Login
Salary packaging, salary sacrificing – it’s the same thing, a smart way to increase your take-home pay.
Spring's finally here and hopefully bringing some warm weather and sunshine to go with it. With winter behind us, we thought it a good time to dust off some classic money saving tips, so here are 12 that we hope you find valuable.
Budgeting is a great way to see where your money is going and make adjustments to free up cash. You should record all your income and expenditure for a set period (usually a month) and set yourself spending targets to aim for.
Once you’ve got your plan, you’ll want to make sure you stick to it as best you can (and make changes where necessary). Simply knowing where your money is going (and if each instance of spending is really worth it in the long run) will help you make decisions that work in your favour.
As part of your budgeting plan, you can automate your savings by putting a pre-determined amount straight into your savings account on pay day.
Keep re-visiting your budget on a regular basis, and if you’re not happy with the amount you're saving, look at more places you could cut back.
When it comes to paying, are you all card, all cash, or somewhere in between?
Our tip: give priority to the payment method where you find it harder to overspend.
If you find it easy to lose track and spend more with your card, then you should consider switching to cash. Some people find it harder to part with cash and if that’s you, this could help you think twice and keep better track of certain spending.
Of course, if you're the opposite and you find it very easy to spend cash, then card might be better (especially if you have push notifications on your phone, sent directly after making a purchase, to help you keep tabs).
To start, a good option is to plan your meals ahead and consider prepping some days in advance. Make use of what’s in the pantry and let your plan guide your purchases.
Prepare a shopping list at home… and then stick to it. Be sure to avoid temptation once the goodies are staring at you in the supermarket (going shopping on a full stomach can help a lot with this). Look for specials and stock up on items you know you’ll get through (including meat that you can freeze and dried goods like pasta). Choosing generic/home brand items can also make a big difference. And if you do have certain brand items that you love, you could look to only stock up on those when they’re on sale.
You could also shop online to help limit impulse purchases and make it easier to compare deals and find the best prices at different stores.
Start by taking stock of all the different subscriptions you have running. It’s not just music and entertainment (like Netflix and Spotify), so watch out for news, software, social media or even food services like Hello Fresh.
Look for anything that comes out on a repeat, auto-renew basis, broken into annual, monthly and weekly. See how much each one costs you and assess how often you’re using them (or how much you feel you need them).
If there's space to trim the fat, bust out the scissors and make some cuts… your bank account will like you more for it.
This works well with both cash and card: round your transactions to the nearest figure that makes sense and put the spare money into your savings.
If it's with card, you can set transactions to split to the nearest dollar, and the remaining cents go into your savings (for example, rounding a $3.50 purchase to $4 so you save the spare 50 cents). You could even increase the amount so that it rounds to the nearest five or ten dollars. Check with your bank to see what's possible and consider setting it up.
When it comes to cash, you could do the same on your own by setting aside all coins and small notes (perhaps up to $5). You could use envelopes, an old jar or even a piggy bank to collect the extra funds.
There's vinegar, which can remove odours, clean shiny surfaces (including mirrors and windows) and work on bathrooms, floors and benches. You could also use it as the base of a DIY spray cleaner (something like 1 part water, 1 part vinegar, with a drop of lemon or orange for scent).
Speaking of lemon: its citric acid is antibacterial meaning it can get rid of mineral deposits in kettles and can help clean the microwave. You can also take advantage of bicarb soda for benchtops, carpets, and to neutralise odours (including in shoes). And you could grab your toothpaste to clean scuff marks, especially on white-painted walls and shoes.
First, check with your provider and look for quick wins, like increasing off-peak usage if that works out cheaper. You could also check out the competition to see if you can get a better deal.
Next, see if you can make adjustments to your existing habits. Small tweaks can add up and might give you a pleasant surprise when it’s time for your next bill.
Take stock of little things, like switching off appliances at the plug after use, washing clothes in cold water and using lamps instead of overhead lighting. Use the economy cycle for the dishwasher, take shorter showers (with a water-saving showerhead) and even use solar lights in the backyard.
In winter, look to reduce heating costs by capturing more sunlight and using extra clothing and blankets. For summer, do the opposite by blocking the sun in the hottest part of the day, then opening windows wide during the evenings.
Above all, it's important to take good care of your car. Maintaining it well and keeping on schedule with servicing will help reduce the likelihood of more expensive repairs down the line, while helping extend your car’s life. You should also regularly align your tyres and keep the right air pressure, which will reduce your fuel usage.
If you can bear to drive your car less often, look into options like carpooling or public transport. The saving on road tolls and parking can start adding up fast.
Review your driving habits and see if you can make any changes that reduce your car's energy consumption (and therefore fuel usage). That's things like avoiding accelerating too hard or fast, slowing down gradually rather than braking suddenly and cornering gently.
Libraries have a lot to offer, with books, music, DVDs, downloadable media and even internet access... and it all comes free with membership.
And when it comes to a tool or appliance, see if you can borrow it short term from a friend, family member or neighbour, especially if it's something you won’t need often (or more than once).
There are all kinds of places where you can buy items second-hand for much cheaper. Check out op shops and second-hand stores (including for things like clothes and books). Online, you can check out sellers like eBay and Amazon, or Gumtree and Facebook Marketplace. You might even head to a garage sale or flea market to try your luck.
And while you’re at it, you can use the same avenues to get rid of some of your older, unwanted items for a bit of extra cash. Why not give that much-loved but still good condition old bike a new home?
Instead of dining out at an expensive restaurant, you could head out on a picnic together. Rather than takeaway or delivery, you might do a home-cooked meal for friends instead. For the family, you could create an at-home cinema experience with the TV and some chairs in the backyard.
Think outside the box and see if you can come up with some cheaper alternatives to some of your favourite leisure activities.
Businesses are awash with special deals and discount codes. Keep an eye out for these offers, especially by signing up for email lists and watching out for seasonal sales.
And if you're one of our customers, you can take advantage of Smartrewards, where nationwide retailers offer great discounts on everyday items.
Have you checked your salary packaging arrangements recently to make sure you're maximising the benefits available to you?
Give yourself a salary packaging health check by logging into your online account and discovering all the benefits that you could be saving tax on.
This is general information only. Smart™ recommends that before changing or entering into any salary packaging arrangement, you should consider your objectives, financial situation and needs, and obtain appropriate legal, financial or other professional advice based upon your own particular circumstances.