Slash Your Cost Of Living

The cost of living is high. But does it have to be as high as it is? It turns out there are plenty of options for slashing your cost of living without ruining your quality of life, allowing you to save more money for a rainy day. Here are some helpful ideas.

Make Your Super Easier To Manage

Thanks to changes in the economy, it’s becoming increasingly normal for people to have multiple jobs over the course of their working lives. As a result, it’s not unusual to have money spread across more than one super fund. But, of course, having your money spread thinly like this can be a recipe for disaster, especially if you’re constantly hiring money managers to take care of the process for you.

A better idea is probably to combine all your supers into a single fund. This will make it easier to manage and help generate a higher return.

Use A Pay-As-You-Go Gym

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Gyms have a habit of eating into your monthly budget in a way that you never anticipated. It’s not unusual to pay more than $100 a month for a gym membership, especially at larger gyms. What’s more, many gyms try to lock you into a year-long contract, forcing you to cough up money that you may or may not have.

But despite this common industry practice, some gyms are innovating and offering customers an alternative. Pay-as-you-go gyms are popping up all over the place now, thanks to general discontent with the existing gym membership model, allowing people to pay for a single month up front. What’s more, the fees are usually lower, meaning better value for money.

Compare Electricity Plans

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Thanks to privatisation, there are plenty of places to buy your electric and gas. But suffice to say that you’re probably not saving as much money as you could. The good news is that there are dozens of free tools out there on the internet, like Lumo Energy, which allow you to compare prices instantly, select the best deal and switch supplies. According to some companies in the energy comparison industry, it’s possible to save up to 30 percent on your energy bills.

Get A Home Loan Check

If you own a home, you could be in for a treat. Most people are paying over the odds for their home loans and could save money. Saving money is relatively straightforward. All you need to do is get a home loan health check - something which takes about 15 minutes - and find out whether anybody is prepared to offer you a better deal.

Negotiate The Rent

Landlords often try to entice people in by offering first-year teaser rentals. But in following years, prices go up, and renters can suffer enormously. It’s always a good idea, therefore, to try to get the best deal every time your contract comes up for renewal.

Agencies might not be willing to budge, and so sometimes it’s worth looking further afield or moving to a different area. You can sometimes save costs, even with transport factored in, by moving further out of town.

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