How to Save Money In Australia In 2023

If you want to know how to save money in Australia right now, read on. The cost of living is going through the roof. However, with some careful budgeting and smart money-saving hacks, you can do it. I’ve been budgeting and finding money-saving hacks on everything for over 10 years. Here are my top ideas to save money in 2023.

How to save money in Australia

The cost of living is going through the roof. But there are still many ways to save money right now.

I paid off $30k of debt in 9 months on a $68,000 salary and I’m saving $15k a year. Saving money is definitely possible even on an average wage – you can see how here.

It all starts with… budgeting.

1. Make a budget.

Budgeting allows you to see EXACTLY how much money you have coming in, and how much money you have going out. Tracking income and expenses each month is the first step to take when it comes to saving money now in 2023 and beyond.

If you haven’t already, create a budget. For my top tips on creating a budget go to this article where I do a deep dive so that you can learn how to:

• create a budget
• manage your budget
• which budgeting methods work and why the 50/30/20 split doesn’t
• PLUS get a copy of my FREE Budget Calculator so that you don’t have to build yours from scratch

READ MORE: HOW TO CREATE A BUDGET + GET YOUR BUDGET CALCULATOR SPREADSHEET

How to save money on…

Everything? Here are my top tips to save money in Australia. I’ve been doing this for 10+ years and save $15,000 a year – this year won’t be any different. I hack the hacks.

In order to save money, become more mindful of your spending. Trust me, putting together a budget will do that for you. Especially when you annualise your expenses. I teach this specifically in my program.

Remember, every small change in your spending habits can have a significant impact on your savings. It’s amazing to see how a random $20 a day spent on bottled water, snacks from the vending machine, or an extra coffee adds up to over $7,000 a year!

To save money, tilt your spending a little toward your goals and change some of your spending habits. Find deals, stack coupons, find freebies, get cash back on things you buy regularly. All good ways to save money.

Want to find savings on 50+ cost of living expenses and budget like a pro? My Supercharge Your Savings & Income students save $165 a week on average. ↓↓↓

Easy ways to save money in Australia – examples

Want some examples of easy ways to save money?

• I’m paying $12.50 A MONTH for my phone bill.
• I have a $60 weekly grocery budget for my daughter and I – it includes meat, fresh fruit and veg and staples. Here is how I turn $70 worth of groceries into 50 dinner servings on a $120-a-fortnight budget.
• My electricity bill is $100 a month with some simple hacks.
• We eat out twice a week and I love my coffee, because I’ve hacked the hacks!
• We go away in the school holidays and I know how to find savings on travel!
• Clothes, books, groceries, rent, mortgage, entertainment… I love saving money while still living a full life and having fun!

2. SAVE MONEY ON RENT

As mentioned, housing is often the largest expense in a household budget. Especially at the moment.

If you are single, renting and want to save money, consider sharing or getting a flatmate. Single parent? Look at what these single mums are doing. If you’re a couple or a family downsizing to a smaller apartment or house, or even a less aesthetic accommodation might help.

This is exactly what I am doing now – renting an older house with an 80s timber kitchen which saves me $150-$200 a week compared to a newer / renovated house. And yes, I got a rent increase letter in January.

Other ways to save money on rent

I share loads more tips on how to save money in my Supercharge Your Savings & Income program, with an average of $165 a week saved by my students. ↓↓↓

3. SAVE MONEY ON mortgage repayments

If you have a mortgage, you can save money on interest and mortgage repayments in a few simple steps. If your fixed term is coming to an end and you’re facing a mortgage cliff, supercharge your savings now so that you can have a good savings buffer when the rates switch.

Tips to reduce your mortgage repayments

Banks want to keep your business. After all that’s how they make their money. Their retention team will often counter available interest rates or cashback offers. So ask for a discount!

• Call your bank ASAP and ask for a discount on your variable interest rate. I did this in January and saved 0.5% off my interest rate instantly.
• Refinancing might still be an option if you have plenty of equity in your property and your income has increased over the last 12 months.

If saving money by refinancing is not an option, because, with rising interest rates, our borrowing capacity decreases, here is what you can do to save money on interest:

• Call your bank and ask if your loan can have an offset facility.
• Keep all your savings in that account to reduce the interest payable on your loan.

Generally, you can use these accounts as an everyday account so your salary and side hustle income can get straight to work on offsetting your mortgage.

4. Ways to SAVE MONEY In Australia ON groceries

Groceries can also be a major expense, but there are many ways to save money on food costs. It’s actually one area that I absolutely love hacking savings on.

I spend $60 on groceries a week for my daughter and I. Yup, $60 (I get paid fortnightly so have $120 to play with). This is what I often get and what we make. And I know where to find savings and how to stack them plus recipes to help you save money and time.

Top tips to save money on groceries in Australia

• Make a grocery list before you go shopping – keep an inventory and supplementary shop only for big weekly savings – and stick to the list to avoid impulse purchases.
• Switch the bulk of your shopping to generic brands.
• Compare prices at different stores to find the best deals.
• Aldi is often cheaper but that’s not always the case. When major supermarkets run 1/2 price specials on comparable items get them there.
• Also, don’t forget your grocer. They often have amazing specials – you can save 40% off fruit & veg.
• You can also save money by cooking at home more often, and planning meals around items that are on sale.

