7 Ways To Save Money On A Tight Budget

Date Oct 2, 2020
Blog category Broadband
Blog category Mobile Phone
Blog category Power
By Michelle S
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If saving money was easy, we'd all be filthy rich. Truth is, it takes a lot of planning and discipline to actually save money. But of course, when you’re on a tight budget, looking for ways to save money can be difficult because of all the bills to pay and other household expenses. While being more disciplined about your spending is important, there are actual ways to save money that involves looking into your finances and lifestyle. We’ll give seven modern life hacks on how you can save money even on a tight budget. 

1. Bundle power, gas, and other utilities 

A common way to save money is to reduce your household spending. Remember that utilities are fixed costs in your monthly budget; expect to pay them regularly. Your bills are there to stay so long as you’re using the Internet, your phone, the television, and other appliances in your home. This is why utilities should be the first to consider when you want to save money on a tight budget. 

Bundling your utilities puts you at an advantage because providers with bundled services on power, gas, and other utilities give generous discounts. Best of all, you’ll streamline your monthly utility bills and stop worrying about getting heaps of bills from different providers. Slingshot, for example, have a bundle on broadband, mobile, and power. With a bundle, they’re more than willing to give 10% off your base broadband plan and 10% off your power expenses. Other broadband providers, like Orcon, also offer bundles on utilities. You can check all companies we compare and find the best prices on utilities bundles.

2. Saving on food

Food prices in NZ have been rising over the years, and households can feel the pressure. Rising food prices is due to the country’s large exportation of high-quality goods from Asia and other countries. While we can’t control macroeconomics, we can always change our food choices to avoid getting hit by rising food prices. Instead of buying expensive exported goods in the supermarket, why not switch into buying local produce in the grocery? 

It’s also way cheaper to cook your own meals than buying a take-out. Cooking at home doesn’t just save you money, it also teaches you new skills and could even be a time to bond with the family - especially if, in the past, you didn’t usually have that much time to cook at home.

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3. Cash over cards

Paying transactions with cash saves you from credit card interest. When you pay using a debit or credit card, interest is added on top of the purchase. Aside from interest, debit and credit cards often have other fees that you’re paying for. You only pay for the purchases upfront when you use cash instead of debit or credit cards. 

Using cash per transaction, you don’t have to worry about monthly bills as well. Although debit and credit cards are convenient, they can become a liability if you’re not 100% confident that you’ll be able to pay your bill at the end of the month without boring a hole in your already tight budget.

4. Compare prices, offers, and companies

One of these days, you might consider changing your mobile plan or power provider to get cheaper rates. This is a smart move because switching to cheaper offers will save you money when you’re on a tight budget - but it’s better if you compare prices, offers, and companies first. Not only will you save money in the long run by switching to a cheaper option, you’ll also be saving time and effort. Try our comparison tool for broadband, mobile, and power providers, and see how fast and easy it works; and best of all, it’s free! 

5. Conserve energy whenever you can

During daytime, you can maximize the sunlight and use this instead of turning on the lights. When it's windy and sunny outside, you can take this opportunity to dry your laundry outdoors instead of using a dryer which can spike up your bills. Remember that any appliance in your home which produces heat has the potential to increase your power costs. For more tips, read our article on How to Save Money by Reducing Your Electricity Bill

Faster internet, better life! Compare and find the best deals in your area, right here at CompareBear!

6. Cut back on your mobile phone expenses

Your mobile phone plan is one of the most consistent expenses because nearly all aspects of our everyday lives today are weaved into digital technology. You’ll need your mobile phone from calling your family to getting fresh news updates on the internet. When you’re on a tight budget, the right mobile plan can save you lots of money. If you feel that you’re not on the best plan and would like to switch to a cheaper option, then comparing mobile plans from different NZ providers can help you find the best value for money. 

7. Create your monthly budget plan

Creating a monthly budget plan is old school, but it’s extremely helpful when you’re trying to save money. Keep a clear record on how much of your money you’ll be spending on fixed costs such as utility bills and on other personal expenses such as transportation and food. Doing this helps you to better manage and systematize your finances, and to stick to your monthly budget.

Save money on utilities with CompareBear 

Make better decisions when you’re on a tight budget and use our comparison tool to select offers on power, mobile, broadband, and other NZ deals that’ll help you save money. Don’t let the “tight budget” become a financial hardship that you’ll regret just because you’re in the wrong mobile, power, or broadband plan. Find the best broadband deals in your area with CompareBear!




About the author
Michelle S

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