How Aussies can stretch their cash this Christmas

Aussies can boost their bank accounts by thousands of dollars even at Christmas. See how you can make some fast cash and avoid scams.

Australian families have made big sacrifices to get by this year amid cost of living pressures, new research has found.

Almost one in 10 Australians (nine per cent) went without food at some point this year, Finder’s Parenting Survey 2022 found.

Of the 1000 respondents, 45 per cent admitted their children went without something this year because they couldn’t afford it – such as presents, clothes or extra-curricular activities.

New South Wales families were the most likely to have made sacrifices, followed by those from Queensland and Victoria.

With inflation and interest rates continuing to rise, many Aussies are feeling the pinch this festive season.

It comes as the Reserve Bank of Australia increased the official cash rate for the eight month in a row in December, up to 3.1 per cent – the highest level in 10 years.

The increase could take the average discounted mortgage rate to 6.55 per cent, up from 3.45 per cent. On a $750,000 mortgage, this year’s rate hikes have resulted in almost $1500 extra in monthly repayments.

To help Aussies who may be strapped for cash this festive season, News Corp Australia has compiled a list the ways you might be able to uncover some more money.

Whether that be tapping into lost super, accessing rebates or shifting lenders – take a look at how you might be able to bolster your bank accounts ahead of Christmas.

CASHBACK SCHEMES

Shopping

By shopping through websites such as Shop Back, Cash Rewards or Little Birdie, you can get a percentage of the purchase price back in credits, which you can build on to get better deals in the future. There are also internet browser plug-ins to help keep track of potential savings.

Separately, are also internet browser plug ins, such as Honey or Revolut, that will notify you if there are any discount codes for that item or outlet.

Some bank customer portals, such as CBA, also have ways to claim cashbacks or discounts through affiliated contacts.

Home Loans

Banks are also offering cashbacks of between $2000 and $5000 if you switch your home loan from another lender.

Phillip Horder, Director, National Panel Partner Solutions at Mortgage Choice said while switching lenders could look attractive, he warned homeowners to weigh up the full picture.

“Remember, a few thousand dollars in your pocket might sound enticing in the lead-up to the silly season, but it’s important to consider the long-term implications of switching lenders and to understand the total cost of the new loan over time – refinancing for a cashback doesn’t always mean you’ll be better off,” he said.

“I encourage anyone looking to refinance and secure a cashback offer to speak to a mortgage broker to understand the best option for you.”

Current offers:

Lender – Offer

AMP Bank – Up to $5000 Refinance Cashback Offer 2022

ANZ – Up to $4000 Switching Cashback Offer

Bank of Melbourne – $4000 Refinance Cashback Offer

Bank of Queensland – $3000 Refinance Cashback Offer

Bank SA – $4000 Refinance Cashback Offer

Bankwest – $2000 Home Loan Refinance Cashback – Extended

CBA – $2000 OFI Refinance Cashback Offer

Citibank – Up to $5000 Purchase & Refinance Cashback Offer

Gateway Bank – $2000 Green and Green Plus Cashback offer

Great Southern Bank – Refinance Promotion – $3000 Cash Reward

Heritage Bank – $3000 Cashback Offer

HSBC – $3288 Cashback Refinance Offer – Extended

ING – $2000 Cashback Campaign for Existing ING Home Loan Customers

ING – $3000 ING Home Loan Refinance Cashback Promotion

Me Bank – Up to $4000 Refinance Cashback Offer

NAB – $2000 Cash Bonus for Refinances

Newcastle Permanent Building Society – $2000 Refinance Cashback & $3000 Bonus Cash Back Offers

St George Bank – $4000 Refinance Cashback Offer

Suncorp – Up to $4000 Cashback Offer

Ubank – Up to $5000 Cashback Offer

Westpac – $2000 Refinance Cashback Offer

Source: Mortgage Choice

REBATES/GRANTS

There are range of rebates to help with cost of living, from utilities to healthcare needs, child education and sport; transport and housing.

Conditions apply but depending on what state or territory you live in, accessing these rebates could help add hundreds, if not thousands of dollars to your wallet.

Check out some of the rebates offered from state and territory governments here: Tas, NT, VIC, QLD, NSW, SA .

