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Households sweat the small stuff

May 24th, 2015

Almost one in two Australian households say the cost of necessities is their biggest financial worry.

ME Bank’s latest Household Financial Comfort Report found almost three-quarters of Australian households now report high levels of financial comfort, with only occasional worries over money.

But it seems when we do worry, day-to-day bills are a key source of stress.

Around one in two households say their biggest financial concern is the cost of necessities like fuel, utilities and groceries. That’s understandable as these expenses can eat up a large chunk of our income. So let’s look at a few quick tips to save on household essentials from our Member Privileges partner, ME Bank:

Drive a better deal on fuel

Save on fuel bills by filling up on days when petrol prices are cheaper. The consumer section of the ACCC website features details of petrol price cycles that can help you decide the cheapest and most expensive days at the bowser.

Switch to save on utilities

A key step to trimming utility bills is ensuring your current provider is competitive. Use comparison sites to identify low cost providers in your area or ask your current provider if a cheaper plan is available.

Look for bargains on groceries

When it comes to groceries, always shop with a list. It prevents impulse buying, which can be a real budget breaker.

Don’t overlook your home loan

We can’t always control the cost of essentials but you do have control over some of the biggest expenses in your household. There may be little to be gained from saving a few dollars on groceries for example, if you have a home loan charging an uncompetitive rate.

So while it pays to sweat the small stuff, it’s always worth taking a few minutes to review your current loan. You may identify opportunities to secure a lower rate, which can see you pocket tremendous savings over the life of your loan. Or look for a loan offering features better suited to your needs.

To arrange a home loan review, call ME Bank call on 13 15 63 or visit mebank.com.au.

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Members Equity Bank Ltd ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.

This content was provided by Members Equity Bank. The views expressed are not necessarily those of First Super. First Super has shares in Members Equity Bank.