Spring saving tips to combat the rising cost of living

Estimated reading time
 7 min

In this article

• How to save at the supermarket
• Updating your home without buying a new one
• Maximising your mortgage payments
• Overcoming inflation in your everyday spending 

Ah spring – the sweet scent of flowers, delicious fruits and, finally, plenty of sunshine. 

The mornings get lighter, the nights get longer and overall, we all just feel a little brighter. But the cost of living can bring a chill to even the warmest morning. That’s why we’re going to break down everything you need to know about rising costs, and help you find areas where you might be able to save – especially while you might be feeling more motivated now that spring is here.

Things you should know about the cost of living (and tips to help you save!)

Everyone will feel the sting of rising costs differently, so let’s look at the most common areas you might feel the strain, and some ways to safeguard your savings.

1. Groceries are getting more expensive by the day

Spring is when we make the switch from rich, slow cooked meals to lighter fare. Whether you're a budget shopper or a brand-name buyer, you’ve likely felt the pinch of grocery prices rising. Supply chain disruptions and general price increases have been felt across every industry and everyday shoppers feel like they’re getting less while paying more.

  Savings Tip: Shop smart and smash it at the supermarket

• Seasonal produce is not only cheaper, but often more delicious too. Make the most of spring produce with a focus on peas, asparagus, and delicious mushrooms. 
• If you do want something out of season, stock up on frozen varieties as well – they're significantly more cost effective, last for longer and since they’re flash frozen, they’re just as good as fresh.
• You can also get savvy about when you shop - near closing time, perishable produce is more likely to be on sale. Buying things on special or when they’re in season can help reduce the impact of rising food costs, too.
• If you’ve got the space and a green thumb you can even start growing some of your produce in the lead up to summer. Herbs can be costly at the store but can be easy to grow on a windowsill or balcony at home, or if you have a garden, now is the time to start planting summer favourites like strawberries, cucumbers, carrots, and lettuces.
  

Remember, while costs are rising, the sun is shining and there are still ways you can save – and every little bit helps. We have more tips for how you can save on your grocery shop, or benefit from some cheap and cheerful lunch inspo.

2. Our homes are aching for an update

We’re about to enter the famous spring selling season in real estate, but with the housing market feeling like a bit of slog, many are making the call to make the most of what they have right now instead of attending yet another open house. But whether you rent or own, there are ways you can make some super savings without moving home.

  Savings Tip: Revamp your space, not just your spending

• Start thinking about how you can make your home a bit more resistant to the weather (and less reliant on heating and cooling) and keeping the outside air out by fixing cracks, getting door snakes, upgrading your window coverings, and even re-upping your insulation. 
• If you’re thinking of doing a proper spring clean, there’s no need to spend up on a plethora of cleaning products when you probably have the goods at home. Vinegar and bi-carb soda can be used to clean almost everything from your oven to your bathroom, used separately, vinegar can be a powerful mould killer and a sprinkle of bi-carb soda on your carpets before you vacuum can help prevent odours.
  
  Bonus: Did you know that shaving cream can double as a streak-free window and glass cleaner?
• Are your appliances up to scratch? Most of us ignore ongoing upkeep of our appliances, but not only does this often lead to them breaking or needing replacement earlier than anticipated but they get a lot more expensive to run.
  
  Make sure you clean the filters on all fans and heaters – from your air con to your rangehood – and check if anything is built up in your washing machine (yuck!). You can descale your kettle by filling it with a mix of water and white vinegar, then pouring the boiled solution down the drain can clear build up. And if you do need to replace anything, make sure you understand the energy requirements and recommendations.

Really embrace the oncoming warm weather, throw open those windows and let your space feel completely refreshed.

3. Interest rates have been climbing

If you’re gearing up to spend your spring Saturdays going from open house to auction and back again, then you’re probably keeping an eager eye on the interest rate convos of the past few years.

To recap: the Reserve Bank of Australia (RBA) has been steadily increasing the cash rate target since May of 2022. If you've bought a home this usually directly affects the variable rate on an existing home loan, as well as the rate you can lock in on a new variable or fixed loan.

After years of record-low interest rates, everybody already living la vida mortgage have been doing it tough as their monthly payments crept up real quick. So, no matter where you are in your home owning journey, these tips are important to keep in mind.

  Savings Tip: Master your mortgage repayment strategy

• Look into switching to fortnightly or weekly repayments. This can help to take years off your loan because there are 12 months in a year – but 26 fortnights, and 52 weeks. In other words, you'll pay up to an extra four weeks a year, which in turn pays off your loan faster - and you'll save on interest too! 
• Keep your mortgage payments separate from the rest of your spending if you’re switching your payment frequency so you don’t come up short.
• If you’ve had your mortgage for a while, see if refinancing or switching to a different provider could give you a more favourable rate. You might even be able to talk your current provider into updating your terms if they really want to keep you – just do your research and see what is available to you.
• Look into your credit score. This often effects the rates that are available to you, and there are steps you can take to improve it like ensuring you pay your utilities on time.

When it comes to your home loan, just remember to always check your loan terms and conditions, fees and charges, and consider what is best for your circumstances!
 

  Brain hack

The ‘anchoring bias’ is a cognitive bias where we tend to rely on the first piece of information we heard (known as the anchor) when we’re making important financial decisions. You can disrupt this bias by comparing prices from multiple sources instead of taking the first price without question, and remembering that the first number we hear won’t always be the best.

4. Inflation is continuing to inflate

If life is generally feeling more expensive at the moment, you probably have inflation (the cost of everyday goods and services) to thank. Unlike the weather, inflation doesn’t tend to change with the seasons, but often steadily inclines over a long period of time.

These days it feels like even Gen Z can tell stories about the things they could buy with a handful of coins back in their youth.

  Savings Tip: Put your everyday expenses under the microscope

It may surprise you, but there are worthwhile savings to be made in your everyday expenses. 

• From consolidating your utilities to asking for a better deal on your electricity bill or phone plan – you can often save a few dollars by negotiating with your current supplier. And if they won't budge, that’s your cue to shop around and see if you can get a better deal elsewhere.
• Take a look at your auto-payments and subscriptions to see if there are any sneaky leaks you can plug. You might want to try cancelling unused streaming services, removing an app that you haven’t touched in months, or consulting with the rest in your home to share the subscription load.
• This could be a hard one for some, but are you getting the most out of your gym membership? The warmer weather is calling for you to get outside, so look at what you can do outside or in your own home to break a sweat, or even take advantage of the many first month offers most fitness places offer.
• If you’ve got a flair for fashion, there are ways you can balance wearing the hottest threads with a minimal budget. First, spring clean that wardrobe and pull out everything you don’t need or never wear. Depending on the wear and quality, these can be resold or donated, or even swapped amongst your friends. 
• Stay away from fleeting trends and do your shopping out of season – this often comes with end of season discounts and stock clearance deals. And of course, sign up to your favourite shops so you can keep an eye on sales that are coming up, and even try shopping through a cashback program so you can save that little bit more each time.

Everybody has their own ways to spend less, save more and generally feel a bit more financially secure. But whether you’re hunting for deals, comparing providers, or looking around your own home, you need to put in the work to find what’s going to work for you.