5 easy hacks to cut costs right now

From getting cash back to double checking what subscriptions you’re paying for, here are five simple things you can do now to save.

Money saving hacks. Ways to save money.
One money-savvy Aussie has shared five simple ways to save right now. (Source: Téa Angelos/Getty)

We’re all feeling the pressure from the rising cost of living, but there are some simple things you can do now to get some relief.

Téa Angelos, founder of online education platform Smart Women Society, shared five easy ways to save some extra cash.

1. Check your recurring payments

Got a Netflix account you're not using? According to research from ING, Aussies could save up to $1,261 per year by getting rid of their unused subscriptions and other regular outgoings they’d forgotten about.

“Recurring payments like subscriptions can add up quickly, especially if you're not using them regularly. This can include things like streaming services, gym memberships or app subscriptions,” Angelos shared with Yahoo Finance.

To get a fuller picture of your expenses, Angelos recommended making a list of all the subscriptions you currently have and then cancelling the ones you’re not using or don’t need.

2. Take advantage of cashback

Cashback sites like Cashrewards, Shopback and Cheddar allow you to get money back on online purchases made with partner retailers.

“Cashback websites can be a great way to save money on online purchases, and they typically offer a wide range of retailers and products to choose from,” Angelos said.

“You can even buy gift cards for many online retailers that you can use at a later date.”

3. Shop pre-loved

Opting for second-hand or pre-loved versions of items, including clothes, furniture and electronics is another way to save, Angelos said.

“The prices are usually heavily reduced so you can land yourself a bargain. Just make sure to inspect the item and identify any faults/defects before you purchase,” she said.

4. Check your bills closely

It’s also worth making sure you’re getting charged the right amount on your bills, including your phone or electricity bill.

“One of the most common mistakes people make is not reviewing their bills closely and carefully. Bills can contain errors, such as incorrect charges or billing amounts,” Angelos said.

Take the time to double-check your bills for errors, Angelos said, even if you’ve set up automatic bill payments.

5. Shop around for better deals

Lastly, shopping around for better deals on your energy, mobile, insurance and more can be an easy win. In fact, recent research from iSelect found Aussies could save an extra $1,140 per year by switching their household expenses to a cheaper provider.

“People don’t realise how important it is to shop around for alternative providers, often thinking it takes too much time and effort,” Angelos said.

“However, doing your research, comparing prices, and switching services can save you a significant amount of money in the long run.”

You might want to check out comparison websites like iSelect, Canstar, Finder and Compare the Market to see what’s on offer. Kogan.com is also running a ‘Switch Week’ for bills this week, which Angelos has partnered on.

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