Financial management

Six ways to save money for your family during lockdown and restrictions

- October 18, 2021 3 MIN READ
save money with these budgeting tips

With lockdowns and restrictions impacting the income of millions of people across Australia it’s a  great time to reassess your finances. Dig deep into your spending habits and take look at how and where to cut back and save

Budgeting hacks that will save you money

Try out a food subscription and save

With stay-at-home orders in place around much of the country, it is the perfect time to switch to a food box subscription for your weekly meals. By subscribing to a meal box service, you can curb the unnecessary spending you do whilst in-store when picking up unneeded extras. There are a range of services available with options to suit how many meals your family needs and how often. Companies such as HelloFreshDinnerly, and Marley Spoon are also currently offering major discounts to take advantage of during lockdown.

Ditch your car and subscribe to a service and save

Owning a car is expensive and with most of them spending more time in the garage than on the road right now, it could be costing more money than it’s worth. If your family is driving less, or maybe you don’t quite need that second car anymore, consider selling your car for cash and subscribing to one instead. Car subscription services, like Subscribacar, Carbar and HelloCars, offer affordable and flexible alternatives to traditional car ownership, allowing you to drive any car you want for a small weekly payment. General car expenses including registration, servicing and insurance are all included, which could help you save thousands every year. Work out how much you can save on a car subscription with this handy online calculator.

Clean, cull and sell

Spring cleaning is the perfect opportunity to not only clean out your family’s wardrobes, but also to earn a little extra cash. Cull your clothes and sell those outdated outfits you don’t wear anymore (or don’t fit into thanks to the COVID kilos!). This can also be a super fun lockdown activity to do with the kids! Selling your unwanted items on Facebook Marketplace, Depop, eBay or similar is a simple way to earn a little extra cash this lockdown.

Put your savings on auto-pilot

It is super easy to set up automated transfers through your online banking and banking apps. Simply set up an automatic transfer for each time you get paid – whether it be weekly, fortnightly or monthly – to go straight to your savings account. That way you don’t even have to think about your savings regime, and you won’t miss it if it goes out straight from your pay cheque.

Cancel that expensive gym membership 

Lockdown is the perfect excuse to cancel that overly expensive gym membership (did you really use it prior to lockdown anyway?!). There are plenty of online workouts that you can access for free via YouTube, and if that is not your thing, head outside! Make leaving the house count during lockdown – go for a walk with the kids, run or try a HIIT workout at your local park or beach.

Micro-invest your savings

The days of saving your spare change in a piggy bank are over, with micro-investing becoming increasingly popular in Australia. Micro-investing apps round up your purchases and invest the spare change into stocks of your choice. These apps include RaizSpaceship VoyagerCommsec Pocket, and Sharesies. For example if you buy a $7.50 juice, micro-investing apps will round up the purchase to $8, taking that 50c and investing it. It is a convenient and simple saving hack to earn you some extra cash.

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