Economic downturn: 8 ways Aussies can save more money as prices soar

Recent data released by the Australian Bureau of Statistics showed prices climbing by 6.1% in the June quarter, driven primarily by the increasing cost of food and fuel. Especially for those with kids, financial outgoings like education, grocery and days out can set you back.

How can Aussies navigate the economic headwinds?

Here are tips on how you can cut your daily costs. From energy bills to grocery shopping;

Keep checking your bills regularly

As some energy suppliers have been known to either make changes to tariffs or make mistakes when charging clients, it’s always a good idea to check your regular household bills.

With winter approaching, those who work from home or have flexible conditions may opt to not return to the office Therefore, bills for water, energy and mobile data are likely to rise.

Reduce activities and classes

Whilst it is important for a child to have a routine, there seems to be pressure on parents on keeping their children busy with a variety of activities from a very young age.

If you can’t quite afford every single activity, why not keep it simple and cost-free and encourage time to play in the backyard, playgrounds and explore the local creek. Children enjoy picnics, playdates and time at the beach, which will help reduce time spent in the car and spending money on petrol, entry fees, registration, tuition fees, uniforms or costumes.

Have a cap on present spending

Once your child starts school, chances are high that they will begin to get more invitations to birthday parties. While this is lovely, this can also get expensive. Decide on a limit for presents early on and stick to it, unless it is a close friend where you may want to spend more.

Simple gift ideas that can work for both genders are a pencil case filled with nice new stationery, a piece of sports equipment. Also, start collecting generic things throughout the year and put them in a gift collection cupboard. You never know, they may come in handy.

Choose inexpensive holidays

Once you have children, it is not as easy to travel interstate and overseas. Camping, particularly with young children, is fairly inexpensive to do once you are set up with some gear. Children love to ride their bikes around, meet other kids and roam the extra space, which is a great way for families to interact without spending too much money.

Share school trips with other parents

The cost of petrol adds up when taking the kids to school, and being able to do alternative trips with other parents will help cut costs. If you can arrange to do alternative days or even alternate between the morning and afternoon drop off, this will cut your journeys in half.

Look for discount codes before ordering takeaways

If you’re treating the family to a well-deserved takeaway at the weekend, before clicking ‘checkout’ on sites like Deliveroo or Menulog, it’s always worth a search on voucher sites for any discount codes or free delivery incentives that could knock your basket price down.

Always check your emails for any promotional vouchers that may have been sent following your last order. Often delivery couriers will offer clients incentives ahead of their next purchase, to retain their loyalty and avoid them being tempted to order elsewhere. Deliveroo have the option to ‘Refer a friend, which will secure both of you $10 off your next order.

Time your grocery trips wisely

Try to time your grocery trips for when your local stores or supermarkets are likely to have just added yellow ‘reduced’ stickers to stock that needs to be sold that day. Making the most of these grocery heavily discounted deals will help you to fill your freezer up with discounted meat, fish, and freezer meals for cheaper food options in the coming days and weeks.

Workers start discounting products that are about to pass their sell-by-date later on in the afternoon or early evening, so a food shop after work is the perfect time to grab a bargain.

Many supermarkets also have clearance sections where products that cannot be sold at their RRP or may have damaged packaging can be found. Just make sure to check you are happy with the item and that the goods aren’t compromised before heading to the checkout.

Cancel any unnecessary direct debits

Now is the perfect time to log on to your online banking and scour your direct debits and standing orders to see if you can cancel anything that’s become an unnecessary spend.

Whether it be a gym membership you aren’t quite getting your money’s worth for, or a streaming service that you no longer make the most of, cutting these small outgoings will make a difference to your bank balance in the long run. Make sure all of your monthly direct debits look correct, and if there is any questionable outgoings contact your respective bank.

Nick Drewe is the Founder of online commerce site Wethrift.

Nick Drewe, money-saving expert at WeThrift