strategy
According to Canstar Blue's latest survey of supermarket shoppers, Australians are now spending an average of $152 per week on groceries. Buying groceries is one of our biggest living expenses after housing and transportation costs, so it makes perfect sense for Aussies to look to reduce their grocery bills whenever possible.
While this may seem impossible in today's climate of $12 cabbages and extraordinarily priced broccoli, there are some small steps you can take to slash dozens or even hundreds of dollars off your monthly food bill.
The first and easiest way to cut down on costs is to think about where you are shopping. For example, a basket of leading brand products from Aldi cost on average just $91.76, compared to Coles and Woolworths which cost $170.54 and $168.74.
Add that difference up over 52 weeks of the year and you'll have saved up to $3000! The same logic applies to shopping at local farmers' markets that often tend to have better deals than leading supermarkets. Some other ways to reduce your grocery shopping expenses include only purchasing produce that is in season, buying in bulk and making a grocery list (and sticking to it) to ensure that you're not purchasing items that you do not need.
Find out more ways to reduce the cost of groceries in 2022 here.
2. Use an app to score cheap fuel
Another major contributor to daily expenditure if you are someone who owns a car is of course, fuel. Thankfully, fuel prices have come tumbling down since its peak earlier this year, but there are still a few things you can do to further cut down on your costs.
A perfect example of this is using an app to score cheap fuel. Mobile apps such as Fuel Map, MotorMouth or Petrol Spy offer up-to-date fuel prices so you can see who's got the cheapest price in your area. Our favourite, however, is the 7-Eleven app which allows you to search nearby 7-Eleven stations and lock-in the cheapest fuel price for a week.
Explore 16 more tips to save money on petrol here.
3. Cull your monthly entertainment subscriptions
With many of us signing up to a medley of different subscriptions, it can be all too easy to rack up a monthly bill in the hundreds. Netflix, Spotify, Binge, Apple TV, Stan, Disney+ and the list goes on. The first step is to take some time to assess your monthly subscriptions to see exactly where your money is going.
Once you have a clearer picture of how many subscriptions you're signed up to, you can make a call on whether you need every subscription you have. Even cancelling just one or two subscriptions can make all the difference when it comes to saving your precious dollars on everyday expenses.
Top Tip: Looking to save money without sacrificing on entertainment? One of our favourite tips is to scan for free entertainment options. You can do this by exploring Youtube, signing up for free trials (just don't forget to cancel your trial before the billing period commences) and local broadcasting on-demand services.
4. Use cashback websites
If online shopping is a habit that you cannot bear to eliminate, your next best option is to use cashback sites like Shopback and Cash Rewards. These websites pay their users/members a percentage of money earned when they purchase goods and services via affiliate links. To put it simply, each time you make a purchase through a cashback site, you will receive a small commission that is paid back to you!
While we're on the topic of online shopping, other tools such as Honey and RetailMeNot are also fantastic options that provide you with a wide variety of coupons and promo codes to slash precious dollars off your online purchases.
5. Go the DIY route with your morning coffee
We hate to be the bearer of bad news, but according to the latest stats, a cup of coffee in Australia could reach $7 by the end of 2022. If you're someone who can't start the day without your beloved cup of joe, switching to a DIY coffee experience is a great way to save yourself some precious pennies.
If instant coffee or 3-in-1 sachets don't quite do the job, investing in a small capsule coffee machine is a fantastic compromise for those who enjoy a finer brew. There are many capsule/pod machines on the market in 2022, ranging from as little as $65 all the way to a few hundred dollars. Even with this small investment, you will still be saving hundreds and hundreds of dollars over the course of the year.
Top Tip: We love adding a pump of inexpensive flavoured syrup to our morning brew for a DIY cafe experience in the comfort of your own kitchen.
6. Consider tracking your expenses
Last but not least, if all else fails, tracking your expenses can be an incredibly effective means of assessing and cutting down on everyday expenses. In fact, the most financially successful people in my life know where every penny goes each month. By utilising apps and tools like Mint or YNAB, not only will you know where your money is going, but you'll also be able to make informed choices when it comes to daily expenditure.
Saving money and cutting down on everyday expenses in 2022 doesn't have to be a harrowing task. We hope that this article has provided some valuable insight into the many tips and tricks you can utilise to hit your money saving goals. So, if you're looking for more ways to save this year, don't forget to think outside the box!
Source: The Area News
Anonymous. (2022, August 20). Cost of living crunch: How to save money on everyday expenses. The Area News. https://www.areanews.com.au/story/7870878/cost-of-living-crunch-how-to-save-money-on-everyday-expenses/