Are you thinking of buying your first home and wondering where to begin? With the rising cost of living, soaring grocery and energy prices, and ballooning mortgage repayments, it’s no wonder that people are seeking creative ways to save money. Let’s explore some unconventional money-saving tips gathered from the r/AusFinance subreddit that will help Australians take control of their finances.
Beat the lazy tax: One Reddit user, obesehomingpigeon, shared how they saved money by switching internet providers and making adjustments to their insurance, while also reducing their home loan interest rate by 0.4 percentage points. The lesson here is to shop around and avoid paying a premium for sticking with existing service providers.
Phone plan and grocery savings: Another Redditor, -alexandra-, shared how they switched from a $35 per month phone plan to a $140 per year prepaid service offered by Woolworths, which saved them $280 a year. Additionally, they get 10% off one shop at Woolworths each month, providing further savings on groceries.
Insurance haggling: Candreacchio shared how they saved $200 by haggling with their insurance provider for a better deal. This goes to show that renegotiating your home and car insurance could save hundreds, if not thousands of dollars per year.
Eliminate the commute: Some Reddit users recommend working from home as a cost-saving measure. AccordingWarning9534 shared how they saw significant savings by negotiating a permanent remote working arrangement, which saved them $200 a week on travel, coffees, lunches, and after-work drinks. They also invested in improving their home to offset increased running costs.
Free entertainment: Lanadeltaco13 suggests getting a membership at your local library as a source of free entertainment. Libraries can be particularly useful for families with younger children.
Get paid to declutter: Thearchitect1209 shared how they sold items they no longer needed, freeing up cash and decluttering their home at the same time.
Shop smarter: International_Put727 shared their household’s advanced meal planning strategies, which include regularly shopping at Costco for bulk items and filling up on cheap petrol while they’re there. Some Reddit users even claimed that they eliminated meat from their diet, resulting in significant savings on groceries.
Ditch deliveries: To save money, users like abeeseadeee and _dotdashdashdash recommend cutting back on food delivery services, noting it’s cheaper to cook at home or order directly from a restaurant.
Track spending: For some, analyzing spending habits has been key to reducing expenses. Ok-Natural-7510 shared how they break down their spending and set goals to “beat” certain categories, reducing their eating out expenses by 60% in the process.
DIY savings: Lfly01 shared that their spouse now gives them regular haircuts, saving them $40 per haircut, or approximately $1,000 a year. P3ngu1nR4ge also emphasized the cost savings associated with learning how to fix things, maintain a car, cook, build, and grow plants.
In summary, there are numerous unconventional ways to save money when you’re considering buying a house or looking to cut expenses. By being resourceful, learning new skills, and challenging traditional spending habits, you can maximize your budget and make your dream of owning a home a reality.