And don’t forget to join loyalty programs.

Sign up to Flybuys and Everyday Rewards including their good value Extra program (paid) to earn points you can convert to dollars off your future shop and extra savings.

Want to copy my EXACT hacks and strategies to save money on 50+ cost of living expenses? Yes, complete hacks on groceries like 10% weekly off your Woolworths Shop, apps to use to find savings, points hacks, places to find discount groceries, and recipes for cheap easy meal prep? Join Supercharge Your Savings and Income today and start saving.

5. Trim utility bills FOR MORE SAVINGS

Utilities, such as electricity, water, and gas, can also add up.

To reduce these costs, turn off lights and electronics when not in use, use energy-efficient light bulbs, and take advantage of any utility company rebates or incentives. Shop around and switch often for the best deals – always check and compare usage rates.

WFH? I do and my electricity bill is just $100 a month (3 bedroom house, 2 fridges, chest freezer). Trust me, I know how to find savings on utilities when WFH and share all of those in my program.

If you own your home, you can also look into alternative energy sources, such as solar panels, to lower your energy bills.

6. SAVE MONEY ON Transportation and car costs

Transportation – especially fuel and car maintenance, can also be expensive. But there are ways to save money on private transportation:

• Consider using public transport (yep I know, obvious)
• Consider carpooling to work or events
• Ask your boss for a work-from-home day or two – it can also help save money here
• If you must drive, try to consolidate trips.

Find the cheapest prices on fuel around your area – by using apps like PetrolSpy.

If you want to save money on other car costs, including insurance, maintenance, running costs – I cover them in more detail in Supercharge Your Savings & Income.

7. Take advantage of free activities

Can you still have fun when trying to save money? Yes you can! When it comes to saving money, you’ll only start saving money if you make saving money a priority…

BUT… it’s important to find ways to have fun and enjoy life without breaking the bank. Saving money in Australia is easy because there are plenty of free activities you can enjoy on a budget.

• Look for free events, concerts, and attractions in your area.
• Plan picnics or get-togethers with friends and family instead of going out to eat.
• You can also take advantage of free or low-cost activities, such as hiking, biking, or visiting local parks with BYO snacks and drinks.

For paid activities, look up discounted tickets, offers and use cashback apps to find savings on activities, holiday bookings and more.

I’m all about living life and having fun while saving money so there are plenty of tips, tools and strategies to find savings in Supercharge Your Savings & Income on holidays, travel, movies, entertainment, eating out and more.

8. Prioritize essential expenses And FIND SAVINGS

When money is tight, it’s important to prioritise your most important expenses. Use your paycheck to cover rent or mortgage payments, utilities, debt repayments and food first. Then, look to pay less for everything else. Here are my top money saving tips and hacks:

• Switch utility providers where possible – I’m paying $12.50 a month for my phone bill!
• Save money with a grocery budget – when you join SUPERCHARGE you will get my $60-a-week grocery cheatsheet and more weekly tips to save money.
• Negotiate rent and mortgage repayments
• Pay your bills on time to avoid late fees and penalties

Once you have a budget set up finding other areas where you can save money is easier.

9. Reduce personal debt and expenditure

Become more mindful of your spending habits. Consider needs vs wants. Brand vs generic products. Shift spending where you need to, and tilt it toward your goals.

Focus on paying off debt first. High-interest debt, such as credit card debt, can quickly add up and make a difficult financial situation even worse.

If you can, pay off your credit card balances in full each month and consider closing the accounts for good. I’ve done it and it has made me more mindful of spending money instead of just mindlessly tapping.

If you’re in debt, my Supercharge program also offers lessons to help you pay off debt faster. I paid off $30k of debt in 9 months on $68k. You’ll also get my debt pay-off calculator and strategies to find savings on everything – so you will have extra money each month to throw down on debt.

10. TO SAVE MORE, EARN more income

Easier said than done? Trust me, there are easy ways to make extra money.

Look for ways to increase or create extra income. This is the second best thing you can do if you are struggling to make ends meet. And it doesn’t have to be overtime or a second shift.

Consider starting a side hustle or selling items you no longer need.

You can learn more about how to start working from home with affiliate marketing by taking the FREE Freedom Affiliate Launch Masterclass and the course I took – it’s been a game changer.

You can also offer a skill or service to others, such as lawn mowing, pet-sitting, house cleaning, or babysitting. These are more hands-on and require a time commitment on top of your regular job, but they can easily boost your income.

11. Plan for the future – SAVE MONEY FOR AN Emergency Fund

If you want to save money long-term (money you can use to invest), I recommend having a cash Emergency Fund. Set aside money each paycheck for emergencies, such as unexpected expenses, medical bills, house or car repairs.

READ MORE: What is an Emergency Fund and How to Set One Up

WANT TO LEARN and Save MORE?

When it comes to saving money in Australia in 2023, it absolutely is still possible. You need to make saving money a priority, budget wisely and find ways and hacks to save money that you might not have needed before.

For all my tips strategies and tools on how to save money in Australia check out my program where I share in-depth strategies to find savings, budget and ideas to help boost your income in 2023 and beyond. ↓↓↓