Stop buying lattes and cut out your avocado toast… kidding.
As Spaceshippers we’ve got full faith in the future – and, while we wait for inflation/supply chain constraints/the pandemic/global conflict to give us a breather, there are some small things we can do.
What are some ways to save money?
One great thing about personal finance is it’s personal.
These tips may not work for you, and we’re not making any particular recommendations. But we do have some ideas and examples of things that have worked for others.
How to save money on food
1. Use super cheap recipes
Make cheap meals. It can save you heaps.
Sites like Budget Bytes, Cooking on a Bootstrap and One Pound Meals exist to help people eat good food on tiny budgets.
(We’re not affiliated with them but some Spaceshippers are personal fans.)
2. Eat the food at work
If your workplace keeps a well-stocked pantry, make the most of it.
3.Compare meal delivery fees
Meal delivery services charge different delivery fees. Make sure you compare them.
Here’s an example at the time of writing, for some food for thought.
| DoorDash | Deliveroo | MenuLog | |
|---|---|---|---|
| Cost of Big Mac | $8 | $8 | $8 |
| Delivery fee | $6.79 | $12.98 | $7.95 |
| Total | $14.79 | $20.98 | $15.95 |
4. Buy the ugly fruit and vegetables
Whether they’re sold as ‘imperfect picks’ or ‘odd bunches’, there are savings to be found when you buy the non-standard fruit and vegetables at supermarkets.
5. Be a hydro homie
Staying hydrated has non-monetary benefits - according to Harvard University it helps with sleep quality, brainpower, and mood.
And, if you carry your own water bottle, it’s basically free.
6. Become a prepper
Meal prepping means choosing and cooking your meals ahead of time – whether it’s for your whole week, or just your work lunches.
Typically you need a microwave.
There are resources and apps that can help you figure it out – we like the MealPrepSunday subreddit.
7. Don’t buy all your coffees
Baristas who know your name and order are one of life’s great joys.
But some people find even more joy in becoming their own barista.
Take Blair.
“I drink a lot of coffee, like three a day.
During Covid I started making them myself as I couldn't head to the local cafe to buy the liquid gold. After a little while I realised how much money I was spending on coffee.
This led to me finding enjoyment in the hunt to make that perfect brew. The other upside has been being able to talk shop with my local barista when I do buy a coffee, such as getting tips on the best roasts and learning new techniques.
On top of finding the enjoyment in making coffee, I now save about $70 a week (I allow myself to buy one every day).”
8. Embrace boring lunches
This is a standard tip, we know, but the savings are real.
Bringing your lunch from home – or giving yourself a weekly lunch budget – can help cap the price of what’s an otherwise expensive time of the day.
9. Bring snacks from home
It’s the same deal with snacks. An easily accessible piece of fruit or muesli bar can stave off hunger pangs until it’s time for dinner.
Do not pass Starbucks. Do not collect venti cappuccino.
10. Visit a community pantry
If money’s really tight and you find yourself going to bed hungry, find out where the food pantries are in your area. There’s absolutely no shame in it.
Organisations like Food Bank and Addi Road have been set up to help address the hunger crisis, and can be good places to start.
Bonus tip: they’re good places to volunteer, too.
How to save money on entertainment
11. Become a seat-filler
Ever wanted to be part of a TV audience? TV stations such as the ABC and tv shows such as The Project are regularly on the lookout for audiences, while businesses such as ShowFilmFirst make it their mission to create full houses at live comedy and theatre shows.
It’s a cheap way to access what can be world-class entertainment.
12. Check out events in your area
Sometimes it feels like you can’t leave the house without spending money, especially if you live in a high cost of living city.
Meetup and Eventbrite are two websites that list local events, often free, and often with free pizza.
13. Volunteer for events for cheaper entry
Have an interesting but exxy event coming up? Try reaching out to see if they have a volunteer program.
Writers festivals, film festivals, music festivals and city festivals are all run on the power of volunteers who often receive cheaper entry to events as payment. It’s the same deal with conferences, galleries, and exhibitions.
Often, Googling the name of the event and the word ‘volunteer’ will net you the result you’re looking for.
14. Check out your local Facebook groups
They’ve got the hook up on the next street party, Farmer’s Market, or Christmas in July. They’re also good for discussion about mystery lights, sunset pictures, and Kids These Days.
15. Keep a list of free attractions
Keep a list of free-to-cheap attractions and it’ll help you when you want to get out of the house but don’t want to spend any money.
Local galleries, scenic walks, annual fairs, and sunset spots can be great experienced alone, or with visitors – but only when you remember they exist.
16. Pick your friends wisely
If you’re on a budget, don’t hit up an expensive restaurant with your big spender friend. It sounds obvious but FOMO and peer pressure are real.
