Cost of living: how to save money

Journalists from across ACM asked the nation's top experts for their top cost of living hacks, to save you money right now.

Tip 1. Shop on a Wednesday

This tip came up a lot from experts, and - with recent data from consumer advocacy group CHOICE finding that 85 per cent of households are concerned about grocery costs and what they're paying at the supermarket - it feels like an easy change to make to your schedule.

The reason? Most major grocery stores release their sales on a Wednesday. This may include a percentage off products, voucher discounts, special buys and loyalty rewards.

Savvy saver Adele Eliseo also recommends keeping an eye out for the catalogues.

"Supermarkets are recognising that people are looking to save money," she said. "There are a few ways these sales work ... it may only be a 10 or 20 per cent discount but it adds up."

Tip 2. Score vouchers for cheap shopping

If you're looking for a bargain, there are even better options than simply shopping the sales.

Apps and websites such as Shopa Docket, Scoopon and Groupon offer discounts on household and lifestyle products as well as combo deals or percentage discounts.

Looking for sales on gift vouchers at grocery stores can also be effective. Vouchers are generally displayed near the front of stores and go on sale about once a month.

"You can stockpile them and use them over six months just to reduce the cost of groceries," Ms Eliseo said.

There is also potential to save a lot of money on cashback and discounts for members through supermarket rewards, particularly if you're already shopping at a supermarket with a program available.

Tip 3. Cook once, eat twice

Another savvy shopper Debra Balhatchet told ACM that cost reduction hacks had changed her life. When shopping for groceries, she advises considering how ingredients can be used twice. This will save you both time and money.

"If I make a Bolognese then the next night, we'll have stuffed potatoes and use the leftover Bolognese sauce," she said. "Sausages and veg one night, curried sausages the next."

Tip 4. One month no-spend challenge

"No spend challenges" have become a social media sensation. And a set period of time challenge where you don't purchase anything outside of essential items can save a lot of money - but they can be difficult to do.

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Budgeting site Rocket Money recommends knowing exactly what you are saving for, giving yourself clear rules and setting a time limit. This will help you stay motivated.

Tip 5. Host a dinner party on a budget

Hosting a dinner party can be a great way to save money on eating out. You can spend less by asking each guest to bring a dish.

Cooking large meals, like curries, is a great way to keep people well-fed while cutting costs. Bonus points for this, as your friends will see your cooking and hosting skills in action!

Tip 6. Cost-efficient pets

Ms Balhatchet answered her kids' call for a dog with a different kind of pet - chickens. She enjoys eating their eggs and can feed them food scraps, reducing waste.

"My son walks around cuddling his chickens," she said. "It's a win-win ... I'm actually getting benefit from my pets."

Tip 7. Hack the take-away system

What food do you reach for when you're having a bad day? For many of us, take-away has become a go-to.

But Ms Balhatchet recommends keeping long-life products for a comfort meal in your cupboard. This should be something easy and simple to make. For her, it is tuna pasta bake, but for you it could be anything.

Tip 8. Get the kids in on it

One of Ms Balhatchet's biggest tips is teaching your children to budget early. She has monthly competitions with her two children to keep their energy bills down. Her boys enjoy looking at the bill and understanding their energy consumption.

"There's no better time [to teach them]," Ms Balhatchet said.

Tip 9. Make your own gifts

Giving gifts brings joy, but can be expensive. How about you make your own gifts using household objects? This is often more meaningful and can help reduce waste at home.

Try YouTube and Pinterest for ideas, such as bath salts, coffee scrub, perfume, candles and cookies.

Tip 10. Save money on veggies

It is no secret fruit and vegetables can be costly. But you can cut expenses by buying 'odd' or 'ugly' produce, which most supermarkets promote - these taste just as good and help reduce waste.

Produce boxes can also be a great way to save money, especially if you're cooking for a family. Shop around online for the cheapest one near you.

Alternatively, you may like to buy in bulk at markets or wholesalers and food swap with your friends.

Tip 11. Track your spending

One of the best places to start saving is tracking your spending.

Understanding what money is coming in and what's going out is the foundation of your financial habits she said.

A budget planner can help cut costs on entertainment, restaurant meals, clothes and splurges on luxury goods. An easy way to do this is through phone apps such as the free budget planner on the government's Moneysmart website, which has information and support on managing the cost of living, mortgages and superannuation.

Tip 12. Fill up with petrol on Tuesday

According to Sarah Megginson, senior money expert at Finder.com.au, their March data showed one in four people listed petrol in their top three most stressful expenses.

She said making savings here comes down to "being mindful and organised".

"So not just filling up when the tank gets low, but being proactive. Research shows prices are generally cheaper on a Tuesday and sometimes on a Wednesday, before the weekend demand," she said.

