May 23rd 2024.
The federal budget has been making headlines lately, with a focus on household spending and the cost of living. 9news.com.au, along with personal finance expert Joel Gibson, is taking a closer look at how Aussie families are managing their budgets. One family in particular, the Perth-based Kelly and her family, have caught our attention. Despite being hard workers, diligent savers, and sticking to a strict budget, Kelly still struggles with unexpected bills.
In an interview with 9news.com.au, Kelly shared that her family's medical expenses often eat into their weekly budget and savings, despite their efforts to cut costs in other areas. As a result, they have to be creative with their meals, as their groceries are the second-highest expense after their mortgage. In addition, Kelly's son's dietary needs as a coeliac add to their food expenses, as gluten-free products can be quite expensive.
To save money, Kelly and her family rarely eat out and only spend $40 a month on takeaway. They also receive help from their adult daughters, who contribute towards household bills, including electricity. However, even with these cost-cutting measures, Kelly's weekly bills still total to $1114. This is a significant amount, considering their average income.
After reviewing Kelly's bills, Joel Gibson has some helpful tips to help her stretch her budget even further. He suggests that Kelly look into switching to a more cost-effective health insurance plan, as she could potentially save up to $650 a year. He also recommends considering a smaller phone plan, as well as exploring cheaper energy options, which could result in rebates of up to $1086.
When it comes to groceries, Gibson suggests making homemade meals and buying in bulk to save money. He also suggests incorporating frozen or "ugly" produce into their meals, as they tend to be cheaper. Additionally, he encourages Kelly to reach out to her mortgage lender and see if they can lower her interest rate, as they may be able to match the rates offered by other lenders.
In response to these suggestions, Kelly shared that she is already doing most of these things, such as bulk-buying groceries, freezing meals, and seeking out discounts and sales. She also mentioned that she has been with her health insurance provider for 25 years, and they offer a high dental rebate that is no longer available to new customers. However, she will look into the other recommendations to see if they can help her family save even more.
In conclusion, managing a budget can be challenging, and unexpected expenses can throw a wrench in even the most carefully planned budget. However, with some smart strategies and cost-cutting measures, families like Kelly's can find ways to make their money stretch further. It's always worth exploring different options and asking for better deals to see if you can save some extra cash.
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