Money-saving tips to beat rising cost of living | Flip

Prices for essentials like food, petrol and rent are skyrocketing. Inflation levels are nasty, and millions of Aussies are feeling the pinch. 

At Flip, we want to support your bottom line. At the same time, we’re about encouraging you to get out and enjoy life, and we always dare to be different. So, if you’ve tried all the obvious money-saving tips, here are five new ways to save money that you might not have considered.

Flip’s five money-saving tips

Saving money doesn’t always mean going without. Try these money-saving ideas that have a win-win vibe about them.

1. Declutter and thrift

Go through your stuff and sell the things you don’t want, need or use. You’ll be supporting recycling, plus you’ll get a surprise cash injection and feel better with less junk in your life. And while we’re on the topic, if you need something, try second-hand options first. You’ll save money, potentially get a better quality item than you could otherwise afford and help the planet while you’re at it.

2. Go cancel crazy

Keep getting tempted by deals in those random email lists you’re on? Unsubscribe right now! Not actually going to the gym despite your best intentions? Not reading that magazine you subscribed to? Accidentally have seven streaming services? Cancel, cancel and cancel. Or at least review. Look at your subscriptions and only keep the ones you need. Remember to research new options like Netflix with ads or insurance by the day to see if you can pay less and still get what you need.

3. Do free (or cheaper) stuff

Yes, going out for brunch, dinner and drinks is fun. But it all adds up, and there are plenty of ways to get the same buzz for less. Some friend groups are having a blast with potluck dinner parties. Picnics have also made a huge comeback. With a bit of thought and effort, you’ll have loads of fun and find huge money savings. Think about the other things you love doing and look for cheaper options. Swap a gym subscription for a run through local parklands, or look for free live music events instead of buying arena concert tickets. There are options aplenty.

4. Shop around

No matter what you’re buying, it makes sense to compare prices. You might find a product that suits you better for less money. If you make a habit of slowing down your shopping, you might also find you cut down on impulsive purchases, saving you even more. The internet makes comparing products easy, and a few phone calls could secure big savings too. 

5. Get the right insurance

When expenses are growing faster than your income, it’s tempting to try to slash some bills. Canceling insurance (or ignoring the fact that you might need some) can have devastating outcomes if something goes wrong. A better idea is to educate yourself. Read the fine print to see if you’re paying for cover you’ll never use, and regularly review your options because new and improved products pop up all the time. For example, HCF just increased the age of adult dependents for their health cover from 25 to 31, so you might be able to stay on your family’s cover for longer. And Flip offers accidental injury insurance that you can flip on just on the days you feel most at risk of injury.

Inspired by our money-saving tips?

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It’s important to recognise that cost of living pressure can impact your mental health, so remember to keep getting out there and doing the things you love. Learn more about how Flip’s accidental injury insurance can support you to do this with peace of mind and financial assistance if things go wrong.

And, if you’re really struggling and need someone to talk to straight away, call Lifeline on 13 11 14.

You can also get free financial counselling through the National Debt Hotline on 1800 007 007.