Do you want to save time and money this year?
If so, then listen up! We’re serving up the top 10 personal finance hacks shared in our community this week, that’ll keep those $$$ from flying out of your bank account.
After we shared our top 10 personal finance books on The Australian Finance Podcast last week, we gave our listeners the opportunity to win a copy by sharing their #1 Money Hack.
We were blown away from the amazing suggestions across our FB Community, Instagram and Twitter, and can’t wait to share the winning Money Hacks with you today.
The Top 10 Money Hacks
Use vouchers/gift cards for every day/ essential shopping items. I have been using those to get at least 5% discount for items in Kmart, Woolworths, Coles, Priceline, Target and so on. I have also been using discounted fuel gift cards. I am going to buy those items regardless. So why not use them and pay less?
From Nirav P in FB Community
Each time you receive a pay rise, invest a portion of each pay packet, that way you don’t even notice it gone. Also start to salary sacrificing when you are young into super, great compulsory savings with excellent long term benefits.
From Melinda H in FB Community
Our biggest money saver (courtesy of Barefoot Investor) was to call up our bank about our home loan interest rate … Politely asked them if they can waive our break fee on our fixed rate and match a competitor’s variable rate (who was offering a sign-up sweetener equivalent to our break fee) which they approved! A phone call and couple of emails saved us thousands of dollars in repayments.
From Luke T in FB Community
Meal planning keeps our budget under control. It’s very easy to spend too much money at the supermarket. We have a weekly “lucky dip” to decide what’s for dinner for the week.
From Justine B in FB Community
30 day rule – if you find something you realllllly want, wait 30 days and see if you still feel the same or if it was just an emotional/impulse buy.
From @aime.denise on Instagram
Making my own washing powder and household cleaning products, so easy, much cheaper and better for the environment 🌱 It’s a win win!
Vinegar/bicarbonate/lemon & some elbow grease will clean just about anything!
A mix of pure soap flakes, bicarb, soda crystals & sard eucalyptus powder makes for a great washing powder…alternatively refill a container at your local Whole Foods store it’s quicker still cheap and waste free!
From @pinot__grigio__ on Instagram
Buying 2 minute noodles from Coles/Woolworths for plane trips and asking the attendants for boiling water instead of buying overpriced noodles from the flight menu! 🍜
From @shannendelamotte on Instagram
Track where your money goes.
If you don’t know where it goes, you can’t manage it.
Not a limiting, strict budget. But a true picture of where it actually gets spent. Then you can decide what’s important to you and what can be eliminated or reduced. Save/invest the difference.
From @FreedomBefore50 on Twitter
My simple but not so easy Hacks:
#1 avoid hyper consumption
#2 regularly optimise bills by looking at usage and shopping for better service providers
#3 create artificial shortage by investing a defined % of income first
#4 know your Taxes
#5 read to find more hacks
From @khans_way on Twitter
Rather than the typical hacks: for purchases you are planning to make employ the use of a good rewards cashback system i.e. cash rewards, shop back etc. There are sometimes good flash % promos and deals. Combine with deal sites like ozbargain for clearances and big discs(plenty).
From @Lomandriel on Twitter
Honourable Mentions
I had to mention a few others that I personally enjoyed here, so keep reading for more awesome Money Hacks!
Every time I’m tempted to buy a lottery ticket, I put $50 in my Raiz account instead.
From Sarah S in FB Community
Consolidate your super! It’s not that hard through myGov, then reward yourself with a cupcake.
From @rikkilee11 on Instagram
Take photos of what’s in your fridge and pantry before you head out for groceries so you don’t double up on what you already have 🍏 🍉
From @carina117 on Instagram
My #1 money hack is reading all comments from this post and getting new ideas for saving some $$$ – thanks Owen & Kate! Also, other hacks I use are Honey extension in my browser for some discount codes and Qantas extension for some frequent flyer extra points.
From @_tatianabc on Instagram
Soooo many to list but #1 would be using cash for purchases (this is especially helpful for food).
Another that I didn’t see in the comments was housesitting. My partner and I have been doing this 2017 and the $10,000s saved is massive! It has led to opportunities such as living on Fraser Island 😁 next is 6 months in Townsville to look after a cat and a swimming pool. All rent free!! Side bonus: moving often keeps your possessions down as everything we own fits in our car 👌 we currently live a great life under $20k/year for the both of us.
We use Aussie House Sitters, and if anyone wants to sign up, you are welcome to use our referral code to save $10 off the annual membership (referral code: QJFEQV).
From @moneylikemike_ on Instagram
Learn about anti consumerism and living with less/ minimalism. For me it’s reduced my desire significantly on buying things and when I do it’s well thought through and researched. Whether that’s the cleaning products we use at home (Dr Bronners is one amazing product I’ve learnt about that has so many uses with just 1 product), a new pair of sneakers or a car.
Learning to reuse things, repair things or buy things second hand also has a huge effect on your cash flow. Plus it’s good for the earth. Win win 🙌🏼🌴
For me I’ve been mostly influenced by the following great people and resources: @sarahwilson , @theminimalists documentary and podcast, playing with FIRE documentary, The Slow Home Podcast, Tidying Up with Marie Kondo Netflix series and Becoming Minimalist blog/FB page. Books: Affluenza (Oliver James), Goodbye Things (Fumio Sasaki), Slow (Brooke McAlery), Spark Joy (Marie Kondo). 🙌🔥
From @lisajtaylormade on Instagram
Well, those certainly got me thinking! And…if you’re after even more Money Hacks, head to our FB Community, Instagram and Twitter accounts to read all the other amazing ones there!
Cheers to levelling up our personal finance game 🥂
