As we swiftly move through the first month of the new year, it is time to reflect on the year gone by and set new goals to achieve in 2018.

Saving Money New Year Resolution

Be it learning a new skill or language, getting washboard abs, switching jobs, taking a vacation or buying your first home – surely, there is much to achieve and look forward to in the coming months. Talking about goals – saving more money is generally on top of everyone’s list. So, here are some quick hacks to fatten up your wallet without much ado:

Savings begin at home:

Create a household budget – This is the standard no-brainer advice everyone you’d ever know would dole out. But trust us, it works. Why? Because spending without a budget is like driving across the country without a map. Making a budget would not only help you track every dollar you spend but also cut down on frivolous spending. Besides, your chances of getting home loan approval increase if you can prove your spending.

Be a smart shopper – Well, have a shopping list to be precise. “Every time you hit the mart, it is not surprising to pick up that extra pack of crisps or an item on discount. But in the long run, it all adds up,” says Lin, who saved hundreds of dollars last year by shopping smart. “I swear by my shopping list – buying only what I need. Of course, sometimes, it isn’t possible to carry a list. At those times, I review my cart right before having it billed and often there are three to four items in there I don’t really need and can forego. That’s quite a saving indeed,” she quips.

Pack meals – Did you know brewing your coffee in the morning and packing your lunch to work could save you over two thousand dollars each year! Apart from ensuring nutritious meals that are great for your health, this small change can boost your savings tremendously. Use this lump sum calculator to see how much you can save on your home loan by simply applying this money towards paying off your mortgage.

Check your insurance cover – It never makes financial sense to pay for things you don’t need. Similarly, if you happen to be paying for a cover that you don’t need, speak to an insurance expert and switch to a policy with a lower premium. Thanks to the increasing competition in the insurance industry, many health funds are offering premium-free periods and discounts and those who are ready to switch their insurer every year could find themselves richer by several dollars.

Cut down on plastic – Apart from cutting down on plastic for environment-friendly reasons, it makes sense to review your credit card debt, especially post-Christmas, and get it under control this year. You could choose a balance transfer credit card with a twelve-month interest-free period to save money on interest as well as be debt-free sooner. In case you have several credit cards, consider closing a few, as it could significantly bring down your borrowing capacity (learn more here). Of course, if you are a pro at using plastic money and disciplined about paying your bills on time, don’t forget to cash in the reward points in time to add to your savings.

Travel for less

According to Hopper, Tuesday is no longer the day to book the cheapest flights. In fact, booking your flight on a Thursday could save you many more precious dollars. That being said, you could save even more on your next vacay with the following tips:

Currency exchange – Don’t exchange currency at the airport when you fly out next. By comparing exchange rates online from different providers a few days before you travel, you are likely to score a much better exchange rate.

Compare insurance deals – Travel insurance is a necessary cover that adds to your travelling expense – but you could always save some money by comparing various policies online and choosing one with the lowest premium. However, read the product disclosure statements carefully to pick adequate cover.

Cook your own meals – Unless you have thousands of dollars to spend on ‘wine and dine’, it could be great to whip up your own meals on a holiday. Not only would it give you a chance to connect with your partner, putting together a romantic meal together, but also save you money!

Keep your eyes open for hotel deals – Apart from airfare sales, there are several discounted deals available on online hotel booking websites that make luxury much more affordable if you plan in advance. Booking an accommodation on Airbnb could be great – as you can find a homely space for much lesser as compared to a hotel, with the added advantage of a local host who could prove to be an invaluable guide on your holiday.

Use public transport – Having spent enough on flight tickets, you could finally score some savings by using public transport instead of taking cabs around the area. Besides, you could always join the free walking tours that will give you the true local flavour of your destination.

Use technology to your benefit – Save thousands of dollars on your home loan

Fintechs such as HashChing have revolutionised the Australian mortgage industry by making it borrower-friendly through on-demand broker services and a powerful online mortgage comparison tool. Founded in 2015 with the aim to bring transparency into lending, HashChing is Australia’s first online marketplace for consumers looking to buy or refinance a home. By leveraging a network of verified and experienced brokers, HashChing offers competitive mortgage rates to home buyers at no extra cost to them.

Whether you are looking for a fresh home loan or planning to refinance, you could compare hundreds of mortgage deals here, and find one that best fits your pocket. Besides, if you find yourself stuck with a mortgage you cannot afford, you could join the GroupBuy Refinance program that helps Australian homeowners refinance their mortgages at group rates (read more).

“It is possible to boost your savings significantly with just a small reduction in your mortgage rates. In addition, having helpful features such as an offset account linked to your mortgage can further add to your kitty,” says Paul, a mortgage broker with HashChing. He explains refinancing could help save some precious bucks, but the cost of setting up a new loan could overweigh the benefits in certain cases. You can always consult HashChing verified mortgage brokers online to understand your situation better.


By Vidhu Bajaj,
HashChing Content Writer



HashChing is helping Australians by providing access to the pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.

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