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If you’re living in Australia for a holiday or work, you need to think your spending through. The cost of living in Australian cities is high, up to 0.66% higher than in the United States.
The Australian average salary is $68,250 per year, while the most experienced workers can receive up to $104.375 per year. Meanwhile, the estimated monthly cost of living for a single person in Australia is around $3.708. That is why it is important to live frugally to make sure your ends are met.
In this article, we are going to discuss some of the best tips on how to live frugally in Australia.
Join Loyalty Program
You can live frugally by joining a loyalty program at your favorite supermarkets or shops. With a loyalty program, you can receive points or rewards that can usually be redeemed for discounts.
To save more money, you can use the points or discounts from this loyalty program to buy your monthly groceries or supplies. This way, you can save money while not sacrificing your monthly needs.
Avoid using a Credit Card
Using a credit card for your purchase is tempting because it is easy, and you can pay it back in installments. However, you need to know that you have expensive interests. Constantly using credit cards can trap you in unnecessary debts that are actually avoidable.
The best way to use a credit card is when you’re able to pay the debts back in full. If you cannot afford to pay the balance in full, it is best not to use it. One of the best tips to live frugally is not using credit. By avoiding it, you can save more money and save yourself from unnecessary debt.
Use Public Transportation
The third tip on how to live frugally in Australia is by taking advantage of the available public transportation. Australia has a good transportation system. This is a blessing in disguise, as taking public transportation is cheaper than driving.
Australia has many transportation options, including trains, buses, trams, and ferries. The transportation services available depend on where you live in Australia. To help you plan your transportation cost, you can also check the price on the government’s websites. These websites have a list of schedules, timetables, and costs of each public transportation.
Less Purchase of Unnecessary Goods
Tracking your spending is a good way to make sure you know exactly where your money goes every month. You can use a budget tracking app to track your monthly spending easily. Once you know your most purchase every month, you can analyze your spending, cut back unnecessary things, and allocate more for savings.
One of the hardest things in cutting back unnecessary spending is stopping impulse buying. The development of e-commerce has given a lot of conveniences for people to shop anytime and anywhere. You can find almost everything you need with just a simple click. Sometimes without realizing it, you already fall into the rabbit hole of a late-night shopping spree that can cost you a fortune.
Get Used to Cooking Yourself, Eating Out Less
The next tip on how to live frugally in Australia is to start cooking yourself instead of eating out or getting food delivery. Cooking yourself is cheaper than constantly buying or ordering food.
If you don’t have much time to cook, you can start meal planning and cook in bulk. Not only can it save you a lot of time, but it also helps you budget your money for food better. In a glimpse, saving $10 or $20 on a meal may not look like a lot. However, within a couple of weeks, it can add up quickly and save you a lot of money.
Reduce Heater Use in Winter
Electric heaters can increase your bill significantly. Therefore, make sure you reduce your heater use in the winter. Lower your heater temperature by a few degrees only to reduce the bill. Another trick is to turn on the heater only to make your room warm and turn it off after it feels nice and warm. You can turn it on again for a while when it gets a little bit cold. The point is that the less you use the heater, the lower your electricity bill.
Those are six tips on how to live frugally in Australia. While living luxuriously does feel nice, it is more important to live within your means so that you’re not burdened with debts. Living frugally will help you save more money so that you can spend your income on other important things that give you financial security.