Cost of living out of control? Try these 7 tips for tight budgets
The grocery bill has doubled, petrol prices are still astronomical, and money is just not stretching as far as it used to. Budget troubles in retirement can be stressful so have a look at our top tips to save some money and put some cash back in your pocket.
1. Calculate
Discounts on cards like the Seniors card vary from state to state, so it can be hard to keep track of what you’re eligible for. Make sure you’re not missing by using the Concessions Calculator developed by National Seniors Australia.
2. Swap
The Australian suburbs are full of mature fruit trees planted by European migrants in the 50s. If you can’t get through all your lemons, olives, and nectarines (the list is endless!) then have a look at Crop Swap Australia. They facilitate the swapping of homegrown produce through cashless markets to help people eat better at a lower price.
3. New rules
Haven’t been eligible for a Commonwealth Seniors Health Card in the past? New government limits could be a game changer for accessing discount utilities, rates, health care and public transport. Retired singles can now earn up to $90,000 and retired couples a combined income of $144,000.
4. Remove
Have you considered that a lighter car uses less petrol? To increase the fuel economy of your car, get rid of excess items from the boot, and remove bike and roof racks.
5. Download
There’s an app for everything now days. If every penny counts then download PetrolSpy to find the cheapest petrol, get Stocard to keep track of your loyalty points, or try EatClub for restaurant deals.
6. Research
Become thriftier when entertaining the grandkids. Do some research and enjoy an adventure that doesn’t cost more than $10 a head for the entire day. Visit the free museums, visit the local library, or pack a picnic and go somewhere new.
7. Get help
When it comes to retirement, you’re not alone—we’re here to support you. As part of your CareSuper membership you can give us a call for simple super help*, or for more comprehensive advice you can book in to see one of our experienced financial planners for a competitive fee.^ Book a call-back today.
Information correct as at 7 September 2023.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
^Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.