You could save a lot of money by adjusting one or both of these services. Other than rent and food, your cable and phone bills are likely your two biggest monthly expenses. All these small adjustments added together can lead to big savings each month. Turning down the heat at night or when you're not home, using fans instead of air conditioners, maximizing load sizes on laundry day, taking shorter showers, and turning the water off while doing the dishes are all fairly easy ways to lower your energy bills. Utility bills, such as electricity, gas, and water, are another easy area to reduce monthly spending. If you plan all your meals for the week in advance and make a grocery list before going to the store, you should be able to avoid impulse buys and stick to your budget. By keeping track of how often you eat out and deciding to eat at home a few more times per week, you should be able to lower your monthly food expenses.Īnother easy way to cut costs is at the grocery store. Out of that, about $3,000 is spent on restaurant meals or other food outside the home, which comes to $250 per month. Here are five ways to cut monthly expenses.Īccording to the Bureau of Labor Statistics, the average consumer spends about $7,000 on food per year. Start by looking at your recurring expenses and decide what you absolutely need and what you can do without. By looking for small ways to change your spending habits, you should be able to save money and maintain your current lifestyle. But you don't have to change your life completely to save a little money each month. When it comes to cars, Ms Hartnett says apps can be a way to find the cheapest fuel available when looking to fill up.Whether you want to pay off debt or save for a big purchase, one of the best things you can do to save money is to cut monthly expenses. "Often people have got things in their cupboard that they haven't used, so clean it out and see what you've got in there that you can actually be using." Ms Hartnett also recommends having a look through the pantry. "The more often you're there, the more tempting it is to buy something on special." "Weekly shopping means that you're very planned - you've got your list and you're sticking to it," she says. Salvation Army national moneycare manager Kristen Hartnett recommends people shop with a list, shop once a week, and shop alone, if possible. Struggling with rising power costs? Here's a state-by-state breakdown of what government rebates and concessions are available.So why are we paying more for electricity? Here's how things are looking where you are Capital city housing values are still rising but at a slower pace.She says buying frozen vegetables instead of fresh produce is another way to cut costs and reduce food waste. "Having a meat-free is going to take down your grocery bill a little bit," Ms Devine says. Ms Powell says buying discounted meat and freezing it can be a way to save, while Ms Devine from She's On The Money says cutting back on meat can also be an option. "Buy the large bags of chips and pretzels - you know, the big party bags - and then individually put them into the containers as you go." So we have asked a group of financial professionals for their top tips to ease the cost-of-living squeeze and to get on top of household budgets. Slowing inflation this week has given hope for a July reprieve from further rates rises, but in April the Reserve Bank acknowledged the "squeeze on household budgets is likely to continue for some time", testing the resilience of households and businesses. The Australian Bureau of Statistics (ABS) quarterly price review for 2023 shows the cost of food and non-alcoholic beverages, education, recreation, and household furnishings and services rose by between 5 and 8 per cent in the 12 months to March. As interest rate rises put pressure on the hip pockets of households across Australia, professionals who help people with their finances say there are some straightforward tasks to work through that can help the personal budget.
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