Skip to Main Content

Beat the top five barriers to saving

3 September 2019

Just over half of Australians aren’t saving any of their monthly income*, and five key costs are the main culprits. Industry super fund-owned bank ME reveals what you can do to trim the costs in these five areas.

1. Everyday bills

Instead of automatically paying your bills, whether it’s your electricity bill or home insurance, research whether you could cut costs by switching to a new provider. It could turbocharge your ability to grow your savings.

2. Rent

If you’re prepared to live a few extra train stops from the city, chances are you’ll save. Look for properties with features that can cut other bills. Apartment complexes with a residents’ gym, for example, can see you save on gym fees.

3. Home loans

After back-to-back RBA cash rate cuts in June and July, some lenders are offering their lowest home loan rates ever. That means plenty of scope to get a better deal on your home loan. There can be costs in switching so look at the time taken to recoup these expenses – the sooner, the better.

4. Shopping, dining out and socialising

Shop with a debit card – this way you’re limited by the balance of your bank account. Go easy on the food delivery apps too. Enjoy an affordable social night in by organising a pot luck dinner or cook a vegetarian (hence low-cost) meal for them. It’s a fun way to save.

5 School or daycare

Put your name down on a childcare centre’s waiting list while you’re still on parental leave to secure a spot at a more affordable centre. If a private school is on your wish list, enquire about bursaries and scholarships that help to reduce fees. Check out local ads for pre-loved uniforms to kit out your child for a fraction of the normal cost. 

 

* ME’s 16th Household Financial Comfort Report

This article is brought to you by ME. For more information, please visit www.mebank.com.au. Members Equity Bank Limited ABN 56 070 887 679 and Australian Credit Licence 229500.

The Trustee and ME are not agents or representatives of one another. The Trustee is not responsible for and does not accept liability for the products or services of ME. ME is an Australian credit licensee (Australian credit licence no. 229500). You should use your own judgement before taking up any product or service offered by ME. TWUSUPER invests in ME but does not receive any commissions as a result of members using ME products and services.

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product.

Back to Toll Group page