As the cost of living crisis continues to loom, families are feeling the pinch more than ever. With reports of kids dropping out of organised sports and parents skipping medical appointments (eep), it's clear that tough decisions need to be made to stay afloat. With inflation driving up prices across the board, it's time to get creative when it comes to saving money.
If you're in need of an instant cash boost, look no further. I've compiled a list of quick and family-friendly money-saving hacks that might just do the trick. Fair warning, though, they won't be painless. But hey, desperate times call for desperate measures, right?
1. Condense Your Cars
Yes, I know it sounds crazy, but hear me out. Consider downsizing your fleet and sharing one car among the family. Not only will you be doing the environment a favour, but you'll also be saving a substantial amount of money.
Did you know that the average Australian spends a whopping $359 per week on their car? By cutting back on this expense, you could save around $1,500 per month!
With the rise of remote work and flexible schedules, this option is becoming more feasible than ever. Just make sure to plan your monthly schedule in advance and coordinate who needs the car and when. And if there's ever a clash, remember that a random $20 Uber fare is a small price to pay compared to the cost of maintaining a vehicle.
2. Get A Roommate
If you have a spare room in your home, why not rent it out? In the midst of a housing crisis, demand for affordable accommodation is skyrocketing. You have two options here: find a flatmate through onlinereal estate toolsor take on an international student.
By renting out a room, you could easily put an extra $200 or more per week back in your pocket. Check out platforms like Homestay to register and connect with potential tenants. While playing the role of chauffeur and cook might be required with an international student, the financial reward can range from $100 to $400 per week.
3. Slash Utilities
Electricity, water, and gas bills are notorious for draining our wallets. But with a few simple changes, you can curb those cash killers. Consider forgoing the luxury of heating and opt for extra blankets, hot water bottles, and layers instead.
You might also want to rethink your shower habits and try reducing the frequency and duration. These may seem like small sacrifices, but the savings can really add up. Remember, it's a short-term solution to help you weather the financial storm.
4. Curb Your Bougie Cuisine
Remember your parents scoffing at the fancy folk who went out for breakfast when a simple bowl of weet-bix got the job done? Well, no more boomer bashing because they were onto something. It’s time to bounce back in time.
Turn your meal planning into a cost-saving exercise with simple swaps. Forgo the fresh fish for tinned tuna, lean on bulk-buy mince and commit to a few meat-free meals per week. Check out these family-friendly dinner recipes that come in at under $5 a serve!
5. Build A Budget
It’s been proven that financial stress drops your IQ by 13 points! So it makes sense to get those worries out of your head and onto a plan pronto. Your family budget doesn’t need to be complicated, it just needs to be achievable.
Start with your family income, tally up your expenses and see what’s left. If you’re able, set up an automatic monthly transfer into your savings account. Stay accountable with a Financial Planner.
This simple layout covers the whole year starting in July and ending in June. Note your expenses, savings, due dates and tick them off as you go. Add a smile when you save or boost your income to keep your motivation high. Or try our Command Centre to keep your family's plans in check so you're menu planning like a boss whilst keeping activities to a minimum.
By implementing these instant money-saving hacks, you can make a significant impact on your family's budget. So, roll up your sleeves and get ready to take control of your finances.
You may also enjoy: 5 Super Smart Ways To Hack Your Family Budget
This advice does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided having regard to your objectives, financial situation and needs.