Offering alternate suggestions, such as getting in first with a coffee-and-a-walk rather than drinks-and-a-degustation can help you out here. (Unless it’s their shout, in which case…)
17. Have a free adventure
We don’t wanna be ‘that guy’ but there’s a whole world out there, which engineer Aaron learned when he started cycling.
“One of the big realisations that I had when I started cycling was how little outdoors and nature I was getting. Sure you do get a bit when walking/running, but because of the speed cycling just gets you seeing way more places.”
“Bikes can get real expensive, but if you don’t care about the bells and whistles, you can easily get a decent bike for a few hundred, and it’ll be 95% as good as a $10,000 bike.”
“I also know an older couple (a friend’s parents) that actually started bringing their bikes on holiday with them. They reckon it's a way better way to experience a new destination - getting to see and explore places, stopping along the way whenever they want.”
How to save money on streaming
18. Use one streaming service at a time
Spotify for music, Apple TV for Ted Lasso, Paramount Plus to watch the A-Leagues, Shudder because you’re into horror…
Streaming services add up – especially when they’re all putting their prices up. Our humble suggestion? Be strategic.
Pay for one service at a time. Figure out what’s dropping this month and schedule your viewing into your calendar.
You can also see if your streaming service will let you pause your subscription.
19. Join the library then use the app
See if your local library membership also includes access to free ebooks and audiobooks.
Apps such as BorrowBox and Libby are credible alternatives to the Kindle store and Audible - and can be accessible with just your library membership number.
20. Check out free to air channels online
There are a surprising amount of options on SBS On Demand, ABC iview, and the other free to air channels.
Jack really likes ABC iview because it lets him catch up with news on the sly.
“I like ABC iview because I don't come across as a news freak to my housemates between the hours of 6pm-8pm each night.
I can be that freak quietly from 7am-9am as I make my way from the bedroom to the office each day.”
How to save money on big purchases
21. If in doubt, OzBargain
“Before you buy anything, google the name of that thing and add ‘OzBargain’,” said one of our Spaceship colleagues.
OzBargain’s a bargain-hunting website that has an active community adept at hunting out deals, particularly around travel and tech. It makes sense that many hands make for more bargains.
We’re not affiliated with them in any way and it’s entirely up to you to do your own research.
22. Buy things at auction
Singer-songwriter April bought a used car at an online auction instead of a car yard or other car dealer.
“I’m definitely not interested in buying a brand new car when there are much cheaper, good-quality second hand options,” she said.
“I bought my hybrid at an online auction for $13,000 and 50,000km. I’m really happy with it.
Many cars at auction are ex-government or ex-fleet vehicles so they’re relatively new and well-maintained.”
If you’re considering this, make sure to do your due diligence and only buy from reputable sites.
23. Wait a day or a week before buying
This can work with any purchase but especially those that cost $100 or more.
Adding things to your cart, and coming back in a week, can help give you the space to figure out if you actually still want them.
24. Plan ahead
Let’s say you want to spend Christmas in New York.
If you pick a target date (say Christmas 2023), and a target amount (let’s say $2,000 - maybe you get a flight deal and stay at a hostel), then over the next 13 months you’ll need to save $156 per month.
Now your purchase is planned for and you’re less likely to put the whole thing on a credit card or BNPL.
How to save money on driving/commuting
25. Take public transport off-peak
If you catch public transport, find out when the off-peak times are in your area. Travel will often be cheaper then.
For example, Sydneysiders get a 30% discount for off-peak travel on some metro and city transport.
Victorians have a whole bunch of ways to get cheaper fare.
Google your local area and ‘off-peak fare’ to see if you benefit.
26. Check a Fuel watch app
Petrol is a current necessary evil for many commuters.
There are apps available that scan your local servos for the cheapest prices and update you in near-real time.
Choice put together a whole list of them
27. Or use the 7-Eleven app
It scans the closest five 7-Eleven servos and lets users lock in the cheapest priced petrol for up to 7 days.
Ryan does this every couple of weeks.
“It’s good when you come across really cheap petrol but your tank is still full but you can lock in that price and use it when the petrol prices go up.”
28. Be strategic about parking
If you’re driving in to work, see if it makes financial sense to drive part of the way, get free or cheaper parking, and use public transport for the rest of the way.
29. Work from home
One of the good things to come from the pandemic is that it’s a lot easier to convince your boss to let you work from home – and it can be a lot cheaper when you don’t have to pay for petrol or parking to get you there. Or lunch. Or coffee.
How to save money on groceries
30. Have you seen the half price apps?
They list the weekly half price specials from supermarkets such as Coles and Woolies. Search ‘half price’ in an app store if you want to check one out.
31. Use a shopping list
The Journal of Consumer Behaviour showed that using a shopping list made participants save at least a little bit of money.
32. Pay attention to unit prices
In 2009 it became mandatory for supermarkets to tell you what the unit price of each product is.
Now each product must be clearly marked, so you can compare products without being swayed by packaging or confusing promotions.
