5 ways to trim your monthly expenses by up to $1,000 every month

Information verified correct on October 27th, 2016
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Real "tried and tested" methods for cutting your monthly expenses

Trying to save money can be like going on a diet: if you make drastic, sweeping changes, you may not stick with it for very long because you’ll feel deprived. So, we’ve compiled some proven pain-free strategies to help you trim your monthly expense list and boost your bank balance by up to $1,000 a month.

Yes, if you skip your morning latte on the way to work you could save around $800 a year – but unless you take that $3 every day and pop it into a piggy bank, it’s unlikely that you’ll see the savings.

Instead, you’ll probably absorb the spare change into your day-to-day spending and your bank balance will be none the wiser. Plus, you’ll have a little less spring in your step without your morning caffeine fix!

If you want some real advice that saves you real dollars, consider the following:

1. Audit your insurance policies

Grab your current insurance policies (health, car, life and home and contents) and start comparing, as a little shopping around can save hundreds of dollars per month. Premiums change annually based partly on how many claims your insurer paid out the previous year, so prices can vary significantly between providers. Keep in mind that you don’t need to wait until an insurance policy is up for renewal to change.

Monthly saving: $200

2. Tangle the temptation to spend

Savings Tip: Try saving 10% of your income each month to ensure you have enough money available to pay for future unplanned expenses

It’s always a good idea to manage your money with at least two different banks, credit unions or building societies. That way, you have one account for spending and paying bills (this is the account that your salary is deposited into), and a savings account at a different bank that can’t be accessed via an ATM. This helps to keep your savings and spendings separate, both mentally and physically, as it will take 24-48 hours to transfer funds when you’re tempted to dip into your reserves for a frivolous purchase.

Monthly saving: $250

3. Review your bills

There are plenty of providers out there chomping at the bit for your business, so dedicate a couple of hours towards completing a total budget review. Start with utilities such as electricity, phone and internet and make sure you’re getting a good deal: often by bundling these services, you can get a discount.

Monthly saving: $150

4. Turf it on eBay

One man’s trash is another man’s treasure. It’s a cheesy cliché, but it rings true! Do a quick sweep of your wardrobe, shoes, books, CDs, DVD collection, toy box, games cupboard or jewelry box for any goods you no longer like, need or use. Not only will you create a pile of goodies to sell, but you’ll also rediscover things you forgot you had, which helps stave off the temptation to shop! It’s a double win.

You may also want to consider getting rid of old furniture that clutters your spare room or shed. Anything that is in new or new condition is a great candidate for eBay profits, with some items – particularly jewelry, designer brands and good condition kids toys – fetching almost as much as you originally paid. Try listing a dozen items a month and you’ll be able to pad your monthly bank balance by a couple of hundred dollars, after fees.

Monthly saving: $200

5. Consolidate your debts

If you have a bunch of different credit card debts, personal loans and car loans, it makes sense to consolidate all of your loans and outstanding credit balances into one single monthly payment. A great way to minimise your credit card debts is to apply for a new card with a low-rate promotional offer, and then transfer your existing balances.

For instance, if you a Visa balance of $2,100, and MasterCard balance of $2,000 and another Visa balance of $2,650, your total credit card debt is $6,750. You’ll be paying around $115 per month in interest alone. By transferring all three balances to a new card with a low rate of 4.9%, you’ll slash your interest payments to just $27 a month, allowing you to pay more money off the principal than the interest. Just make sure you immediately close your old accounts, so you don’t rack up new debts on your previous credit cards.

Monthly saving: $80-$250

So you’re saving yourself $1,000 per month – now what?

A great tip for anyone that has a credit card balance or any loans, is to put that money straight in to repaying your debt! Reducing your debt and closing down accounts will help you manage your financial situation. With an extra $1,000 pumped in to debt repayment you’ll be debt free in no time!

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One Response to 5 ways to trim your monthly expenses by up to $1,000 every month

  1. Default Gravatar
    Marny | June 2, 2011

    I love the new credit card finder website. It is easy to read, has lots of valuable information and I have always been a regular visitor to the original site utilising many of your recommended tips. well done, keep up the great work.


Credit Cards Comparison

Rates last updated October 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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