Chances are you’re familiar with the butterfly effect. Put simply, it’s the idea that small changes can lead to significant outcomes over time. When applied to the financial pressure many of us are dealing with, the following tips are all about making time for small adjustments. As time goes by, they can help you feel more in control and free up some much-needed cash.
1. Check your credit score
You know your height. You probably know your blood type. But do you know your credit score? It’s your financial fingerprint and goes on every application you make to lenders, landlords and some employers. And you can check it for free. Just head to the library in your CommBank app, tap Credit score and follow the instructions to discover your score and decode the details. And if you find late payments are lowering your score, there are ways to bring it back up. Keep tabs, take control and unlock new doors of financial opportunity.
2. Join the circular economy
Next time you’re buying something new, why not sell something you don’t use first?
Half the sellers on platforms like eBay, Gumtree and Facebook Marketplace are offloading unused items. And one in four are making more than $500 for their efforts. While you’re selling, you might even find what you’re buying, at a lower price. Just check the condition, warranty and seller’s reputation and if it doesn’t stack up, tell them they’re dreaming. And often you can fund a new bargain with the proceeds from your unwanted item. So join the circular economy – it’s a savvy, sustainable win-win.
3. The no-spend month
Wonder where your hard-earned cash goes each week? Those daily coffee runs, takeaway treats and impulse buys can add up fast. Enter the “no-spend month” challenge – your budget-friendly detox. Bills, groceries and essentials are in play but for everything else, hit pause. The average Australian household reportedly spends $270 a week on culture and entertainment – so there’s money to be saved if you stash your credit cards and find some free local fun. A no-spend month is the perfect opportunity to plug those spending leaks and watch your savings grow.
4. Drive down the price
Running a car isn’t cheap, so how can you help minimise costs? Don’t automatically renew your car insurance – shop around and see what deals you can find. If you don’t drive a lot, you may find a discount. Safe driving saves on both speeding tickets and insurance premiums. Some states will even discount your licence renewal for a clean record. If you’re in NSW or the ACT, save with the CommBank app’s Fuel finder, which will show you the cheapest petrol prices nearby.
5. Rent your wardrobe
Ever notice how our most expensive outfits are the ones we wear the least? Sure, it was a night to remember but it was an expense you’d rather forget. So what if you could dress to impress without the stress? You can, by renting instead of buying. Through companies such as GlamCorner and The Volte, you can rent (or lend) dresses, suits, accessories, you name it. You borrow, you dazzle and you return. So next time you’ve got a big event, remember: the spotlight’s on you, not your wallet.
6. Turn on your star power
Still using that old dryer that’s seen better days? It could be time to think about buying an energy-efficient model. When shopping, check the energy ratings – more stars mean more savings. And be smart with usage.
Appliances can account for 30% of your home energy use so getting rid of that second fridge you barely use could save you about $172 each year. Even skipping the dryer to hang out clothes just once a week could save you another $70. So line up the savings!
7. Secure your tech
Saving money starts with not losing it – especially to cybercriminals. So take a second to up the security on your tech.
- Turn your passwords into passphrases by using a mix of letters, symbols and numbers to tell a story.
- Make it unique – easy to remember, hard to crack – and switch on multi-factor authentication for protection.
- Keep software up to date – that’s your first defence against vulnerabilities.
Don’t forget: your bank will never ask for your password, PINs or codes. Lock it down and don’t let cyber-crooks pick your digital pocket.
8. Set-and-forget financial goals
Want to hit your financial targets? Get specific about the where, when and how. Behavioural research says clear planning boosts success. Simplify the journey by automating your savings and debt payments. Use your CommBank app to set up regular transfers to your savings or investment accounts. Let these auto-payments chip away at debt or pool funds for a holiday in the background. You choose your goals, set and forget. The system does the rest. And this financial autopilot frees you up to focus elsewhere – like planning where you’ll go on that trip away you can now afford.
9. Eat what you’ve got
Ordering out feels easy but the cost can hit hard. Aussies spend an average of $60 a week on takeaway – more than $3000 per year. To avoid the pain, try the “if you’ve got it, eat it” challenge. Open your fridge, freezer and pantry. See those ingredients? It’s time they landed on your plate. Apps and websites like SuperCook can give you recipe ideas based on the ingredients you have. So get creative and watch as your food waste goes down and your savings go up. Check out our resident chef Adam Liaw’s recipes to create easy delicious budget-friendly meals at home.
10. Look at your data usage
If you’re connected to work or home networks most of the time, there’s a good chance you’re paying for more data than you need.
Use your provider’s app to keep tabs on usage – you may find that you only need 15GB per month, rather than unlimited data. If you’re paying for loads of data you’re not using, that’s hard-earned dollars streaming out the window. Try downsizing your data plan – the savings might surprise you.
