Top 5 money saving strategies for time-poor Aussies

We are all on the search for money saving strategies right now. From where to find the cheapest petrol, grocery discounts or cut-price consumables. But it’s also possible that being time-poor is also costing you too much.

You may not even realise all the places you could claw back money with a simple game plan. Here is a countdown of the top five ways I strategically save money, from the simple to the sophisticated.

1. Salad in a jar

We all know that packed lunches save big money but it requires morning time and motivation … plus you may have zero inspiration. But, while interviewing hundreds of Aussies for their “stinge-spiration” for my latest book, I heard an idea so easy, cost-effective and appetising that is changed my life (and my finances): Salads in jars.

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Firstly, they’re easily transportable. Secondly, they can be made in a batch up to three days in advance. Thirdly, you can do everyone’s favourite combo and store in space-saving rows in the fridge, ready to grab and go. Fourthly, you’ll probably save between $10 and $20 per person, per day.

So, to make them, line up your jars, (Bonne Maman jam jars are wide topped and the perfect lunch size), then start with wet ingredients that you want to ultimately end up on top of your salad such as dressings, mayonnaise and sauces. Then layer proteins – say, some type of bean since we’re cutting costs, but virtually anything goes. Next, put in some grains to around half the jar before finishing with greens. Seal and when the time comes, tip onto a plate.

Salad in a jar lunches means you could eat down your pantry of all those dregs of different leftover grains – rice, barley, buckwheat and tins of corn. And, if you’re like me, also towers of lentils and chickpeas. It might even score you almost-free lunches for several weeks… or entirely free if you grow your own leaves and/or herbs.

2. Start thinking of your stomach (and the other rumbling ones)

This may seem simple, but just how much money have you wasted because you’ve not thought ahead to when – and, crucially, where – you may need food and drinks? Get caught without water and it will set you back maybe $4 a bottle, per person. For something that comes out of a tap.

If you have kids, no, you can’t often advance-purchase then pack ice creams from a supermarket, but you can carry ‘treat’ drinks if you allow them… a solid savings tip of circa $20 as we embark on family outings during these school holidays. It’s convenience (or panic) purchases like these which will punch a hole in your budget.

3. Plan to purchase at less than face value

Presumably you go grocery shopping regularly and there may well be other outlets you frequently buy household supplies from. Investigate if there are associations or organisations selling discount vouchers for those outlets before you spend. For example, you can get 4 per cent off Woolworths gift cards when you purchase them through The Entertainment App. And for non-food staples, there’s 5 per cent off Big W, 8 per cent off Bonds gift cards and 10 per cent off OPSM.

Health insurers, as they try and keep you loyal, are even getting in on the act. Australia’s largest not-for-profit, HCF, for instance, gives 9 per cent off vouchers for priceline pharmacy, 5 per cent off OzSale, 4 per cent off Kmart and 4 per cent off Amazon.com.au.

And, talking school break again, up to 46 per cent off Event Cinema tickets. At time of writing, there was also a deal for 6 per cent cashback on AMPOL giftcards on the ShopBack, cashback app - you could even buy with discounted vouchers through cashback apps and benefit from a discount and also a percentage refund on top too.

4. Remember health is wealth

If you’re single and earn more than $93,000, or a couple earning over $186,000, you’ll be slugged with a Medicare Levy Surcharge of up to 1.5 per cent of your assessable income if you don’t have private health insurance in place by July 1.

Not only does a penalty of that size equal some pretty decent cover, but by adding extras to a policy and making some canny claims, you may not be out of pocket at all. Check out your essentially free options… and don’t forget that health is wealth.

5. The house always wins - yours

I guarantee that your mortgage and securing that interest rate discount, if you haven’t yet, is the money move that will save you the most. Borrowers with a big bank are paying almost 150 percentage points too much - 6.78 per cent as opposed to a comparable, quality loan (with a real offset account) of 5.29 per cent. The monthly saving on a $500,000, 25-year loan is $456.

That’s unless they have either cleverly cut their repayments by refinancing or, easier still, renegotiating. Just a little bit of legwork will save a fortune - so get strategic and you can save big.

Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me, available at www.nicolessmartmoney.com. Follow Nicole on Facebook, Twitter and Instagram.

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