Simple Saving Strategies: 6 Easy Ways for Australians to Reduce the Cost of Living in 2023

With the cost of living still steadily increasing, many Australians are finding it next to impossible to stick to a budget. This is nothing to be ashamed of, and plenty of people are in the same boat. However, it is an issue that you need to be proactive about if you want to survive in the current economic climate. That’s why we’ve delivered six simple ways to reduce your expenses and alleviate some of the stress on your wallet.

Prepare for Tax Time

It’s vital to be on top of exactly how much of your wage the government is going to claim so you don’t end up with a surprise bill. We suggest entering “tax calculator Australia” into your preferred search engine to find a tool that will help you stay on track to cover your obligations. The good news here is that you may discover you’re in for a decent return, which will allow you to be proactive about upcoming expenses.

Cook at Home and Meal Prep

You can save yourself a shocking amount of money through the simple act of cooking at home instead of eating out. The easiest approach is to cook in bulk and use the leftovers to cover your meals throughout the week. If you buy in bulk, cook in bulk, and freeze or refrigerate the leftovers, you can slash your grocery bill, reduce your spending on takeaways, and improve your health all in one go.

Compare Unit Price, Not Total Price

Another simple tip for saving money at the supermarket is to compare the unit price rather than the total price. For example, instead of just grabbing the cheapest box of muesli, take a look at the weight of each packet and what the price works out to per gram. You will often discover that a larger and more expensive box works out cheaper per gram. However, this isn’t always the case. Sometimes, it’s more cost-effective to buy two smaller packets than one large one. Supermarkets are tricky, so it always pays to check. 

Buy Frozen or “Ugly” Veggies

Frozen veggies usually work out cheaper and reduce wastage. They’re usually also just as good or better for you than their fresh counterparts. If you’re determined to only shop fresh, check out your local greengrocer or buy the “ugly” ones for sale at a discount. They have the same nutritional profile and can greatly reduce your bill.

Reduce Your Fuel Bill

While shopping around each time you need to pull up at the pump may not be viable, the savings will add up over time if you can find a way to get your fuel cheaper. Use fuel-watch websites to track prices and fill up at the best times. You can save at the pump by using reward programs or discounts from your grocery receipt. However, always double-check that they’re not inflating the prices to offer a “discount” that doesn’t really save you anything. 

Check If You Can Get a Better Deal on Your Bills

Finally, switching up your utility providers can yield significant savings. It’ll take a bit of a time investment to get your current provider to match other available deals, but sites like Whistle Out can make the process easier.

The economy is making life hard for many, but there are ways to ease the pain. Follow the tips in this article and find your own ways to save money in other areas. Most importantly, don’t be ashamed to ask for help if you need it. Good luck.