Tip 13. Save hundreds a year by comparing petrol prices

Petrol prices have risen dramatically in recent months, but an app that compares petrol prices in your area can help you save up to 39c/L.

Apps including Fuel Map, Petrol Spy, Fuel Check or Fuel Finder are all free to download, help you find the cheapest servo nearby and may save you precious dollars at the pump.

It can also pay to look at rewards and discount vouchers through supermarkets and other apps.

"You might think four cents is not a lot but it all adds up, so you might as well use those discounts where you can," she said.

Tip 14. Compare your car insurance

This tip comes from personal experience for Ms Megginson who recently managed to save $250 a year without making any sacrifices on her level of cover.

"If you haven't compared your insurance in the past year, it's a great way to save," she said.

"Our research shows for comprehensive car insurance with similar features, the difference between the cheapest and most expensive is well above $1000."

Tip 15. Leave the car at home

This one depends pretty heavily on where you live, but Ms Megginson said if petrol was taking up a large part of the budget, it could be worth thinking seriously about alternatives.

Whether it's using public transport, cycling or walking more, and even looking at electric vehicles as a future purchase.

Tip 16. Audit your subscriptions

While she doesn't advocate cancelling all your subscriptions, Ms Megginson suggests looking at what value you're getting.

"I recommend doing a subscription audit - at the start of this year I looked at all my music, TV and gym subscriptions and put them all in one list," she said.

"Once I saw it all together I made some decisions about what I actually wanted to keep and ended up saving $75 a month."

Tip 17. Make a list (and shop later)

At the supermarket, Ms Megginson recommends taking a list and only buying what you need.

"Have a clear idea of what you need and try not to be tempted by sale items at the end of the aisle," she said.

She also suggested shopping at the end of the day to catch markdowns in the dairy, bakery and even meat sections.

Tip 18. Limit buy now, pay later deals

Buy now, pay later deals have become increasingly popular but Ms Megginson warned that if you can't afford to buy something outright, then it could be worth reconsidering if it's really worth it.

"Having some discipline with them is really helpful," she said.

Tip 19. Delay gratification

For bigger, expensive purchases that may require a buy now, pay later deal, Ms Megginson suggests sitting on the decision for 24 hours, when you may have a different outlook and possibly realise you don't really need it.

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Tip 20: Ask for a better deal

Energy Made Easy is a handy website to compare utility retailers and find the best deal. The free service is run by the Australian Government for households and small businesses - who are encouraged to speak to their current provider to negotiate a better deal if the comparison website finds greater savings could be had with another retailer.

For small businesses, a dedicated account manager at beevo will crunch all of your utility bills, conduct a health check on your data bills and even find better gas and energy deals for you (for free).

Tip 21: Consciously shop

"The biggest thing that we always say is don't shop on autopilot," savings expert at CHOICE Liam Kennedy said.

"When you go into the supermarket, you should be thinking about what you're doing, not just going to the same products you get every time and buying those without really taking a close look at the price."

Comparing unit prices is an effective way to ensure you're getting the best value for money. Unit prices break down the cost of a product into standard units of measurement, such as per 100 grams, and let you compare different products more easily.

"If you're at the supermarket looking at the shelf, it's the smaller price on the label. So that's a really good place to start and compare different products to see whether you'll be getting better value buying something big or smaller," he said.

Tip 22: Look for product refills

When it comes to household products like cleaners, hand soaps and detergents, constantly replacing small packets can be costly.

"We've found that buying one of the larger bulkier refill items of a product can deliver savings of up to 32 per cent, compared to just buying a prefilled dispenser," Mr Kennedy said.

Tip 23: Avoid pre cut food items

CHOICE research found that pre-cut fruit and vegetables can cost up to five times as much per kilo as the unprocessed origins. They also contribute more packaging to get rid of.

"If you can, buy the whole vegetable and cut them up at home yourself," Mr Kennedy said.

Tip 24: Opt for a cheaper phone plan and bank up your data

According to the ACCC, the average Australian uses 11.8GB of data each month, while the median data allowance on offer for mobile phone plans is 35GB per month, meaning people are paying for more than they are using.

Author of Easy Money and professional bill buster Joel Gibson posts daily deals and hacks to help with savings. He recommends selecting a cheaper plan that has bonus or double data for the first three to six months and also offers data banking or rollover, meaning your data doesn't expire at the end of the month.

Because of the bonus data in the first three months, the banked data at the end of the three to six months will ensure you have enough data to last, even though you are now on a cheaper plan with less data allowance.

Using this tip can help you save hundreds of dollars on your mobile bill.

For small businesses, experts at beevo recommend reviewing your phone and internet services at least twice a year. "Thanks to the rollout of the NBN network there are lots of suppliers, great and small, vying for customers," a spokesperson said.

