6 easy ways you can save money during COVID-19

23rd April, 2020

Many of us are looking for ways to save money right now, so we’ve called upon our finance team to give us some tips.

Tip #1 – Lower your mortgage interest rate

The current interest rates have been the lowest in years and it’s a good time to re-negotiate home loan rates to save $$$. Another option could be to switch to an interest only loan until the end of the current conditions. Either way, worth a chat with your finance provider.

Tip #2 – Consolidate debts

Consolidate any existing debts into one low rate source by cancelling any high rate credit cards and transferring debts to one low interest rate credit card, or better still into a low rate loan like your mortgage.

Tip #3 – Save on insurance

You can potentially save on insurances (car, medical, home etc) as some insurance companies are currently offering premium reductions. Worth making that phone call.

Tip #4 – Compare your energy bills online

Check and compare bills using this government website https://compare.energy.vic.gov.au/

Another good idea is to find out more about the Victorian Default Offer where it’s possible to claim a $50 bonus for using the website (offer available until 30/06/2020).

Tip #5 – Home-cooking

Home cooking is not just fun and healthier than take-away food, but it is often much cheaper. Double the fun; reduce the cost!

Tip #6 – Avoid non-essential shopping

As non-essential stores are closed right now, it’s a great opportunity to save money on non-essential shopping.

Lastly, don’t forget to consult an accountant or mortgage broker for professional advice.