Finance - Money Saving Tips

It is possible to make savings every week by knowing some basic information. Here are a few tips to help you with shopping, household expenses and entertainment.

Shopping

Food (groceries):
The cheapest places to do your weekly food shopping are at supermarkets such as Bi-Lo, Jewel and Franklins. These stores are often able to keep prices down because they do not spend money on fancy shop fittings or neat shopping aisles. Also try Queen Victoria Market and Victoria St for fruit and vegetables.

Substantial savings can also be made by buying:

In bulk
Generic or "no name" brands (often major food producers such as Kraft, McCain or Tip Top produce these goods)
Buying groceries when they are on special

Try to avoid buying groceries at the corner store or at convenience stores as these are usually much more expensive. Find out which is the cheapest supermarket in your area.

Markets can also provide you with good, cheap shopping, but be careful of the prices. Depending on the suburb the market is in, it can be just as expensive as buying food in conventional shops. It is a good idea to shop at the end of market day as bargains can be obtained then.

Household Items:
Although it can be time consuming, the most effective way to save money when buying household goods and furniture is either:

Second hand shops (particularly around Prahran, Hawthorn and Richmond)
Garage sales
The Trading Post
Discount shops and warehouses such as the Reject Shop and $2 Shops
Noticeboard on campus and in the Swine newspaper.

Beware when purchasing goods from these options. What you see is not always what you get, and often it is impossible to get a refund or exchange. When buying electrical goods, always ask the person selling to show you the product is working.

The Good Shepherd Buying Service assists low-income people find the lowest prices on household appliances, furniture and health appliances. They can be contacted by telephone on (03) 9417 4666.

Clothes:
Again the best places to buy clothes can often be at markets, recycled clothing shops and discount warehouses. When buying clothing, it is often best to decide BEFORE you go shopping exactly what you need and what type of clothing will best go with your existing wardrobe. These two simple tips can save a lot of money!! If you can, wait for the sales usually held in December, January and July.

Try the following places:

Victoria, Camerberwell, South Melbourne, Dandenong and Carribean markets
Swan Street and Dimmeys in Richmond
Second hand clothing shops in Fitzroy and Prahran
Fosseys, Target and K Mart for underwear, t-shirts and socks
Campus markets at Swinburne and other universities
Factory outlets

Household expenses

Gas and Electricity:
Shop around to find the cheapest deal from the many gas and electricity providers. When looking for a house to rent it is advisable that you look for a house with gas heating, hot water and cooking facilities as this is generally more efficient and cheaper to run than electricity. If possible, try to avoid using electrical fan heaters, as they can be very expensive and not very effective. Ducted heating, while convenient, is also expensive to run. If your home is well insulated you can save a lot of money on energy bills (heat can escape through open fireplaces, uncovered windows and big gaps under doors).

Telephone:
While we all love to talk on the telephone and often need it as a safety or security device, for students, it can be the source of greatest expense.

Here are some tips to keep costs down:

Shop around to find the cheapest deal.
Monitor you and your housemate's calls by keeping a record beside the phone of every phone call you make.
Be aware of the off-peak times to call regional Victoria, interstate or overseas.
If you like to speak to your families regularly, ask your parents/relatives to call you, say, twice a week. Try to save your news for these times.
Rent a phone with an incoming call line only. Use public phones if you want to make outgoing calls.
International students may wish to have an IDD bar on their phone to avoid excessive phone bills.
Try to put money into a jar by the phone every time you make a call.
Even if you only put 20 cents in, it will make some contribution to the final bill.
Make sure you NEVER forget to pay the phone bill and allow it to be cut off. This can be a very costly exercise (approximately $50).
International phone cards can be up to 20 times cheaper than normal costs.

Water:
If you are required to pay a water usage fee, there are three things to remember:

Use water wisely particularly with regard to showers and clothes washing
Ensure that there are no dripping taps or leaking pipes. Remember too that if you are renting, it is the responsibility of the landlord to ensure that all plumbing is in good working order.
See the Housing Adviser on your campus if you are unsure of your rights with regard to water usage payment or if you feel your bill is too high.

NB. By using gas, electricity and water wisely, you not only save money but you also aid the environmental cause.

Paying the bills
If your income is below a certain limit, you may be eligible for a Health Care Card. This card entitles you to 17.5% off your 2 winter accounts for gas and electricity. Centrelink issues Health Care Cards.

If you are having trouble paying your bill, contact your gas, water, electricity or telephone company as soon as possible to let them know. You can try to negotiate extra time to pay your energy bills. Another way to pay your bills is through Easy-Way, Direct Debit and Energy Relief. Easy-Way allows you to make regular (usually fortnightly) payments towards your gas or electricity bill. Direct debit allows you to have your accounts paid automatically through electronic funds transfer. Energy relief may help you in the form of a special one-off grant if due to some unexpected financial hardship you are unable to pay your energy account.

If you have difficulty paying your Telstra telephone account, the Budget Payment Card Scheme may assist OR you can negotiate an extension with Telstra. You may wish to check payment options with Optus as well.

If you are having difficulty paying the bill, always contact the suppliers as soon as possible to negotiate a payment plan.

Entertainment

Eating Out:
Melbourne is lucky to have cheap and interesting places to dine without it being too expensive. Here are some of these places:

Victoria Street, Richmond
Glenferrie Road and Burwood Road, Hawthorn (some restaurants and cafes offer student discounts)
Chapel Street, Prahran
Inner City Melbourne
Smith Street, Fitzroy/Collingwood
The Melbourne Cheap Food Guide is a good place to look up specific cheap eateries

Theatre and Movies:
Half Price Tix, located in Bourke Street Mall offers half price tickets to many popular musicals, theatre and comedy shows. Tickets can only be purchased on the day of the performance. Do not forget to use your student ID card to obtain concessions at movies, sporting events, tourist attractions and theatres. You can purchase cheap movie tickets to Village and Hoyt cinemas from the Swinburne Bookshop on your campus.

Cinemas such as "The Astor" in Chapel Street, St Kilda East or "The Westgarth" in High Street, Northcote, apart from offering student concessions have special low price nights usually at the beginning of the week and often show two feature films for the price of one. Village and Hoyts Theatres also have reduced-price tickets on Tuesdays