Tip 25: If you're struggling to pay bills, ask your provider for help

Australian utility providers are obligated to provide hardship policies so that people in financial stress are not left without electricity or water. If you're struggling, Mr Kennedy from CHOICE recommends telling your provider so they can assist you with a hardship policy or payment plan.

Tip 26: Set a reminder to save

A quick way to reduce spending is reviewing bank or credit card statements for the last two months and weeding out any random direct debits or standing costs that could be cancelled.

Moneysmart spokesperson Andrew Dadswell recommends reviewing expenses and suppliers regularly, because "little things can add up over time".

Tip 27: Turn off your air conditioning

"When you're using your car, turning on the air conditioning while you're driving can increase fuel consumption by about 10 per cent," CHOICE's Mr Kennedy said.

So turn off your aircon when you're driving around, roll down the window, and save on fuel. The same applies for your home life.

Tip 28: Do a super supermarket shop

It's best to do a weekly - or even fortnightly - shop so you can buy in bulk, have planned exactly which ingredients you will use, and have less opportunity to be tempted by the aisle promotions.

For the same reason, make sure you're not hungry when you hit the supermarket, or those snack foods will seem all too appealing.

Tip 29: Contact a free financial planner

"I think people get caught up in the idea that they need to pay for forms of advice to manage their finances or get help, but there's free financial counsellors out there," Mr Kennedy said.

The national debt helpline can put you in touch with a financial planner for free, and they can even negotiate on your behalf with companies you owe money to.

Tip 30: Investigate government payments and loans

The federal Government website Moneysmart is an excellent source of information for free and accessible financial services, as well as information about interest free loans, help and crisis support provided by not-for-profits to cover essentials like groceries or repairs.

Tip 31: Excellent holidays don't have to be exxy

The best parts of a holiday include having time to relax, broaden horizons and gain a fresh perspective - and these things don't have to be expensive.

Spend a bit of time researching for those special deals and discounts for all sorts of travel, and adapt your plans accordingly.

But Moneysmart spokesperson Andrew Dadswell told ACM that it's also important to be realistic about the costs of a holiday.

"Whatever your next holiday is, chances are it will take a chunk out of your budget," he said.

It's better to plan thoroughly than splurge using credit cards, and look for experiences that will not break the bank.

Tip 32: Package it up

Package deals take the hard work out of travelling - groups such as ACM's own Explore Deals, as well as Luxury Escapes, TripADeal and Wotif bundle holidays with flights, transfers, accommodation, meals and even massages. Holiday packages can get you to some top family destinations and include daily meals and drinks, babysitting and even activities, taking the guesswork out of costs and ensuring you stick to a budget.

Tip 33: Automate savings

"Automating your savings is a great way to save without thinking about it," Mr Dadswell said.

One way is to organise with your employer to transfer a portion of pay into a separate savings account, he said. An automatic, and recurring, transfer can be set to send a chunk of income into a savings account on payday, so there's no temptation to spend it.

"You'll see your money grow over time which can then be used for emergencies or goals you have, such as holidays," he said.

Tip 34: Book accommodation with a kitchenette

Swapping smashed avo at a beachfront café for a bowl of cornflakes can strip hundreds of dollars from holiday expenses.

Eating out for every meal can make travelling costly, but booking accommodation with a kitchen or BBQ leaves more money for gelato.

Tip 35: Plan to use public transport

In the age of transport apps like Uber, Didi and GoGet, there are so many ways to get where you're going.

Researching the cheapest transport options in advance could save on blowout travel expenses like private transport to the airport. Public transport, shuttle buses and ridesharing can be good options.

Tip 36: Travel during off-peak times

Peak season is the most popular time to visit a destination. Travel hot spots peak when the area hosts an event or has beautiful weather, or during school and public holidays.

But peak season brings expensive flights, accommodation and tourist activities, and the added crush of crowds.

Visiting a town or city outside of their most popular season will help keep costs down.

Tip 37: Bring only spending money

Paying the bulk of expenses in advance means any leftover cash can be used as spending money, Mr Dadswell said.

Some expenses to pay well in advance include airfares or transport costs, visa and passport charges, insurance, accommodation, entry fees for sights, activities and entertainment. This will help with budgeting and peace of mind - it can also be cheaper to pay online.

This tip also applies beyond your holiday too - if you only bring a certain amount out, you won't be tempted to spend unwisely.

Tip 38: Go camping

Cut costs on expensive holidays and drink in the luxury of Australia's most scenic camping spots instead.

Alone Australia survivalist Duane Byrne's recommends some of his favourite camping spots around the country for an affordable and relaxing holiday:

Try Jurien Bay Marine Park in Western Australia for crystal clear water and a chance to spot the sea lions.

Visit the beaches at Gaagal Wanggaan National Park in NSW for some of the best ocean swimming in Australia.

Wye River Caravan Park in Victoria offers rugged beaches and crisp air coming off the Bass Strait.

