Career, Business & Money Lifestyle

Cost of Living: 5 Tips To Beat Rising Costs

Gerry Incollingo, Managing Partner of LCI Partners, a firm that specialises in accounting advisory, lending, wealth, property, insurance and legal shares his top 5 tips to beat the cost of living increases. 

With interest rates tipped to rise, fuel costs skyrocketing and the cost of fresh produce costing more than a McHappy meal, the cost of living keeps rising. Pinning your hope on winning the lottery doesn’t cut the mustard and if you ever plan to have that trip to the sparkling beaches of Maui, you’re going to need some money-saving tips to help you save. Keep reading!

1. Review Your Binge Watching

You’ll be surprised how much money you can save if you cancel some or all of your streaming services. For example, if you have Netflix Premium ($256.76 per year) and Disney Plus ($119.99 per year) and cancel them, that’s $395.75 you’ve saved already! There’s plenty of programs you can watch via the on-demand apps (9Now, 7plus, ABCview and SBS) that you can view for free. Plus, the time you were frittering away binge-watching can be invested into a money-spinning side hustle.

2. Start your own business

Whether you’re walking dogs in your local neighbourhood or turning black and white photographs into prints you can sell online, a side hustle in addition to your everyday job can bring in extra money. You’ll need an ABN and maybe some advice from a certified financial advisor on how to best structure your business to learn the best ways to minimise tax on a secondary income.

3. Car-less Days/Carpooling

With the skyrocketing cost of fuel, team up with some work buddies or neighbours in your local area and take turns driving into work or doing school pickups and drop offs. Having your car off the road for one or two days during the week can save on rising fuel costs.

4. Maximise your tax return

Talk to a certified accountant about the best outcome for your current position and understand what tax deductions you can make based on the industry you work in. By educating yourself on what you are entitled to claim on and using smart decisions on how you handle your tax affairs, you can minimise your tax bills and perhaps get a healthy refund (maybe even enough for that long awaited overseas trip).

5. Research ways you can get government assistance

There may be government grants, rebate, or financial support you may not be aware of. Did you know there are a variety of government small business grants of up to $15k that help start-ups and eligible small businesses build their digital presence? In addition to business grants, depending on where you live in Australia, you may be eligible for the No Interest Loans Scheme or the Saver Plus Program.

Want more money tips? Click here for How to Save Money on Groceries by Going Greener.

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