If you’re saving for your first home or even trying to pay down a home loan, you already know how quickly money can disappear. Keeping on top of savings while the cost-of-living continues to spiral can sometimes feel like you’re trying to fill a bathtub with the plug pulled out.
And then comes Christmas.
But don’t stress. It can be a good time to hunt around and discover what savings opportunities are available, many of which have nothing to do with presents and glittery wrapping paper.
Here are a few ways to start:
1. Grocery costs are sneaky, but you’re smarter
Groceries can take a huge chunk out of your budget, especially around the holidays. Before you head to the shops, take a minute to compare prices between supermarkets. You might find better deals online or at other supermarkets where you wouldn’t usually shop. Buying in bulk, choosing alternate brand products, and using apps to track discounts or collect loyalty points can help too. And don’t forget to plan your meals and create a shopping list. Impulse buys are the silent budget killer.
2. Beat the summer heat without the bill shock
With summer settling in, many of us will be cranking up the fans and air conditioning. That usually means higher power bills, unless you’re on the best possible energy plan. Spoiler alert: a lot of people aren’t. It’s worth taking the time to compare energy providers and make sure you’re not paying more than you need to. Some providers offer competitive seasonal deals, and switching providers is often quicker and easier than you think.
3. Saving on the other essentials
Electricity isn’t the only utility worth shopping around for. Depending on where you live, you may be able to choose your gas provider too. Comparing plans or negotiating with your current provider could lower your bills. It’s also worth reviewing your water usage. While you can’t switch water providers, you can look for ways to reduce your water usage and avoid surprise charges. Little things like fixing leaks, shortening showers, and using water-efficient appliances really can make a difference over time.
4. Insurance: definitely worth a look
When was the last time you checked your car, contents, or home insurance? If the answer is, “The last time it automatically renewed”, it might be time for a refresh. Insurance premiums can creep up significantly every year, even if you’ve stayed loyal to the same provider. They generally won’t provide any loyalty discounts unless you ask. An online comparison could find you a better deal or help you negotiate with your current provider. The money saved here could be redirected straight into your savings account and help you reach your goals sooner.
5. Already have a home loan? Give it a check-up
If you’re not a first-time buyer but saving for your next property, refinancing your existing mortgage might help. Interest rates, loan features, and offers change all the time. Even a small reduction in your interest rate could mean extra cash in your pocket each month. And that can add up fast. Some lenders also offer cashback deals for refinancers, which could be a nice little bonus heading into the new year.
6. Shopping for festive savings
It’s tempting to let the festive season take over and worry about your bank balance later. But being smart now doesn’t mean missing out. It just means spending with a little more intention. Planning your festive spending and shopping ahead of time gives you the chance to find better deals and avoid the last-minute rush. It also saves you from panic-buying gifts at inflated prices on Christmas Eve. Also, keep an eye out for loyalty program offers, pre-Christmas sales like Black Friday, and cashback offers, that can help keep costs down.
The truth is, the habits you build now, whether it’s comparing providers, shopping for the best deals or planning your spending, can help you all year round. These small savings decisions add up and bring you closer to your financial goals.
Instead of racing through the mall on Christmas Eve and blowing your budget, you can be relaxing with a cold drink, knowing your shopping is sorted, your savings are still growing, and you are set for the year to come.