Stay at Deep Creek National Park in South Australia for plush rolling hills, expansive beach views and plenty of native wildlife.

Freycinet National Park camping ground is a convenient base to explore the views on offer.

Stay at Noosa North Shore camping ground in Queensland for balmy weather and horse ride on the beach.

Tip 39: Use the 'snowball method' to pay down debt

Holidays often come with unexpected costs, so if a little extra financial baggage is coming home with you - there are ways to pay it down quickly.

When it comes to managing debt, the most important thing is to make a start, Mr Dadswell said.

He recommended using the "snowball method". This involves making a list of all debts owing and the minimum monthly repayment, if there is one.

"Start with the smallest debt, pay that off, and move onto the next one," he said.

This method is a quick and encouraging method for paying off credit card or personal loan debt, he said.

Tip 40: Fly on a Tuesday

According to Finder's Gary Hunter; Tuesday is often the cheapest day, with weekend flights from Friday to Sunday usually the most expensive.

Also, he says the second flight of the day is often less expensive than the first.

Other plane hacks? Flight Centre travel consultant Nathan Varney suggests booking with airlines that have free seat selection or, if they do charge, wait until you're at the airport where airport staff do it for free.

Also consider split-ticketing options - two single flights can often be cheaper than a return.

Tip 41: Create a mini food co-op

One of the easiest ways to save money is to buy in bulk, but Stay at Home Mum founder Jody Allen told ACM that's not always possible for every household.

To get around this, she said it can be beneficial to create a mini food co-op to share discounts around.

A couple of times a year she buys a large portion of meat and splits it with two other households.

"It has been really good because it brings it [the price of meat] down to about 10 bucks a kilo," she said.

They also share homegrown produce, while one family shares the eggs from their chickens.

Tip 42: Create a 'slush fund' in you budget for discounted items

Products in supermarkets fluctuate often between their full and discounted prices.

To ensure you are always getting the best deal, Ms Allen said she reserves a 'slush fund' - an extra allocation of funds in the grocery bill, to stock up on non-perishable items when they are on sale.

This means she can enjoy months worth of washing powder or tinned tomatoes without ever having to pay full price.

Tip 43: Increase household energy efficiency with small changes

In fact, increasing a home's energy efficiency is one of the best ways to save money.

Canstar utilities editor Tara Donnelly told ACM there are a number of small changes that can boost savings.

These include sealing doors and windows, closing curtains and blocking draughts.

This will let heaters and air conditioning work more efficiently, which is important, as these appliances are usually the biggest contributors to seasonal bill increases.

Tip 44: Increase household energy efficiency with bigger changes

If you are serious about increasing your household's energy efficiency, there are a number of changes you can make.

These include investing in better insulation, which can make a home up to 50 per cent cheaper to heat and cool, and updating old appliances for more energy efficient ones.

Tip 45: Be careful of standby appliances - especially gaming systems

Standby appliances can add up to $100 or more to your annual bill in wasted electricity, and Ms Donnelly said gaming systems are one of the "biggest culprits" of this problem.

She said for people who forget to turn appliances off at the wall, purchasing a smart power board to stop standby electricity use can be helpful.

Tip 46: Negotiate

Sometimes, all you need to do is call your provider and tell them you are looking for a better deal, which is likely to be immediately forthcoming.

The same applies for new appliances, furnishings and electronics - even repairs - it never, ever hurts to ask for a better price.

Tip 47: Understand electricity supply fees

For those serious about reducing their energy bills, Ms Donnelly said it was important to be aware of supply fees.

A supply fee is the amount charged to have electricity supplied to the home and is different from usage fees, which charge for the quantity of electricity used.

These fees can differ by as much as $0.80 to $1.20 a day, and for small households in particular, can be a larger portion of the bill than usage fees.

Tip 48: Be careful of discounted energy offers

Discounted energy offers including bill credits, sign-up offers and rewards programs can be great, but according to Ms Donnelly can hide high usage and supply charges.

"Rewards programs are only useful if you actually use the stores offering rewards redemptions," she said.

"And bill credits and sign-up offers run out, so if your usage and supply charges are high, you could see a big jump in your bill when that happens."

Tip 49: Use a smart meter to monitor your consumption patterns

Energy companies now have a number of resources to help consumers monitor their usage.

For example, many providers have apps or features that let smart-metered homes track their energy usage patterns.

Over time this can help change behaviours to save money.

Tip 50: Invest in a large freezer (but make sure it's efficient)

According to Ms Allen, a great way to save is by cooking just once a month.

She will often cook a month's worth of meals and preserve them in a large freezer.

She said this means she never has to resort to expensive options like takeaway when she is too tired to cook.

But, Ms Allen said it was important to seek out an energy efficient freezer, otherwise any savings could be lost in additional electricity bills.