Feeling the pinch? 8 ways to find extra money in your household budget

With interest rates shifting and the cost of everyday essentials continuing to put pressure on household budgets, it's no surprise many Australians are looking for ways to make their money go further.

The good news? You don't necessarily need to earn more to improve your financial position. Sometimes, it's about finding the money you're already spending and making sure you're getting the best value for it.

At Lendd Finance, we're big believers in looking at the bigger picture. Your mortgage is often one of your largest household expenses, but it's certainly not the only area where you could be saving.

We've put together eight practical ways to review your expenses, uncover some hidden savings and potentially put more money back into your pocket each month.

You don't need to tackle everything at once. Start with a couple of these and see where you can make a difference.

1. Review your home loan interest rate

Let's start with one of your biggest expenses: your mortgage.

It's easy to stick with the same lender year after year, particularly when everything is running smoothly. But loyalty doesn't always mean you're getting the best deal.

Lenders regularly adjust their interest rates and offer different pricing to attract new customers. If you haven't reviewed your home loan recently, there's a chance you could be paying more than you need to.

Even a small reduction can make a difference. For example, a 0.25% reduction on a $600,000 loan equates to approximately $125 a month in interest savings initially.

What can you do?

Have your current home loan reviewed. We can look at your existing interest rate, loan structure and available options to see whether your current lender is still offering competitive value.

2. Look at consolidating your debts

If you're juggling a car loan, personal loan and credit card repayments, you could be paying considerably different interest rates across each facility.

One option worth exploring is debt consolidation.

Depending on your circumstances, combining higher-interest debts into your home loan may reduce your monthly repayments and improve your household cash flow.

However, it's important to look beyond the monthly repayment. Extending short-term debts over a longer mortgage term can increase the total interest you pay, and using your home as security also changes the risk involved.

What can you do?

Speak with a mortgage broker about whether consolidating your debts makes sense. We'll help you understand the numbers, the potential savings and any longer-term implications before making a decision.

3. Compare your electricity, gas and internet providers

When was the last time you compared your electricity or internet provider?

Utility bills are one of those expenses that can quietly creep up over time. Many households simply continue with the same provider because switching seems like too much effort.

But you might be surprised by what's available elsewhere.

At Lendd Finance, we regularly use a service called Compare and Connect to help clients organise their utilities when purchasing or moving into a new property.

The good news is that you don't need to be moving house to use it.

Simply upload your latest utility bill and Compare and Connect can check whether there are more competitive options available. If there are, they can help organise the switch for you.

What can you do?

Click here to upload your utility bill through Compare and Connect and see if you could be paying less.

4. Review your personal insurance

Life insurance, Total and Permanent Disability (TPD), Income Protection and Trauma insurance are important parts of protecting your financial future.

But when was the last time you actually reviewed your cover?

If it's been a few years, you could be paying more than necessary, or you might have cover that no longer reflects your current circumstances.

It's also worth remembering that insurance premiums paid through your superannuation are still coming out of your retirement savings.

What can you do?

Consider having your personal insurance reviewed by a qualified financial adviser. We work with trusted financial planning professionals who can help our clients understand their existing cover and whether there are more suitable options available.

Let us know if you'd like an introduction.

5. Challenge your home and contents insurance

Home and contents insurance is another expense that can increase quietly each year.

Many providers automatically adjust premiums at renewal, and it's easy to simply pay the invoice without questioning whether you're still getting a competitive deal.

The difference between providers can sometimes be significant.

What can you do?

Before automatically renewing, get a couple of quotes from competing insurers. Then contact your current provider and ask whether they can offer a more competitive premium.

Just remember to compare the level of cover, excess and policy inclusions, not just the price.

A cheaper policy isn't necessarily better if it leaves you underinsured.

6. Compare your car insurance

The same approach applies to your car insurance.

If you've been with the same insurer for several years, it's worth checking whether you're still getting good value.

Premiums can vary considerably between providers, even for similar levels of cover.

What can you do?

Spend 10–15 minutes comparing a few online quotes. If you find a better deal, give your current insurer a call and see whether they're prepared to match it.

You might be surprised what a quick conversation can achieve.

7. Audit your subscriptions

This one is simple, but it's amazing how much money can disappear through subscriptions we barely use.

Think about streaming services, gym memberships, apps, online memberships and other recurring payments.

Individually, they might not seem like much. But add them together and they can become a sizeable monthly expense.

What can you do?

Take 15 minutes to go through your latest bank statements.

Look for subscriptions you no longer use, services you forgot you were paying for or memberships you could do without.

Even cancelling a few unused subscriptions could free up some extra cash each month.

8. Check your credit card annual fees

If you have a rewards credit card with an annual fee of $150 or more, it's worth asking yourself whether you're actually getting value from it.

Rewards points, travel benefits and other perks can be attractive, but only if you're using them.

If the benefits aren't outweighing the annual cost, it might be time to reconsider whether you need that particular card.

What can you do?

Contact your bank and ask about moving to a lower-fee or no-annual-fee card. Just make sure you understand any changes to interest rates, features and benefits before switching.

What could these savings mean for your household?

When you start adding up the potential savings across your mortgage, utilities, insurance, subscriptions and other household expenses, the numbers can become quite interesting.

You don't need to save money in every category to make a difference.

Even finding an extra $100–$200 a month could give your household more breathing room, help build your savings or provide some additional flexibility with your mortgage repayments.

The key is knowing where your money is going and regularly checking whether you're getting the best value.

Where should you start?

If you're looking for somewhere to begin, we'd suggest starting with three areas:

• Your home loan: It's likely one of your largest monthly expenses, so even a small improvement could make a meaningful difference.

• Your existing debts: Understand what you're paying in interest and whether your current debt structure is working for you.

• Your household utilities: Electricity, gas and internet are relatively easy to compare and potentially switch.

These are also areas where we can help take some of the legwork out of the process.

At Lendd Finance, we believe good financial decisions start with understanding your options. Sometimes that means reviewing your home loan, looking at your overall debt position or simply helping you identify where there might be a better way forward.

Want to see if you could be saving on your home loan?

Get in touch with our team at Lendd Finance. We'd be happy to have a chat, review your current arrangements and help you understand what options might be available.

Call us on 1300 053 633 or get in touch through our website.

Disclaimer: The information in this article is general in nature and is provided for educational purposes only. It does not take into account your personal financial circumstances, objectives or needs and should not be relied upon as financial advice. Any savings examples are estimates only and are not guaranteed. Debt consolidation may increase the total interest payable over the life of a loan and may involve additional costs and risks. Before making any financial decisions, consider your individual circumstances and seek appropriate professional advice.