Tips for achieving extra savings

The following tips are a good start for making some extra savings:

1. Pay your bills by the due dates and avoid late payment penalties – about $10 on utility bills and far higher for credit card bills.

2. Reduce electricity bills the old-fashioned way – use blinds to keep your house cool in summer and block draughts in winter.

3. Compare bank account fees and insurance charges – there are some fee-free bank accounts.

4. Use your own bank ATMs – withdraw money when you are shopping in stores using the EFTPOS facility.

5. Shop at op shops, recycle boutiques and vintage shops for considerable savings.

6. Never be afraid to ask a retailer if that is the best price they can do or if they can improve a price for cash payment.

7. Buy multi-trip tickets for public transport rather than single-trip tickets.

8. Avoid take-away foods and learn to make your own.

9. Review your pay TV watching habits and perhaps drop some channels – along with your monthly bill.

10. A financial counsellor or adviser can help you establish a household budget – many welfare agencies offer these services free for people on low incomes.


Author: Kate Carruthers

Kate Carruthers is Chief Data & Insights Officer for UNSW Sydney, and is also an Adjunct Senior Lecturer in the School of Computer Science & Engineering. She is certified in information security and is currently undertaking postgraduate studies terrorism and security. Kate has extensive experience in senior roles in ICT, marketing, data and digital; and is a member of the NSW Government’s Data Analytics Centre Advisory Board. Kate is currently working at the intersection of data analytics, AI, ML, privacy, cyber security, and data protection.