We’re all looking to stretch our dollars a bit further. You’ve probably made some changes already to your household budget, and there may be other simple changes you can make to help save more.
Compare to save
The price of items can vary from store to store and across different brands. Checking catalogues or searching online to compare prices before you buy something can make a difference. You might even find the sale price at one store is more expensive than the regular price of the same or similar item at another store, so it pays to do some research.
It’s important to check the unit price when buying groceries. This states the value of the item as a cost per standard unit of measurement – e.g. the cost per kilogram or per litre. It’s a quick and easy way to compare products between different brands, pack sizes, fresh and frozen products, and to see if a sale item is really better value than other similar items.
The unit price is usually displayed on shelf labels. Check if the store’s website or app provides unit prices, and if it allows you to sort by ‘lowest unit price’.
Read more about unit pricing.
Reconsider your memberships and subscriptions
It might seem easier to stick with the status quo, but you could be paying for things you don’t need with your streaming, food delivery and gym contracts. Upon review, you might decide you really don’t need the service at all, or you might find a cheaper option that better suits your needs.
Before signing up for a new subscription or membership read the terms and conditions and note any ongoing fees. It’s a good idea to put a reminder in your phone or on your calendar before the renewal date, so you can consider whether to renew or take advantage of a better offer with another provider.
Review your bills
If you’ve had the same service provider for some time you might be paying a ‘loyalty tax’. New customers with the same provider are possibly paying lower rates or premiums than long-term customers. It’s worth checking to see what deals are on offer from other providers. It could save you money and you might also find their product and service offerings better suit your circumstances.
Bear in mind that while comparison websites present different prices and products in one central hub they may not cover all available options. They may also favour listings from businesses that make payments to them, rather than presenting all options impartially.
See the Australian Government’s Moneysmart website for tips on using comparison websites.
Compare petrol prices
It’s easy to compare the price of petrol thanks to fuel price apps and websites. By checking prices in real-time, you can find the best price nearby. The law requires all petrol stations in South Australia report changes in fuel prices to a central database, with the prices shown via fuel price apps and websites, so the information is transparent for consumers.
Read more about how you can find the cheapest fuel.
Be scam alert
Be aware that anyone who contacts you and asks for your personal or financial information could be a scammer – especially if they create a sense of urgency about responding immediately. Check if the request is legitimate by contacting the organisation via contact information from an independent source – e.g. a bank statement or legitimate government website.
Act quickly if something feels wrong and contact your bank or credit card provider immediately if you think you’ve given your financial details to a scammer.
Learn more about avoiding scams at Scamwatch.
More information
For more tips to ease the cost-of-living see the page Be a savvy consumer to make the most of your budget on the Consumer and Business Services (CBS) website.