How We Saved $300 a Month on Household Expenses

PAY OFF ALL SMALL LOANS, hire purchases and lay-bys

Make a deliberate effort to get rid of the payments you have forgotten are coming out of your bank account every payday.

Do you have any hire purchases, or small finance loans? Remember, not all of these are through a loan company or bank. Think of retail companies, gas companies, or electronics your paying off.

By paying these items off in full you will free up outgoing regular payments that include a lot of interest that could be going into your own investments and earning you interest instead.

The retail companies get a lot of their ongoing revenue from those that purchase things on finance and not from a one-off sale. They make more money from you long term by having you pay off a piece of furniture, an appliance or electronic gadget than buying it out right. The same goes with car payments.

If your not sure you have any, double check your bank account transactions and statements from suppliers. I didn’t think we had ANY debt except for our credit card until I looked at our account statements. I had forgotten altogether a few small outstanding bills we were paying off each pay day. $400 to the phone company for a phone I had purchased a year before and $1,200 to the electricity company for installing gas to our property 2 years ago.

Check and see if you have any payments going out regularly that you could pay off and remove from your ongoing household expenses. Anything from $1,500 under you should be able to get rid of ASAP if you are focused. Maybe you bought a new bed, computer or a tv on finance a year ago and you have been paying it off slowly each week or month. They will be messing up your finances big time. Get rid of them!

Find or save a lump sum and pay this outright ASAP If you have a garage sale of things as I mentioned above in Tip #4 you can get it that way. Use this money to pay off that pesky debt and you will no longer have that ongoing extra payment going out, and instead, you can save it!

INVESTIGATE YOUR INSURANCE and utilities statements

Begin to research pricing and usage charges on some of your household expenses. Find out if what your currently paying is accurate or if you need a chang

It’s time for you to become a bit of a detective and investigate your existing household utility expenses. Insurance, rates, home phone/internet, electricity, mobile plans. Often we are paying a lot more than we need to.

Contact your providers and ask if you are on the best rate for what you use in electricity and phone. Make sure you are on the right plan for electricity. A lot of people have eliminated their home land line altogether and only have a mobile which could save you $50 a month/$600 year.

Make sure that you are on the cheapest mobile rate. Data can be very expensive so be sure you are not paying for more than you need. Maybe you have been a data junky and you need to cut back? A lot of places provide WiFi when you are out and about and if you have unlimited at home there is no need for tonnes on your mobile device. It’s worth investigating what you are on and what you need to see if you can cut costs on cell phones.

Ring around a few popular or recommended insurance companies and ask about getting a more competitive rate for what you need. Last time we did this we went from $350 a month to $250 per month in our house, car and contents insurance. That’s $1200 per year just in insurance savings.

Be sure to pay off your bills in time so you get any discount rates they might offer and stay away from any penalties. Often companies will penalise you for late payment. Phone companies, rates and insurance for example. Get to know on average how much your bill is usually and divide that up by the amount of times your paid per year – put that aside or pay it directly each pay so you don’t ever get caught out.

Another way you miss out on savings is when you miss out on large discounts for paying accounts on time. Our power company offers a discount if we pay in full by the due date, last month it was a discount of $58, this month it’s $91! You bet I will make sure that’s paid in time :).


Check for forgotten subscriptions that are coming out of your account you might not know about.

When you are looking at transactions coming out of your account, you should know what your paying for and what you are getting for that payment. In this modern day of phone applications and quick logins we say “Yes” to things we don’t realise we are agreeing to, including future payments for subscriptions and memberships.

Investigate apps that have subscription fees you didn’t know you had signed up for or payments kids are making on games they play on your phone.

Did you sign up for a free 7 day or month trial and forgot to stop the payment after?


Magazines/News subscriptions either paper or online

Books; Amazon Prime, Audible, Kindle Unlimited

Television; Netflix, Lightbox, Disney+, Apple TV,

Music; Apple Music, Spotify, Google Play Music

Phone Apps; Games, Educational (Maths, English)

Educational; Art Apps, Online learning like Skill Share

Online storage; E.g. Apple Cloud, Google Drive, One Drive, Dropbox

Daily Journalling or Note Taking programmes


Scroll your bank transactions and note any random withdrawals, you may have to follow a trail to find out where it actually came from, call your bank for more info if you get really stuck. It can be surprising when you realise some of the ways money is draining from your bank account and you didn’t know.

Check your phone for other memberships or app subscriptions; For IOS iPhone

Go to SETTINGS. Select your Apple ID at the top of the menu. Got to SUBSCRIPTIONS

See which ones are subscribed and cancel any that are no longer needed


Open Google Play Store app on your device

Tap the menu button (three horizontal lines in the top left)


You will see a list of subscriptions and you can CANCEL them from here