Lesson 1.1

Lift your savings muscle: Save up to $2,000 a year with these data-proven money saving tips

When it comes to building financial fitness, strengthening our ability to save from every pay packet is key.

The current cost of living makes the task of saving harder for every Australian. But there are savvy strategies you can consider to boost your hip pocket now and help put you on a path towards a brighter financial future tomorrow. 

1. Grocery shop less frequently

Have you ever wondered which is better: one big weekly trip to the grocery store or several smaller trips throughout the week? Well, the data suggests a clear winner.

Shopping one less time per week could save you an average of 20% off your total weekly bill. An analysis of a sample of CommBank customers who did grocery shopping at least once per week (over a three-month period) found that the average weekly spend increases in line with the number of visits to the grocery store. 

On average, customers who went once spent 16% less than those who went twice. And customers who went twice spent 25% less than those who went three times. 

Whether it’s because they’re more strategic with their meal and ingredient planning or simply that they’re less likely to make impulse buys at the checkout, limiting trips to the supermarket helps on the savings front. Find out more tips on how to save money on your supermarket shop here.

If you currently spend $150 a week on groceries, shopping once less per week could save you around $30 a week, or $1,560 over a year.

2. Switch your energy provider

Feeling the heat from rising energy prices? Don’t sweat it, shop it.

The data shows that over the course of a year, about 10% of CommBank card payers who spent at least $300 in a quarter on utilities switched providers (comparing one quarter year on year). 

When a customer switched, they saved an average of about 10-15%.

Finding some time to jump on the federal government’s Energy Made Easy comparison site or the Victorian government’s energy price comparison site is a financial no-brainer. Here’s a video with more tips to save on your energy. 

For someone paying $400 per quarter for energy, switching to a cheaper plan could result in an average saving of around $200 a year.

3. Dial a discount on your phone and internet  

Switching providers: we all know we should do it but who has the time?  

Just 15% of customers who used a card to pay for telecommunications services switched to a new provider (when comparing the same time period in different years, based on customers who spend at least $50 per month on telecommunications).  

But the savings from doing so are clear. When this group of customers did switch, they saved about 20% on average.

So, dial yourself up a potential saving by jumping on one of the many comparison websites, such as WhistleOut, Finder, or Compare the Market which can help you research and compare phone and internet features and pricing.

On a bill of $70 a month, switching your service could save you $14 per month, or $168 over a year.

4. Audit your streaming subscriptions  

We know that more and more Australians are paying for multiple streaming subscriptions. 

So, if it’s been a while since you’ve performed an audit of your at-home entertainment, now could be the perfect time. Sit down with your statements or check under subscriptions on your phone, and put all your subscriptions – from streaming and fitness apps to online games – under the microscope.

Ask yourself: Do I still use it? Do I need it? Don’t forget to make use of free services, such as ABC iView and SBS On Demand, and free catchup services of commercial networks, including 9Now, 10 Play and 7plus. 

Dropping a $10 per month subscription could save $120 a year. 

All up, that’s a total potential saving of just over $2,000 a year from following these first four savings strategies alone.