If the end of the financial year has you feeling beyond broke, well… same. But before you start selling your stuff and staying home on Friday nights, we’ve pulled together a few simple money fixes that will have you feeling flush in no time. You’re welcome.
Together with HBF Health Insurance, we’ve got you covered when it comes to keeping your cash in check. From in-the-know tax hacks to upskilling on #FinTok, stride into the new fin year with confidence thanks to our four money-saving tips.
School-Up On FinTok
While we love a juicy business podcast or career book, the latest financial trend blowing up our phones is #FinTok. If you’re not across it, let’s catch you up. #FinTok is the wave of new financial influencers taking to TikTok to dish simple, accessible advice on how to make the most of your coin. From registered financial advisers breaking down investing jargon, to savvy spenders sharing their tips for cheap meal ideas, the hashtag is full of inspiration. Wondering where to get started? Hit play on Sydneysider Queenie Tan’s TikTok for a taste of the #FinTok vibes.
Weigh Up Your Health Cover
Let’s keep this simple, there are two terms you need to know when it comes to saving coin with health insurance: the Medicare Levy Surcharge and Lifetime Health Cover Loading. We’ll skip the jargon and talk straight. The Medicare Levy Surcharge is a tax you pay if you earn more than $90,000 a year as a single (or $180,000 for families) and you don’t have the appropriate level of hospital insurance—so if you want to avoid this charge, sort yourself with some hospital cover. There are different levels of cover available, depending on your budget and what you’re after.
Next up: Lifetime Health Cover loading. The short of it is this loading makes hospital cover more expensive if you're over 31 and getting hospital insurance for the first time. Lifetime Health Cover Loading adds two per cent to the cost of hospital insurance every year after you turn 30. It can total up to 70 per cent in the end, and that extra charge hangs around for 10 years. Not the vibe. But the fix is simple, you'll need to buy hospital insurance on or before July 1st following your 31st birthday to avoid paying more for your hospital insurance if you take it out later in life.. Need to know more? Check the deets here.
Swap Your Weekly Shop
Are you guilty of spending close to a hundy on Friday night cheese and crackers? We promise you’re not the only one. The supermarket can be a black hole for your bank account. With so many new products and primo brands to choose from, it’s easy to get distracted during your weekly food shop. Our challenge to you is simple: for one whole week, buy only house brand products. House brands are the supermarket’s own line of products, and although they don’t offer pretty packaging or flashy logos, they’re much cheaper than the more well-known brands. You might be surprised by the taste, and even more so, the savings—a basket full of supermarket brand goods can be up to 40 per cent cheaper on average.
You can also save big dollars by skipping the 'convenience tax'. You know those prepackaged salads, chopped veggies and fruits? Sure, you might save one minute of prep time, but these convenient items are also much more expensive. Commit to chopping your own veg, fruit and even making your own pasta sauces to cut down on your grocery shop while also decreasing your contribution to plastic waste. Talk about savvy shopping.
Self-Audit Your Spending Account
We’ve all been there, it’s so easy to lose track of what’s actually coming out of your spending account. Before you know it, you’re one week from payday without a dollar to your name— cue crying GIF. Don’t stress though, a simple self-audit of your spending account is all you need. Sit down with your computer (plus a glass of wine) and peep through your spending transactions over the last 3 months. We promise you’ll discover a few surprises, like that app membership you never cancelled, or the purchase you were accidentally charged twice for. Keeping a close eye on what’s going out of your account means you can cancel unused subscriptions, or find areas you can easily cut back on.
There are plenty of easy ways to save coin and sorting yourself out with one of HBF’s affordable health cover options could be one of them. To get a health cover comparison or to sign up for the first time (and avoid that hefty Lifetime Health Cover loading), click here.
Image credit: Laura D Vargas
Editor’s note: This article is sponsored by HBF Health Insurance and proudly endorsed by The Urban List. To find out more about who we work with and why read our editorial policy here.