33. Seasonal produce is usually cheaper
Buying food in season when there’s heaps of supply tends to give you the best, and cheapest experience.
Here’s a table showing which food is in season, when.
How to save money online shopping
34. Don’t link your card details to shopping websites
If a shopping website remembers your card details so you don’t have to, it’s likely because they want you to buy without really thinking about it.
It’s why Amazon patented the 1-click buy button in 1999, and why other companies paid to license it until it expired in 2017.
35. Investigate cashback sites
These are relatively new in Australia.
Cashback apps and sites act as front doors to online shopping that incentivise purchases by giving you a percentage or dollar amount refund of the purchase price. Some also deposit into your super. Canstar compared the bigger cashback names in Australia.
Mavis has used one cashback app to accrue nearly $1,400 in refunds since she started using it in 2017.
“You need to be very devout – basically search everything you need to buy on it before buying it…
It’s just an added step before I do any shopping.”
Just be careful you don’t spend more money than you normally would.
36. Wait for the online sales
Black Friday, Cyber Monday, ClickFrenzy, Amazon Prime Day and AfterPay Day are all regularly occurring online sales that you could wait for if you wanted to buy something in particular and get it for cheaper.
How to save money on bills
37. Shop for the best deal
If you’re signing up for a new service or renewing a contract for your power, insurance, phone, or internet, consider looking around for the best deal.
The Australian Government lists comparison sites for energy, while sites like Choice and Canstar can help compare consumer products.
Victorians can get a $250 one-off payment from the State Government if they visit the Victorian Energy Compare website to compare energy offers and save money.
Don’t be afraid to call your providers and ask for a cheaper deal, too. The worst they can say is no.
38. Review your subscriptions
If you’re paying for an app or membership you pay for but don’t really use - that’s an easy saving there.
Regularly occurring fees and charges, no matter how small, add up.
Take a look at a bank statement or go to the Subscriptions section in your phone to see what you’re paying money for.
39. Use off-peak electricity
Electricity prices in Australia work on a supply and demand system; it’s generally more expensive to use electricity when everyone else is, too.
If you pay a time of use tariff, find out which times your electricity provider considers to be ‘off-peak’ and do your energy-heavy chores (such as using the washing machine or dryer) then.
Fair warning: they tend to be late at night and early in the morning.
40. Keep a bill calendar
Rent, water, phone, internet, electricity, rego, sports fees… plot them out on a calendar or set reminders in your phone so you can plan toward them.
How to save money when paying for things
41. Use your vouchers
Don’t forget about any gift vouchers you may have lying around.
It’s estimated that there are nearly $2 billion worth of unspent gift vouchers around Australia.
42. Go shopping on your birthday
If you’re OK with sharing your personal details with brands, News.com.au has a roundup of places that give birthday discounts.
43. Set up Boosts
Boosts and roundups are functionality that businesses have that ‘round up’ the cost of a purchase to the nearest dollar and funnel the excess into a location of your choosing.
At Spaceship we offer Boosts, which make the most of every day moments and round your purchases into your Spaceship Voyager portfolio of choice. Here’s some more about Spaceship Voyager Boosts.
44. Pay with cash
It’s just harder to break a crisp $50 note than it is to tap and pay for something.
2015 research revealed that people spend more money with debit cards than cash.
45. Keep a savings buffer
Unexpected expenses are hard to manage. But if you keep a savings buffer, that is, a small amount of money for accidental spending blow-outs, it can make it easier to manage.
That way if you forget to turn off your aircon, you can pay for it with your savings buffer instead of your emergency fund, or credit card.
46. Keep a separate emergency fund
One of the worst parts about emergencies is paying for them long after the fact. Keeping an emergency fund means you’re prepared for both challenges and opportunities. The best part? You get to decide what counts as an emergency.
“I bought Jimmy Eat World, Blink-182, and Women’s World Cup football tickets in the space of about three weeks...
That was when I knew I needed a ‘concert ticket emergency fund’,” said Kelly.
47. Get into thrifting
It’s better for the environment - and your back pocket – to wear something great that somebody else doesn’t need anymore.
“I had the most amazing luck yesterday in Bankstown. A Rebecca Valance dress with a price tag of $699 still on it for $40. A Shona Joy dress for $20. A Gorman X dress for $18,” said Cora. “I love treasure hunting!”"
48. Make fortnightly or weekly debt repayments and pay your loan off sooner
If you’re paying off a debt, switching to weekly or fortnightly repayments may help you pay an extra month’s worth of money compared to monthly payments.
This is because there are 12 months in a year, but 26 fortnights.
Other things that can help save money
49. See how long you can go without spending money
How long do you think you could last?
While doing this challenge, make sure you have a destination for the money you’d otherwise spend, whether it’s your savings account, investments or super.
50. Track your spending
It could be the first step to changing your whole financial life.
Are your savings already in order?
Here are five reasons to think about setting up a regular investment plan.
