Future Victoria: Best hacks to cut cost of living as everyday expenses rise

Victorians are feeling the pinch of increasing cost of living, shows major new research. Here’s how to bag better deals on everything from everyday expenses to home loans.

Everyday expenses are continuing to climb leaving many Victorians struggling to keep up with their household bills.

The rising costs of utilities including gas and electricity are among the biggest budgetary strains hitting families hard.

A major PwC survey of 4612 Victorians, which is a springboard for the Herald Sun’s Future Victoria series, found just 40 per cent of people felt financially secure.

It found 80 per cent of people were unsatisfied with the affordability of utilities and 72 per cent were worried about the affordability of everyday expenses.

And with virtually no wage growth in Australia for several years, Victorians are expected to keep up with rising costs despite seeing no increases to their bottom line.

However there are simple ways households can cut back their expenses and bag better deals on everything from electricity to groceries, buying their first home and getting a mortgage or buying appliances.

ELECTRICITY AND GAS

Energy is a complicated beast but the easiest way to try and work out if you’re on a competitive deal is to visit the Victorian Government’s website, compare.energy.vic.gov.au. The website examines all the gas and electricity deals available in Victoria, so you can compare apples with apples.

And there’s an added incentive to use this website because you’ll end up with an extra $50 in your pocket.

The Victorian Government is handing over a $50 Power Saving bonus payment to each Victorian residence if they register their details online and compare offers.

GROCERIES

The easiest way to keep your grocery costs down is to visit the supermarket less, so ideally no more than once a week.

Be organised. Keep a shopping list on your fridge and add items to it as you are getting low or running out.

And sign up to supermarket rewards schemes and catalogues because you can often track down specials or money off your total bill at the checkout depending on which supermarket you visit.

FIRST HOMEOWNER GRANT

For aspiring homeowners it’s worth checking out the concessions and bonuses for buying property in Victoria.

First homebuyer grants are available for new builds up to $600,000, or for combined land and dwelling costs up to $750,000.

The State Government is offering first home buyers a grant of up to $20,000 depending on where the property is located, either in a metropolitan or regional location.

On top of this there are also stamp duty concessions, which can save thousands of dollars.

MORE FUTURE VICTORIA NEWS:

THE BEST PLACES TO LIVE IN MELBOURNE

WHERE VICTORIANS FEEL MOST AND LEAST SAFE

‘RING OF CITIES’ PLAN TO EASE MELBOURNE POPULATION CRUSH

MORTGAGES

Home loan interest rates have never been cheaper — many fixed and variable deals are now under 3 per cent.

Check the interest rate you are paying on your loan because this can end up costing you thousands extra if you are on a high rate.

For an owner occupier paying principal and interest, on a typical $300,000 30-year mortgage you should have a rate under the 3.25 per cent.

And if you do phone up your existing lender, ask to speak to their mortgage retention team and demand a better deal.

Reel off a few of the better deals available them if they don’t discount your rate you’re out of there.

APPLIANCES

Buying items including whitegoods and small appliances can get expensive so it’s pays to do your research.

Before you buying any household items do a quick search online and see what is available.

Ask the store with the better price to price match, or even better price beat they better deal you have seen elsewhere.