As the cost of living continues to be relentlessly high, and the extra expenses of the festive season are taking a chunk out of our budgets, you might be thinking about how to structure your finances for the coming year.
Make 2024 the year that you take charge of your finances. We've tapped into the CHOICE hive mind to bring you savings tips from our experts and CHOICE Community consumer crusaders so you can rein in your spending and make your purchases work harder for you.
How to save money on bills
Avoid the loyalty penalty
If you've been with a particular provider for a while, shop around for a better deal before you continue doing business with them to avoid paying the 'loyalty penalty'. It's also worth asking your current provider what they can do to keep your business. – Dan, CHOICE insurance expert
Do some research before your policy is due to auto-renew. What you'll get as an existing customer is unlikely to be as good a deal as what you'll get as a new customer. – Dan, CHOICE insurance expert
Health insurance
Visit doineedhealthinsurance.com.au to find out if you could save money on taxes by buying a policy. If so, also look at paying an excess on your hospital insurance policy – this can save you as much in premiums as the excess would cost. – Uta, CHOICE health insurance expert
What you'll get as an existing customer is unlikely to be as good a deal as what you'll get as a new customer
Car insurance
For compulsory third party (CTP) insurance, you can save hundreds of dollars with services like the Green Slip Price Check (NSW), the Motor Accident Insurance Commission's CTP Premium Calculator (Queensland), ACT Treasury website (ACT), and the NT Government's information on registration fees (CTP costs are included in the rego fee in the NT).
For small claims (less than $1000), consider not claiming through your policy as it can increase your premiums. You could also look at increasing your excess to minimise your premiums.
Check out our car insurance comparison and our guide to finding the best car insurance policy to make sure you're getting the right policy for you. – Jodi, CHOICE insurance expert
For damage under $1000, consider not claiming through your policy as it can increase your premiums.
Travel insurance
If you're travelling domestically this year, it's worth considering whether or not you need travel insurance.
If you've paid a lot for your Aussie holiday, are hiring a rental car, or travelling with sporting equipment, you can get good value out of domestic travel insurance. But if you've scored a budget airfare and cheap accommodation, you might be better off claiming what you can from the airline and accommodation provider if things go awry. – Jodi, CHOICE travel expert
Energy
Get a better deal by shopping around for a new energy provider. Solar is also a great way to reduce your energy bills. Not sure if solar is for you? Check out our four steps to getting started with solar.
Our Solar Estimator will give you an idea of the cost of solar for your home and help you get quotes from reliable solar installers. – Chris, CHOICE solar expert
Banking
Don't pay more in fees than you have to. If you call your credit card company just before the annual fee is due and threaten to cancel the card, they may just waive it. And if you're paying a lot of interest, switch to a low-interest credit card. – Ashley, CHOICE staff
If you call your credit card company just before the annual fee is due and threaten to cancel the card, they may just waive it
Fuel
Beat the bowser blues by doing your homework on when and where to fill up your car, and check out sites like MotorMouth which tell you which service stations currently have the lowest rates. – David, CHOICE staff
Telco
If you've been a rusted-on customer, you may get a better deal by shopping around for a new phone or internet provider. If you're signing up to a new plan, make sure you check how much data you've been using – you may not need as much as you think. And if you're switching to the NBN, it's worth checking out some of the smaller providers and seeing if they have a contract-free option to test out their services. Speed matters too – smaller households can often get by on a 50/20 plan. Check out our reviews of the top NBN plans and deals before you sign up. – Alex, CHOICE NBN expert
How to save money around the home
Food and groceries
- Buy cheap cuts of meat and cook them in a slow cooker. To make meat go further, serve over rice or pasta, or add canned beans or lentils to stews and casseroles. – Rachel, CHOICE food and nutrition expert
- Check the unit pricing when buying fruit and veg – sometimes pre-packaged fruit and veg can be cheaper than loose and vice versa – Rachel, CHOICE food and nutrition expert
To make meat go further, serve over rice or pasta, or add canned beans or lentils to stews and casseroles
- Join a fruit and vegetable co-op and shop in bulk together at your nearest fresh produce market. It will increase your fruit and veg consumption and you'll get cheaper and longer lasting good-quality food. – Denise, CHOICE staff
- Subscribe to the Aldi online newsletter for a heads-up on the Wednesday and Saturday specials. – CHOICE Community member
- Check the sneak peek Coles catalogue after 5pm on Mondays to decide whether to shop on Tuesday or Wednesday. Check your local Supa IGA catalogue on Wednesday. – CHOICE Community member
- Forget about buying floor cleaner: our lab tests have shown that it's no more effective than using plain water. – Ashley, CHOICE staff
Sometimes pre-packaged fruit and veg will be cheaper than loose, and sometimes not. Always check the unit price to save money.
Laundry
You only need to use half the recommended dose of washing powder to get a great wash. And don't bother with fabric softener – it actually makes your towels less absorbent and can reduce the fire retardancy of clothes. Read our guide to fabric softeners to find out more. – Ashley, CHOICE whitegoods expert
Appliances
You can reduce your energy bills by choosing energy-efficient appliances. And if you have solar, use the timer on your appliances to run them during peak power generation while you're at work. – Ashley, CHOICE whitegoods expert
Price doesn't always correlate with performance. Our reviews often find cheaper products that outperform models costing twice as much. – Every CHOICE tester, ever.
You only need to use half the recommended dose of washing powder to get a great wash
Buying an appliance that fails to live up to expectations can cost you more in the long run. To avoid ending up with a dud appliance, check out CHOICE's reviews before you buy:
- Washing machine reviews
- Fridge reviews
- Dishwasher reviews
- Oven reviews
- Vacuum cleaner reviews
- BBQ reviews
- Air conditioner reviews
- Heater reviews
How to make your money go further
Special entitlements
If you're a pensioner or hold a Health Care Card or Seniors Card, find out what benefits you can get through your local, state and federal governments or businesses. You may be able to get concessions on transport, motor vehicle registrations, rates, utilities, medications and medical supplies, animal registrations, events and movie tickets. You may also be able to have your credit card fees wiped when paying bills. Don't hesitate to ask if any business or service offers reductions based on your having one of these cards. – CHOICE Community member
Online shopping
When shopping online, especially for hotels or clothes, search around for a discount code or coupon (e.g. "hotels.com.au discount code"). New promo codes pop up all the time and there's a bunch of websites that keep track of them. If you're willing to sacrifice your email address, you can often get 5–10% off by signing up to a newsletter (and once that code lands in your inbox you can always smash the unsubscribe button). – Emily, CHOICE campaigner
If you find a good deal on a comparison booking site, visit the airline or hotel's website to see if you can get a better rate
Travel
If you find a good deal on a comparison booking site, visit the airline or hotel's website to see if you can get a better rate. Try to contact them directly and ask if they can beat the price you found online – it's worth their while, since they lose a percentage of their fee when they receive bookings through a third-party site. For more information, read our article on how to get the best deal on hotel booking sites. – Elisabeth, CHOICE travel expert
Haggle
For big-ticket purchases, consider negotiating to get a better price. For tips on haggling, read our article on how to bargain. – Rebecca, CHOICE staff
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With no self-interest behind our advice, you don't just buy smarter, you get the answers that you need.
You know without hesitation what's safe for you and your family.
And you'll never be alone when something goes wrong or a business treats you unfairly.
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Stock images: Getty, unless otherwise stated.
