Financial survivorship for COVID-19: 19 ways to reduce your expenses

We're all feeling even more pressure with the uncertainty of when this is all going to be over.

Right now it's a perfect time to be watching what you're spending and reducing costs where you can

So here are my top tips to start cutting costs.

1. If you have credit card debt, ring your credit card provider and make sure you're on the cheapest option possible. Right now, having a low interest rate may be more important than accruing frequent flyer points.
2. While you're on the phone to your bank, check to see if you can reduce your bank fees or do anything to earn more interest on a savings account. A client rang her bank earlier in the week to find out about her fees and she found that she was supposed to have $0 fees if she deposited $2000 a month into her everyday account. They'd still been charging her $5 a month. They credited her with 5 years worth of $5/month fees. She also asked about waiving her business account fee of $12 a month as she could just close her account and go somewhere else. They agreed to waive the fee for 12 months as a goodwill gesture. Take some time and ask the questions. You've got nothing to lose!
3. Cancel a subscription for 6 months. Do you really need Netflix, Stan, Foxtel and Spotify? Getting rid of just one for 6 months would save you at least $60. Do you have family or friends that you could "share" a subscription with? If one family increases Netflix to cover an additional screen, then maybe you could cancel your and use their account.
4. Hold onto your phone for an extra 6-12 months after it’s out of contract. My phone bill dropped from $105 per month to $28 a month and my phone is still in great condition. Doing that for 6 months saves $462 or 12 months saves a whopping $924.
5. Skip your daily skinny latte. Maybe try plunger coffee instead of Nespresso for a while? It could be hard to quit it altogether if you need caffeine to kick start your day, but it could be good for your health as well as your wallet, saving over $1500 a year.
6. Paint your own nails. A mani/pedi is a great little treat but doing your own nails will save you over $500 in a year - and the more you do it, the better you’ll get.
7. Save a goldie a day. Whether it’s $1 or $2, you can save up to $730 a year and I bet you won’t miss it.
8. Turn off your lights, fans, air conditioning and power points when you’re not using them. Put on extra sox or a jumper to save on heating. This tip is good for your wallet and the environment!
9. If you're still going to work, pack your lunch. It’s pretty ridiculous how much you can spend on lunches in a week. $15 on lunch, 5 days a week, 48 weeks a year costs $3600. Cut that down to one bought lunch a week and you’ll be saving yourself nearly $3000.
10. Make a meal plan and grocery shop for your meal plan. No extras required! No additional thought required. This will save you tons and will have you throwing away less and, importantly, going to the supermarket less.
11. Use your spare time wisely and clean out all that stuff you don't need, use or like. Donate it to charity or put it aside to sell it once movement restrictions have lifted. Post it on Facebook marketplace, Gumtree or Ebay. Why keep it if you no longer use it, it doesn’t fit or you don’t like it anymore?
12. Host a virtual dinner party at home. It will cost you a fraction of the price of either a real life dinner party or a night out.
13. Clean out your wardrobe and see what's really in there. Maybe something fabulous has been lurking at the back or something that can be easily re-styled. See if you can go the next season without buying new clothes/shoes/bags/jewellery.
14. Find fun things to do at home - which you can continue once you're allowed out. Play board games, card games, set family challenges, have an in-home disco. Get creative and have fun.
15. Cancel a credit card that you don’t use. You’ll save the annual membership fees.
16. Shop around for petrol. Even if your tank’s not empty and drive past a petrol station with a great price, it’s a good idea to fill up. Sometimes there can be a whopping 40c per litre difference between morning and evening prices, so take the good prices when they’re offered.
17. Consider having a clothing swap with a friend or two when you're socialising again. If you’ve got lots of clothes that you just don’t love any more but are still great quality, a clothing swap is a great way to refresh your wardrobe on a budget.
18. Shop around for your insurance and utilities to find the same service at a better price.
19. If you're still working, save all the money that you would be spending. Transfer the money from your everyday account to your savings account NOW.

Now is a great time to become a money master. It will be great practice for when life returns to normal.

What's your number 1 money saver?