10 easy ways to handle the rising cost of living in 2024
Let's face it: things are exxy. Pricey. Costing all the dollarydoos! From food to fuel to housing, the ballooning cost of living has got many Australians breathing into a paper bag.
But calm down: it’s not all hopeless. Salaries are rising, but we can tighten the proverbial belt. So let’s review some of the best, quick, cost-saving tips to start in 2024. Consider it therapy for your wallet!
Here’s ten easy ways to handle the cost of living this year.
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- 1. Cut down energy usage
- 2. Switch your bank account
- 3. Buy groceries online or from small local shops
- 4. Rethink your commute
- 5. Switch your mobile plan or broadband provider
- 6. Track your spending with a smart money app
- 7. Actually make a budget
- 8. See if you’re eligible for government benefits or vouchers
- 9. Get amongst the free activities
- 10. Sell stuff you aren’t using
1. Cut down energy usage
Summer brings the temptation to crank up the air-con, but this only works if your unit has a good energy-efficiency rating and your home is well insulated. Usually, it's cheaper to cool the human, not the home.
Think big picture with your energy usage to find other ways to save this year. Use plug-in timers or turn off unnecessary gadgets ghosting power overnight or while you’re out, like your WiFi router, microwave, TV, computer, etc.
Long-term, compare energy plans and consider switching if you find a better deal. If you already have some savings in the bank, consider upgrading your home with better insulation, or even a solar panel or two. A few grand now could save you hundreds of thousands in electricity bills later – as well as the environment.
2. Switch your bank account
Most people tend not to switch bank accounts because they believe it’s too hard or complicated – but this only helps the banks, not you.
Thankfully, it’s actually pretty easy to switch banks and save. Compare high interest savings accounts to find better deals and interest rates, then apply to open an account. Migrate all your bills and salary direct deposits, then voila! It's time to grow your savings.
3. Buy groceries online or from small local shops
Traditional grocery stores are designed to make us spend as much as possible: it's why you often leave with more than you wanted! Instead, online grocery shopping can help you watch your total and only buy what you need, as well as compare prices easily. Maybe that knock-off brand really is cheaper!
YouGov found that Australians could actually save as much as $1,360 annually by ordering groceries online. (Psst: our experts found some of the best online grocery shops for you to compare).
You could also sign-up for a meal kit delivery service instead of your usual shop. This way, you don’t have to spend time deciding what to get.
Otherwise, try these hacks when buying your groceries:
- Buy locally grown, seasonal produce.
- Buy in bulk, if possible.
- Make substitutions, like rice instead of pasta and chicken instead of beef.
- Shop at smaller, local grocers, butchers, and delis.
- Challenge yourself to eat everything in your fridge (so long as it's in date).
- Cook in bulk with a slow cooker: freeze the rest for later.
4. Rethink your commute
If sky-high petrol prices are making you cry (they’re sure making us cry), cut corners on your fuel bills (not the roads) by using government fuel check apps to compare servo prices.
Being proud Aussies, we also get to enjoy access to decent public transportation. Rethink your work commute by carpooling, biking, or catching the bus where you can. Now’s definitely the time to take full advantage of working from home, too.
But if that still doesn't cut it, have a look at the fuel reward discounts on offer at the moment to see if they could make a difference to your budget.
5. Switch your mobile plan or broadband provider
Internet access has become essential for many Aussies – and telcos know it. Hence, they sneak sneaky fees into your bills, like excess data charges, or reduce your mobile speeds till the delays drive you crazy and you fork out for more data.
Don’t put up with it: compare mobile and broadband providers to find a better deal. Look for coverage, discounts, and extra perks. (For example, sometimes you can get a free streaming service, or data bonuses. It'll depend on the plan, and T&Cs will always apply).
If you don’t use your mobile phone that often, you could save big time by switching to a prepaid plan instead of a postpaid one. This way, you know upfront what you’re spending and what you’ll get, rather than getting slapped with surprise excess data fees at the end of the month.
Certain providers like Vodafone also offer bundling discounts (with T&Cs, of course), so you could save by getting your mobile and broadband from the same place.
Nowadays, it’s pretty common for providers to offer no lock-in contracts, so switching is easier than ever. The key, though? Do your research, and get ruthless about what you really need. No point in spending more than you have to!
6. Track your spending with a smart money app
Nowadays, there are some pretty amazing smart money apps to help you keep track of your spending.
Download a money-saving app of your choice then have a look at where your money's going. Once you have a clearer idea of your expenses, you can decide what you can do without.
7. Actually make a budget
“Make a budget” can feel like depressing advice, but budgets aren’t there to hurt your spending. In fact, they empower it.
Instead of thinking, "I only have this much to spend," think, "I can spend this much." The best budget will balance your needs and lifestyle. Plus, you can always change it. If you underspend in one category, you can overspend in another, or shift your goals around till it's just right.
There are some heckin' awesome budget apps out there, too, that make budgeting as easy (and fun) as possible. Why not try a few?
While you’re at it, have a go at our free budget calculator. Remember: budgets are friends, not food. Wait…
8. See if you’re eligible for government benefits or vouchers
Different Australian states and territories have announced a range of vouchers to encourage people to spend locally, from parent discounts on swimming lessons to subsidies for back to school stuff.
Check out your local Services Australia app to see what you might be eligible for.
9. Get amongst the free activities
Free fun is the best fun! Unplug for a day and explore free activities in your local area. Most cities will have free museums or council run parks, gardens, walks, and beaches for your enjoyment.
Brew a cuppa and do a little bit of research: your next adventure could be budget-friendly and just down the road.
10. Sell stuff you aren’t using
If you're not using it, sell it. Places like eBay, Gumtree, and Facebook Marketplace provide great platforms for getting rid of old items for a small profit.
Some hot ticket items to sell can include:
- Clothes
- Electronics (especially vintage ones).
- Books.
- Furniture.
- Refurbished items.
- Arts & crafts.
These can all net you some quick cash for your savings. Plus, moving something on is a great way to avoid contributing to landfill. Huzzah for the environment!
Bonus tip! If you have a home loan, consider refinancing
Interest rates have increased by 4.25% since May 2022. For borrowers with variable home loans, this means they could be paying hundreds of dollars more in interest per month.
But while refinancing can sound like a scary prospect, it’s better than drowning in a mortgage you can no longer afford.
Some lenders even offer you up to $2,000 cashback to refinance, so shop around and compare what you find. The grass (and your bank account) might truly be greener on the other side.
Concerned about the rising cost of living? Head over to our family finances hub for more money saving tips.
You can also browse and compare savings accounts below to grow your nest egg.
Compare high interest savings accounts
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Savings Account
5.50% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 5.00% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read reviews and learn more about Macquarie savings accounts
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PremiumSaver
5.35% p.a. (for $0 to $250,001)
1.45% p.a.(for $0 and over)
Yes up to $250,000
Increase balance by $200 by the end of each month
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
CompareComparePremiumSaver
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
- Maximum rate
- 5.35% p.a. (for $0 to $250,001)
- standard interest rate
- 1.45% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
Read reviews and learn more about Rabobank savings accounts
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read reviews and learn more about ING savings accounts
-
Bonus Saver
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBonus Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 1.00% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
-
Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about ING savings accounts
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^See information about the Mozo Experts Choice Savings Account Awards
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