Aussie homebuyers might be able to get discounts on stamp duty. Pictured is auctioneer Michael Garofolo. Picture: Julian Andrews

Housing

Eligible Tasmanians can get a 50 per cent discount on transfer fees if the property they are buying is worth $600,000 or lower and less than the property being sold – that could save a homebuyer thousands of dollars. There is similar support for first-home buyers. Tasmanian homeowners may also be able to get a 30 per cent discounts on council rates. There is also financial support for some renters.

Homeowners living in remote Northern Territory communities can apply for a grant of up to $20,000 to improve the home on fixtures such as sola panels, fencing, gardens. You can also use up to $10,000 to buy furniture or white goods. Public housing tenants may be able to get a rental rebate based on the household’s income.

Meanwhile in Victoria, low income earners may be eligible for a discount of up to 50 per cent on council rates for this financial year. Eligible homebuyers may also be able to get a full or partial exemption on stamp duty fees.

Residents in New South Wales can seek support to help with housing, including paying for rent or concessions on rates.

South Australians may be eligible to get a Cost of Living Concession to help with council rates or other living expenses. This financial year, the one-off payments will double, up to $449 depending on your living arrangement.

Utilities 

Aussies may be eligible to access government support to help cover the cost of energy bills and water costs, worth potentially more than $750. This may be extended with Australia’s treasurers looking at how to use their share of the $1.5 billion in power bill rebates.

Education 

Australian children may be eligible for support with costs of schooling and sport programs.

In varies from state to state but for example in SA, parents of school-aged children can access $100 of the Materials and Services charge for 2022 and 2023. Some schoolchildren can also receive a $100 voucher to go towards sport, dance or swimming lessons.

Aussie children may be able to get support for sporting activities through rebate schemes provided by state governments.

Transport 

Drivers may be able to apply for discounts on the cost of vehicle registration, licence fees and stamp duty.

Those who live remotely or are medically unable to drive, can be supported through discounted taxi-type programs.

Health

Australians who live remotely can access financial support to cover costs associated with travel and accommodation to obtain medical care elsewhere. Conditions apply.

Rebates are also offered to cover costs of running specific medical equipment, such as oxygen machines.

ENERGY DEALS

Shopping around can unlock some great deals outside of home loans, such as phone and internet deals, insurance providers and electricity and gas deals – which could save you hundreds, if not thousands of dollars.

Websites, such as OneBigSwtich, highlight many of the discounts out there.

With energy prices going up, now might also be a good time to consider switching to solar – with a federal subsidy on offer. There are also state schemes homeowners might be able to tap into.

The average household spends $364 per quarter on electricity, which is equivalent to $1456 per year.

Finder’s Green Consumer Report found households could save an average of $732 per year by installing solar panels.

With the federal government looking at ways to combat rising energy prices, rebates may become available in the coming days or weeks.

SAVVY SHOPPING – FREE DELIVERY & POINTS

Free Delivery

While online shopping can be convenient, delivery fees can stack up, potentially making it more expensive than click and collect or shopping in-store.

Paid memberships can be an avenue to avoid delivery fees, such as OnePass which is connected with several brands including Kmart.

Click and collect could save you on delivery fees.

Amazon Prime also offers free delivery for members and access to its basic video streaming service. There is also a function to get discounts on regular home products, such as dishwashing liquid, tea or coffee, and even pet food.

Woolworths and Coles also offer paid membership deals, where for a set monthly fee you get free delivery on most orders and can earn higher rewards points than standard shopping. Coles Plus costs $19 a month but when delivery can be more than $10, if you shop regularly it could save you money in the long run.

Buying in bulk 

Outlets such as Costco can help Aussie drive down the cost of shopping with ability to buy in bulk.

Similarly, websites such as MyDeal regularly offer deals on everyday items. For example, 360 Finish-branded dishwashing tablets are $74.95, compared to $128 RRP.

Farmer's Pick fresh fruit and vegetable box.

This Christmas, Aussies can save on fresh fruit and vegetables by signing up to Farmer’s Pick, a Melbourne-based start-up that works on a subscription-based service to delivers fresh produce at a fraction of the price of the major supermarkets. Farmer’s Pick works directly with farmers to rescue “imperfect” fruit and veg that would otherwise be rejected. They sell for about 30 per cent less than the supermarkets. The weekly or fortnightly subscription model is $39 for 6kg of fresh produce or shoppers can get a special Christmas Box, which comes with recipes and range in price from $55 for two to four people and up to $99 for 8 to 12 people.

