With costs rising across many areas of life’s expenses, small savings can have a big impact. Here are our 5 top tips for beating the rising cost of living and making your dollar go further.
1. Check your home loan rate
Your home loan is a great place to start when looking for savings. If you haven’t yet reviewed your home loan, now is the time. With rates on the rise, there is an opportunity to save money and better align your loan to your future goals – there’s more to a home loan than just an interest rate! Available to anyone, our free home loan health check takes a pulse on your loan and provides an assessment that includes loan term, interest rate, home equity, your LVR, offset facilities and how your home loan aligns to your current goals. Visit our team to get yours done today!
2. Review big ticket expenses
When feeling the pinch, reviewing memberships to clubs, societies and gyms, as well as subscriptions and recurring expenses, can make all the difference. You might be able to make a saving by switching from monthly to annual payments, or you might decide to scale back for a few months to trim some fat from your budget.
3. Take a takeaway time out
While convenient, takeaways can significantly chew through your disposable income and dial up the pressure on your household budget. Try deleting apps from your phone to remove temptation and filling your freezer with ‘fakeaway’ alternatives to cook at home – save the real deal takeaway for special occasions.
4. Compare petrol prices
Fuel can be a budget-sucker at the best of times, and especially when prices are on the rise. Using an app like PetrolSpy allows you to compare prices in your area and make sure you’re filling up at the lowest price.
5. Tighten up your budget buckets
Sit down and review how you organise your money. It pays to separate out your savings and discretionary spending categories to help you keep on top of your priorities. If you regularly dip into savings for non-essentials, it may help to put it in an account with a different provider to reduce your ease of access!
With interest rates on the rise, there’s never been a better time to review your home loan. A Bendigo Bank home loan health check is a great way to ensure your home loan is still the right one for you and is meeting your current needs. Book your free home loan health check by contacting our Community Bank Sarina Bendigo Bank team on 4943 2634.
