Have you ever looked at your bank statements and noticed a tally of little expenses spread throughout?

Whilst $4 here and $15 there doesn’t sound like bank-breaking amounts, these small purchases quickly add up. That’s why we have compiled a list of small expenses you might be able to reduce, leaving you with big savings in the long run.

Tap & Go Payments:
How often do you get to the checkout and realise you already have your bankcard out to tap on the EFTPOS machine? With the ease and accessibility of ‘contactless’ payments - such as ‘Tap & Go’ and ‘Apple Pay’ – this method has become an automatic reaction when paying for small purchases. Think morning coffees, the quick dash to the supermarket, an odd book or a sale jumper. These are all common ‘Tap & Go’ purchases and can be easily forgotten once the payment has been made and your card is safely tucked away. Being mindful of these purchases is essential. By setting a budget, using only cash for small purchases, or by turning on notifications in your banking app to notify you when you pay by card, will allow you to physically see where your money is being spent and will force you to be more mindful when making small purchases.

Food Delivery:
Food and groceries are most definitely essential purchases. But UberEATS, Deliveroo and Menulog, not so much. Being time-poor, hungry, and in favour of the efficient, we so often reach for the easiest option, despite the effect that it may have on our bank balance. Spending an average of $25 on takeaway and food deliveries per week might not sound like much, but if you think of it as $1300 per year, it’s a huge amount of savings to sacrifice for convenience. Reducing the amount of takeaway you consume and having some ready-to-go frozen or pre-prepped meals can have a significant impact on both your health and bottom line.

Entertainment Subscriptions:
Gone are the days of free-to-air television, CDs, and watching live games at your local football field or sporting arena. Entertainment subscription services mean you never go without your favourite TV series, sport, music or even dates (yes, dating apps count too). While one or two of these subscriptions fit within most budgets, many people are utilising multiple platforms to stream their favourite services. Having multiple accounts means you may be paying up to $50-$100 for entertainment or streaming services every month. Try to limit your subscriptions to one or two 2, or if there is a need for more, see if you can strike a trade with friends or family you live with where you each pay for one to share the cost.

Insurance and monthly Expenses:
Nobody wants to pay more than they absolutely must for health, car, pet or home insurance. With most of these payments being direct debited from accounts, it is easy to miss or ignore annual fee increases. It is always worth spending some time checking your insurance premiums and what they cover, as well as getting quotes from other companies to compare. You might even be able to score a lower price and while the savings may seem small, the extra money each month accumulates over the year to a much larger sum.

Although cutting a few dollars here and there doesn’t sound like much, the long-term savings can really add up and make a positive difference when applying for a home loan!

If you think that you are ready to start the home buying journey, contact HomeStart today and take the first step in getting into your own home, sooner.