Finance expert Sarah Megginson said there were five big areas where Aussies can save money in 2025. (Source: Instagram/Getty) To make 2025 the year of your best possible bank balance, there are a few things you’ll need to stop spending money on. It will be different for every individual based on their circumstances, but these will apply to millions of Aussies.Whether you’re relying on your credit card or a Buy Now Pay Later service like Afterpay to tide you over until payday, you can end up putting yourself in the red if you’re not careful. Similarly, staying on top of your bills and ensuring you don’t have to pay late fees is vitally important.Here’s what you should focus on in the new year.I speak from a position of privilege here when I say you shouldn’t pay interest – the cost-of-living crisis has dragged on for years, life is expensive, and sometimes we need to lean on credit to get by.That said, we know that interest is literally money down the drain. So to kick this to the curb, we have two options: commit to paying off your card so you can get rid of the debt ASAP. Or transfer your card to a different card with a lower interest rate, so if you are paying interest, you’re at least paying less.If you can, pay your statement balance in full each month and avoid paying a cent of interest. If you can’t afford it, switch to a card with a lower interest rate.My best mate recently did this with her Amex: she called them up and moved from her rewards card, on which she paid 23.99 per cent interest, to their low-rate card at just 10.99 per cent. She more than halved her interest rate in one phone call.Do you have a story to tell? Contact [email protected] might pay late fees on your credit card, energy bill, phone bill, childcare fees… the list goes on.To make 2025 the year you stop spending on late fees, set up a direct debit. Either have them coming from your credit card, if you can responsibly manage that kind of card.Otherwise, open a “bills” bank account and transfer a wad of cash there each pay, and have your bills direct debited out of that account.You don’t want to have your bills coming out of your everyday spending account, because you might overdraw the account… and, ironcially, pay your bank a fee.To clarify! Of course you should pay your bills – if you fall behind on your household expenses it can impact your credit score and put your access to housing and utilities in jeopardy.But you shouldn’t over-pay for your bills. For instance: take your energy bill.Right now, I pay on average 23c per KW for energy. In my area, energy providers charge up to 30c per KW. That means some of my neighbours could be paying 30 per cent more for energy than I do.I don’t like donating money to big businesses for no good reason. So I’ll happily shop around on my major bills once per year, because the chances of saving money are so huge!For instance, my friend’s brother recently saved $700 on his car insurance,
Mar. Gen 7th, 2025
