Money Saving Tips: Realistic Ways to Cut Costs in Australia

The money saving tips that usually help most are the regular ones: check where your money goes, cut your biggest bills, plan groceries, drop unused subscriptions and automate saving. Small changes add up, but they won't fix a shortfall in essentials, which needs different help.

This guide groups 20 practical tips by area, from bills and groceries to automatic saving, and lists independent government places to compare costs. The last sections cover costly debt and what to do if you can't afford the essentials.

Last reviewed: 21 October 2026

The 20 tips fall into five groups:

• Start with where your money goes: track spending, pick a budget method and set one goal.
• Cut your biggest bills first: compare energy, insurance, health cover and phone plans.
• Spend less on groceries: plan meals, check unit prices and cut waste.
• Trim everyday spending: audit subscriptions, pause before buying and watch transport costs.
• Make saving automatic: pay yourself first and keep a small buffer.

Start with where your money goes

Saving gets easier once you can see your spending clearly. These first tips take an hour or two and make every other tip easier to act on.

1. Track a month of spending

Look back over a month of bank and card statements, or use the spending categories in your banking app. Group what you find into bills, groceries, transport, debt repayments and everything else.

2. Pick a simple budget method

A budget just needs to show what comes in, what goes out and what's left. If you like a ready-made split, our guide explains how the 50/30/20 split works and when to adjust it.

3. Set one goal you can stick to

Choose one goal, such as a small buffer or a bill you know is coming, and a weekly amount that fits your budget. A modest target you keep is usually more useful than an ambitious one you drop.

4. Use a free budget planner

Moneysmart's budget planner helps you see where your money goes and whether your income covers your expenses. It won't make the savings for you, but it shows where there may be room to move.

Cut your biggest bills first

Large, regular bills usually offer more room than small daily treats. A change to a bill you pay every month keeps saving without any extra effort.

5. List your bills from largest to smallest

Write down each regular bill, what it costs a year and when it renews. Then decide which ones are still worth what you pay, starting at the top of the list.

6. Compare your electricity and gas plan

If you live in New South Wales, Queensland, South Australia, Tasmania or the ACT, Energy Made Easy is a free, independent government service for comparing energy plans. Victoria has its own government comparison site, Victorian Energy Compare, listed in the table further down.

Neither site covers Western Australia or the Northern Territory, so households there can ask their retailer which plans and concessions apply. Simple habits help everywhere too, such as washing in cold water and switching off appliances at the wall.

7. Ask your provider for a better deal

Before you switch, call your current energy, phone or insurance provider and ask whether a cheaper plan or the new-customer offer is available. While you're on the phone, ask about any concessions or discounts you might be eligible for.

8. Review insurance at renewal

Renewal is a good time to compare your car, home and contents cover with other policies. Check what each policy actually covers and the excess, not just the premium, because cheaper cover can leave bigger gaps.

9. Compare private health cover

If you have private health insurance, PrivateHealth.gov.au offers independent information and lets you compare policies that match your needs. Make sure any new policy still covers the treatments you're likely to use.

10. Match your phone and internet plan to your use

Your provider's app or bill shows how much data and call time you actually use. If you regularly use far less than your plan includes, a smaller plan may cost less.

Spend less on groceries

Groceries are a cost you can adjust every week. Planning ahead does more here than chasing every special.

11. Plan meals and shop with a list

Plan the week's meals around what you already have, then write a list for the rest. Sticking to the list cuts the extra items that sneak into the trolley.

12. Compare the unit price

Large supermarkets must show a unit price, such as the price per kilo or per 100 grams, close to the selling price. It's the quickest way to tell whether the bigger pack really is better value.

13. Try home brands and stock up on staples

Home brands are often cheaper for basics like rice, pasta, tinned food and cleaning products. When long-life staples you always use are on special, buying a few extra can lower the cost over the following weeks.

14. Use leftovers and the freezer

Cooking a little extra and freezing portions means fewer takeaway nights when you're tired. Using up what's in the fridge before you shop also cuts waste.

Useful places and tools to check, all in one spot:

Source: Energy Made Easy, Victorian Energy Compare, PrivateHealth.gov.au and the Retail Grocery Industry (Unit Pricing) Code, October 2026.

Trim everyday spending

Small regular costs are easy to miss because each one looks harmless on its own. A quick review every few months keeps them in check.

15. Audit your subscriptions

Check your statements for streaming, apps, memberships and anything you signed up for and forgot. Cancel what you don't use, and consider keeping one streaming service at a time and rotating.

As an illustration only, two subscriptions at $15 a month add up to $360 a year. What you save depends on which services you have and what you choose to keep.

16. Pause before non-essential purchases

Some people use a "30-day rule": wait 30 days before buying something you want but don't need, and buy it then if it still fits your budget. It isn't a proven or universal rule, just an optional pause that can cut impulse spending.

17. Keep transport costs down

Regular servicing, correct tyre pressure and combining errands can lower running costs, and public transport may be cheaper for some trips. Our guide to what a car really costs to run breaks down the bigger costs of owning one.

Make saving automatic

Saving works best when it happens without a decision each time. Setting it up once means it keeps going on busy weeks too.

18. Pay yourself first

Set up an automatic transfer to savings on payday, before the money gets spent. Even a small amount builds the habit, and you can raise it later if your budget allows.

19. Keep savings in a separate account

Money in a separate account is less likely to be spent by accident. Some people also hide that account in their banking app so it's out of sight day to day.

20. Build a small buffer for surprises

A small buffer can cover a car repair or an unexpected bill without putting it on credit. Our guide covers how big an emergency fund to aim for and how to build one gradually.

Tackle costly debt

If you have credit cards or other debts, the interest and fees can take a large share of what you might otherwise save. Start by checking the interest rate, fees and minimum repayment on each one.

Keep up the required repayments on every debt. If your budget allows extra repayments, compare the interest rates, fees and any early-repayment conditions before deciding which debt to prioritise.

Taking another loan can add interest and fees and does not automatically save money. Compare the total cost carefully or speak with a financial counsellor before refinancing existing debt.

If repayments are getting hard, contact the provider early and ask what options it has before you miss a payment. A financial counsellor from the National Debt Helpline can help you work out a plan, free, on 1800 007 007.

If you can't cover the essentials

Everything above is about trimming everyday costs. If you can't pay for essentials like rent, food, power or medicine, small cuts won't close that gap, and it's worth getting help early.

• Ask your provider about hardship help: many energy, water, phone and internet providers have hardship or payment-assistance options, but the rules and options vary, so ask what's available.
• Check concessions and rebates: each state and territory has its own, and some depend on a low income, a Health Care Card or Centrelink being your main income.
• Talk to a free financial counsellor: the National Debt Helpline on 1800 007 007 can help you prioritise bills and speak to providers.

The National Debt Helpline's website also explains what to ask for if you're struggling with energy or water bills, including asking for the provider's hardship team. If you're worried about being disconnected, contact the provider straight away.

If you already receive an eligible Centrelink income support payment or Family Tax Benefit Part A, you may be able to receive part of that payment early as an advance. It isn't extra income: Services Australia recovers it by reducing later payments, and eligibility depends on the payment you receive.

Where to start this week

Pick one big bill and one everyday habit from the list, and give them a month. When those feel settled, add another, so the changes last rather than wearing you out.

This article is general information only, not financial advice, and does not take your personal circumstances into account. Consider your circumstances and seek qualified help if needed before making a financial decision.