Rewards Points

Banks, retail outlets and supermarkets offer shoppers a way to earn points for doing business with them which, over time, can be used to get discounts or free products.

From this week, Flybuys members can get an instant $50 off their shop with Coles or 10,000 Flybuys points if activated over the next four weeks.

For every 2000 points earned, Flybuys members get $10 cash instantly. Coles also has a Flybuys option at present where you can get free Schott Zwiesel glassware through a points redeemable scheme.

Rewards programs can help Aussies save money, either with discounts or vouchers from accumulated points.

For every 2000 Everyday Rewards points earned, members can opt to convert them into 1000 Qantas Frequent Flyer points or turn them into $10 vouchers or let them build up for a bigger voucher at the end of the year – to help cover cost of Christmas grocery shops. More than 650,000 members banked their rewards points this year, for an average benefit of $100.

There are also ways to boost points, such as score 10 times points on purchases from Woolworths Gold range from now until December 20. Woolworths also has a rewards points scheme to redeem tableware including glasses.

Frequent flyer points can also be used for items ranging from gift cards, homewares and gifts for the kids.

While points tend to be more valuable when spent on flights, it can be a way to tap into another financial source in the lead up to Christmas.

Savvy frequent flyers will also shop through their respective membership portals to unlock special prices or bonus points. See tips on how to maximise points.

UNCLAIMED SUPER

The latest figures from the ATO indicate Aussies have $13.9 billion in unclaimed or lost super.

Australians can view their super accounts, including any lost of forgotten, through the ATO’s online services in myGov.

“You can also choose to transfer or claim your super online if you are eligible,” an ATO spokesperson said.

Before combining your accounts, you may want to consider obtaining financial advice on any potential impacts, for example any insurance that may be attached to a super account.

Aussies are encouraged to make sure their contact details are up-to-date to help link missing super.

MEDICAL TRIALS/SURVEYS

Some medical research facilities, such as Linear in Perth, WA, will pay people for taking part in research. Conditions apply but there is the potential to earn hundreds, if not thousands of dollars for taking part.

Other forms of research can also be lucrative, such as participating in opinion polls and signing up to be a mystery shopper. Qmee is a website that can link you up with surveys, which will pay you directly to a PayPal account. It also offers discounts on products and a cash back purchase scheme.

SIDE HUSTLES

Platforms such as Airtasker can be an avenue for tradies to get some extra income.

There are ways you can put your skills to use in your downtime, for example photography or graphic design skills in your spare time.

Websites such as Airtasker and Fiverr provide an avenue for people to put themselves forward for extra work outside of their day job, which could lead to an income stream up to $10,000 a month.

Aussies could turn to one of their hobbies as a mean of bringing in some extra cash on the side.

Some people are also turning their side projects into content for social media platforms such as Instagram or TikTok, with reports some users are raking in lot of money in sponsored or brand content.

Other ways to earn some extra cash could be renting out some of your personal assets, for example your boat, caravan, car, swimming pool or even a room in your house.

HOLIDAYS & FREQUENT FLYER CARDS

Consider working remotely while on holiday, suggests Tom Walley, Global Managing Director of Flight Centre's Corporate Traveller.

“Consider incorporating your remote working days into your holiday – provided your accommodation has a good remote working set-up. You would work those two or three days from your holiday destination, without taking annual leave for those days, and will have the evenings free to enjoy your holiday location,” he said.

“It may not be too late to volunteer to be a team member who remains ‘online’ during the Christmas break, or there may be projects such as reports, research, strategies, or policies that you can work on in that time. The benefit is that some of your holiday expenses could be tax deductible or expensed back to your employer, and you will save some annual leave days.”

Banking up frequent flyer points can also be a financial source to draw on to pay for flights.

Using frequent flyer points could help keep cost of holidays down.

Consider travelling to less popular destinations and perhaps stay a little longer – most accommodation venues offer discounts for longer stays.

With a lot of people embracing holidays at this time or year, you may be able to get free accommodation or even get paid house or pet sit. Alternatively, consider house swapping. There are several websites out there that can link people looking for pet/house sitters with those willing to do it, such as www.aussiehousesitters.com.au.

Tapping into travel-related credit cards, where people savvy shoppers can get extra frequent flyer points to put towards holidays.

