Five ways to find an extra $50 each week to boost your budget

Having a spare $50 to spend can make a big difference to your weekly finances, and these five tips can help you locate it.

Stretching every dollar further has become one of the biggest challenges for Australians this year as living costs climb at their fastest rate in decades and the Reserve Bank gears up for another likely interest rate rise on February 7.

Some people are being forced to earn extra cash from part-time work or starting a side hustle, but there are other simple strategies that can uncover more money than you think.

A News Corp Australia financial health survey in January found half the population believed they needed at least an extra $100 weekly to cope with the cost crunch.

Whether you require $50, $100 or more each week, these five cost-saving moves can generate that money.

1. MAKE YOUR OWN MEALS

If you’re buying lunches and morning coffees every day at work, you could be spending $75 a week more than necessary.

If these are treats that you truly value, it’s OK to continue spending up, but if they have become a habit of convenience, consider cutting back and using the money for something more meaningful.

2. DESTROY DEBT COSTS

Mortgage repayments have surged but there still remains a large gap in home loan interest rates as lenders fight for new customers, and some people are paying thousands of dollars more each year than they need to.

There are multiple ways to find an extra $50 every week, and the savings can stack up.

Researchers have found the difference between average and cheapest home loan rates can be $300 a month on a typical $500,000 loan – that’s almost $70 a week.

Refinancing high-interest debts such as credit cards and personal loans into a low-interest mortgage can also deliver big savings.

3. SHOPPING SAVINGS

Soaring supermarket prices are causing more financial stress than any other household expense, research has found, so consider shopping around for discounts. Check catalogues online, buy in bulk if there are big savings and seek out seasonal produce.

Grocery and finance researchers have found people who hunt for supermarket specials can save more than 15 per cent on a $330 weekly bill – saving them almost $50 each week.

4. ATTACK YOUR TECH

Phone, internet and other personal technology costs have surged as our world moves further online, and if you set and forget your telecommunications services you may be missing out on big savings.

Compare prices online and potentially save $10 per week on each BYO phone plan, and about $20 per week by switching internet providers. Add to this data storage costs, recurring costs for apps you no longer use, and selling gadgets second-hand for cash, and the savings should stack up.

5. DON’T IGNORE INSURANCE

Insurers offer the best deals to new customers while their longstanding existing clients end up paying for their loyalty. Compare policies and premiums online and the savings made from switching should surprise you.

In the past two years I’ve personally saved more than $2000 by switching car and home insurance policies. Add savings from adjusting life insurance and health insurance, and the yearly savings eclipsed $3000 – almost $60 a week.

Originally published as Five ways to find an extra $50 each week to boost your budget