Tips for achieving extra savings

1. Pay your bills by the due dates and avoid late payment penalties - about $10 on utility bills and far higher for credit card bills.
2. Reduce electricity bills the old-fashioned way - use blinds to keep your house cool in summer and block draughts in winter.
3. Compare bank account fees and insurance charges - there are some fee-free bank accounts.
4. Use your own bank ATMs - withdraw money when you are shopping in stores using the EFTPOS facility.
5. Shop at op shops, recycle boutiques and vintage shops for considerable savings.
6. Never be afraid to ask a retailer if that is the best price they can do or if they can improve a price for cash payment.
7. Buy multi-trip tickets for public transport rather than single-trip tickets.
8. Avoid take-away foods and learn to make your own.
9. Review your pay TV watching habits and perhaps drop some channels - along with your monthly bill.
10. A financial counsellor or adviser can help you establish a household budget - many welfare agencies offer these services free for people on low incomes.
11. Fill your car with petrol on the cheapest day of the week.
12. Think about consolidating your credit card debts into a personal loan or switch institutions to take advantage of nil or reduced interest rate balance transfer offers. With credit card rates at about 20%, that means about $2000 of interest a year on a $10,000 balance. But rolling it into a personal loan with an interest rate of 13% would save you about $700 a year.
13. Buy groceries in bulk with friends and neighbours could achieve sizeable savings.
14. An easy way to save is to make sure you are informed about the best deals before you sign up to any contracts or make big purchases. Also don't be afraid to exercise your consumer power when it comes to negotiating with service providers.
15. Shop at green grocers and local butchers where possible, rather than more expensive supermarkets - it is usually cheaper and fresher too.