Concerns about inflation are growing as the cost of everything from produce to utilities is on the rise. How can you take control of your finances? Here are five ways to make your disposable income stretch further. 

Review your spending habits

It’s a good time to review your budget to see if there are expenses you can reduce or cut out entirely. Tracking your spending can help you identify areas where you can cut costs and save. Are you using that gym membership regularly? Do you really need multiple streaming services? 

Even small behaviour changes can make a big difference when you’re tightening your budget, such as designating just one night a week for takeout. If you’ve never made a budget, get started with this free online budget tool.

Here are some tips on how to prioritise your bills when money is tight. 

Manage your money

Knowing your exact income and outgoing costs lets you know how much you can afford to save. Given the current global economic outlook, it’s a good time to be saving as much as you can, as regularly as you can. Figure out what you can afford to save each pay period and set up an automatic transfer to a dedicated savings account. 

Caring for your credit health is another critical part of managing your long-term financial well-being so be sure to also stay up to date with your credit score.

Evaluate your service providers

From your insurances to subscription services or mobile phone plans, sometimes you can save a lot simply by calling your provider and asking if they’ve got a better deal for you. If not, maybe it’s time to shop around. Consumer advocacy organisation CHOICE has some good advice on which comparison sites to use and those to avoid. Find out more. 

Reduce your energy costs

Many households are concerned about rising energy costs. Make a call to your retailer to make sure you’re on the best possible rate or look for a better deal at the Australian Government comparison site Energy Made Easy. 

It’s also a good time to consider how to save energy at home, including:

• Reduce draughts and use curtains to use less heating in winter. If you do use central heating, keep it at 18 degrees to keep costs under control.
• Switch to LED lights if you haven’t already. 
• Switching off appliances at the wall is an often overlooked way to save energy. 

Save on petrol costs

Looking for the cheapest petrol price today? Download the Fuelcheck app in NSW or try Fuelmap Australia to compare petrol costs near you now. Or, fill up regularly at the same pump but be sure to choose a store that offers member discounts. 

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Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.