Aussies who use credit cards may be inclined to explore options that favour travel, such as a card which offers higher reward points. Some cards include access to airport travel lounges and a voucher towards flights or accommodation, worth about $450 a year depending on the institution, but make sure you consider the annual fees and higher interest rates, warns Mr Walley.

BEAUTY

Aussies can get their hair and nails done for a fraction of the cost by considering getting their treatments done by students.

Prices vary at different student-led beauty and health salons but some are offering Shellac nails for $5, about 10 times cheaper than at the local shopping centre.

Men’s haircuts are as little as $5 or women can get a restyle cut from $10.

Other treatments are spray tans from $5, makeup from $5 or a 90-minute family for $25.

DINING OUT

Dining out can be expensive but there are several apps out there that provide insight into what specials are on offer, such as Eat Club, Student Edge, Groupon and Entertainment Book.

Some websites, such as www.eatdrinkcheap.com.au provide a way to easily navigate deals on a variety of venues, such as steak night, happy hour or cheap cocktails.

Similarly with beauty treatments, dining at TAFE/training facilities can shave heaps of money off the bill. For example, you can get a three-course dinner for $45 at 66 on Ernest, which is a Brisbane fine-dining restaurant run by hospitality students.

FUEL

Drivers can save money on fuel by referring to websites that display local prices.

The price of fuel has skyrocketed this year, with drivers getting hit with more than $2 a litre for unleaded petrol at the bowser.

Fuel prices fluctuate throughout the week with midweek generally offering cheaper prices than weekends.

Savvy drivers can shop around before they buy using tools such as PetrolSpy Australia or Motor Mouth. Some state governments provide their own services, such as FuelCheck in NSW or Fuelwatch in WA.

Alternatively, 7-Eleven customers can “lock” the price of local advertised fuel for up to seven days, so drivers can take advantage of the cheaper advertised rate at a time that better suits them. Conditions apply.

You can also use shopper dockets, such as save 4c a litre by shopping at major supermarkets such as Coles or Woolworths.

HEALTH FUNDS

Aussies could get cash back by putting in their health fund claims before the limits rollover at the end of the year.

A lot of health fund limits rollover on January 1, so now is a good time to get in your claims for the year if you haven’t already done so.

The money you get back in health fund benefits can add up quickly too, depending on your level of cover.

And you might just have enough time to make a few last minute appointments, such as dental, physio, chiro or optical. In many cases you’ve paid for these benefits in your premiums, so now is the last time to cash in on them before the end of the year.

ASKING FOR A PAY RISE

If you don’t ask, you won’t get, or so the adage goes.

With a lot of movement in the workplace this year, employers are finding they need to offer more to attract staff, people2people group managing director Mark Smith said.

Mark Smith, Group Managing Director of people2people. Picture: Supplied

He said Aussies could negotiate a pay rise with existing employer but expected they would have more luck getting more money by switching jobs.

Alternatively, workers could negotiate different working arrangements such as work from home a couple of days a week or alternative hours. Avoiding driving – with fuel costs, wear and tear on the vehicle and tolls – or not having the catch the train or pay for out-of-school care could save you hundreds of dollars, according to Employment Hero chief people officer Alex Hattingh.

TAX RETURN

While it might be a bit late to reap the rewards of a tax return in time for Christmas, filing your tax return now could mean a boost to your bank account in the new year – which could help with back-to-school expenses.

BE CAREFUL OF SCAMS

Aussies are being warned to be on the look out for potential scams after warning that $4 billion might be reported as loses to Scamwatch this year.

It comes after a combined losses of more than $2 billion were reported to the agency, government and financial sector last year.

Scamwatch urges Aussies to follow these three tips to avoiding scams:

1) Stop: Take your time before giving money or personal information to anyone. Scammers will off to help you or ask you to verify who you are. The will pretend to be from organisations you know and trust like a business you deal with, police, government or fraud service.

2) Think: Ask yourself could the message or call be fake? Never click a link in a message and ask a trusted friend or family member what they could do. Only contact businesses or government using contact information from their official website or through their secure apps. If you’re not sure, say no, hang up or delete.

3) Protect: Act quickly if something feels wrong. Contact your bank immediately if you lose money or personal information or if you notice some unusual activity on your cars or accounts. Seek help from organisations like IDCARE and report online crime to ReportCyber. Help others by reporting scams to Scamwatch.

– with Julie Cross and Lauren Ahwan