/ / / Cut my living costs
step 1

Housing costs

For most of us, Housing will be the largest cost we incur on a regular basis. As a guideline, if you’re spending more than 30% of your income on housing, you may need to reconsider your location, priorities and budget.

  1. Buyers

    Chances are, if you own, you’re paying down a mortgage. When was the last time you had a good look at your current deal? Check the state of the market, do a bit of research, and do some calculations to see if you could be getting a better deal or interest rate.

    Check out our Home Loan Comparison Tool

  2. Renters

    It should be a no-brainer, but when renewal time comes around, check the local rental market to make sure you’re getting a good deal.

    If rising prices are threatening to force you out of the area, perhaps consider taking on a room-mate or attempting to negotiate a price freeze with your landlord.

    Make the move from Rent to Own

step 2

Manage Debt

We’re a nation of credit-lovers, which can be a double edged sword. On the one hand, credit and store cards can offer convenience and ease. However, without proper management, multiple credit or store cards can make a dent in our ability to get ahead.

If you’ve accumulated multiple debts, you may want to consider consolidating them using a Personal Loan. This will enable you to simplify and pay down your debt with one Interest Rate. Apply online or speak to a Greater Bank Lender today to discuss your eligibility.

step 3

Utilities

It’s often the things we use every day, and maybe don’t think about, that can cause our living costs to blow out. With this being said, there are some simple things we can do to save money.

  1. Energy

    The time of being stuck with the one energy provider are gone. It’s a competitive market, so take to a comparison site to see if you could be getting a better deal. As well as this, look into using energy efficient bulbs and appliances, and get in the habit of switching off.

  2. Fixed Costs

    Regular debits out of your account (gym membership, Netflix, etc) can add up. Make sure you’re able to manage these expenses in your monthly budget, or consider looking for less expensive options for fitness and entertainment.

  3. Telco & Data

    Whether it’s mobile, landline or data costs, if you think you’re paying too much, hit the market and find out. You may be able to negotiate with your provider, or make the switch to pay less. Bundling products together with one provider can also be cost effective.

step 4

Bring super together

Depending on how many jobs you’ve had since starting your career, you may have money stashed away in a number of different super funds. It’s easy to let this slide, but this is super you’ve earned, and it’s worth consolidating.

Make sure you’re not cheating your future out of a single dollar – find any unclaimed super accounts in your name and have the balance transferred to your preferred super account. If in doubt, get a bit of advice from an expert Bridges Financial Planner, and start sorting your superannuation today.