The end of the financial year is just around the corner, making it the perfect time to give your finances a little makeover. Whether you’re hoping to save more, reduce stress, or simply get better control over your money, we’ve put together six simple ways you can take positive action and spruce up your finances. So, buckle up and start saving.
1. Review your regular expenses: Where’s your money going?
First things first: pull out your bank statements, you know the ones you’ve hidden away in that desk drawer or open your banking app and take a good look at your monthly outgoings. Are there subscriptions you haven’t used in months? Maybe a streaming service you forgot to cancel, or a pricey app that’s using up data and valuable funds? You’ll be surprised how much money you can put straight back in your pocket by cancelling or simply downgrading these invisible drains on your income.
2. Set a simple budget and track your spending
Taking control of your money is easier when you know exactly where it’s going. Use a budgeting app or a simple spreadsheet to track your spending, set limits, and spot areas where you can cut back. It’s a great habit to form now, so your money makeover lasts all year long.
3. Check your home loan rate: Could you score a better deal?
Homeowners, listen up! Recent interest rate drops mean you may be entitled to a reduction on your monthly outgoings. If your bank hasn’t passed on any savings, or if it’s been a while since you last reviewed your mortgage, EOFY is a great time to shop around. Reach out to your bank loan officer or mortgage broker and see if you can negotiate a better rate or even refinance with a different lender. Even a small reduction can add up to big savings over time.
4. See if you could save by making a switch on your car insurance
Car insurance is one of those necessary expenses that if you don’t stay on top of, could be putting a strain on your budget. Plus, you could be paying for unwanted extras that don’t relate to your circumstances. For car insurance that’s specifically tailored to women, get in touch with Stella Insurance. Reviewing and switching your car insurance policy now could unlock immediate savings — and Stella offers comprehensive cover with prices that won’t weigh you down. Don’t just stick with what you have; shop smart and see if you could save this EOFY*.
5. Get savvy with grocery shopping
Grocery costs have been one of the biggest increases on household budgets over the past few years. There are some simple ways you can reduce your overall spend without sacrificing too much on your essentials or sneaky little treats. Try shopping seasonally for fresh produce — it’s cheaper and tastes better. If you’re not sure what’s seasonal, check out the catalogue or the specials section online. Keep an eye out for weekly discounts or bulk buy pantry or household staples to save even more. If you live alone and a bulk buy doesn’t make practical sense, buddy up with a friend and halve your costs. Winning.
6. Audit your fitness memberships
Are you actually hitting the gym regularly? If not, it might be time to rethink your membership. Consider switching to a pay-as-you-go service such as ClassPass or hunting for a more affordable gym that offers you more flexibility. Or swap your membership for a fitness app that allows you to exercise at home without the outlay. You’ll save money and maybe even get a fresh boost of motivation.
*Any advice provided is of a general nature only and does not take into consideration your objectives, financial situation, or needs. Read the Product Disclosure Statement and the Target Market Determination available at stellainsurance.com.au to decide if these products are right for you. Stella Comprehensive Car Insurance is distributed by Stella Underwriting Pty Ltd (Stella) (ABN 72 633 811 319) as an Authorised Representative (AR No 001282046) of Virginia Surety Company, Inc. (ARBN 080 339 957, AFSL 245579), who is the insurance issuer.
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