How to make your savings go further

Managing finances on a pension or fixed income can be challenging – but with smart strategies, you can stretch your savings while reducing financial stress. 

Here are some practical ways to make your money go further and keep your finances simple.

Start by tracking your spending to identify areas where you can cut costs. Look at essential expenses such as utilities, insurance, and groceries to see if there are more affordable options. 

Consider: 

• Switching providers: Compare energy, internet, and phone plans to find better deals 
• Seeking discounts: Many businesses offer pensioner discounts – it doesn't hurt to ask before making purchases 
• Buying in bulk: Stocking up on non-perishable essentials can save money in the long run. 

Ensure you’re receiving all the benefits you’re entitled to, such as: 

• Concessions on utilities, transport, and healthcare 

• Rent assistance if you’re renting 

• Discounted council rates. 

The Services Australia website and local community centres can help you check eligibility and apply for additional support. 

Make your savings work harder by keeping them in a high-interest savings account or a term deposit. These options can offer better returns than a standard transaction account, providing a steady income while keeping your money secure. 

Because managing multiple accounts and bills can be overwhelming, you should look at streamlining your finances by: 

• Setting up direct debits for regular expenses to avoid missed payments 

• Consolidating bank accounts to reduce fees and simplify tracking 

• Using online banking to monitor spending and make payments easily. 

If possible, avoid taking on new debt, especially high-interest loans or credit cards. If you have existing debt, consider: 

• Paying off higher-interest debts first 

• Seeking a lower interest rate or consolidating debts 

• Talking to a financial counsellor for free advice. National Seniors Australia (NSA) members have access to a Financial Information Consultant. Details are here. 

Unexpected expenses can arise, so having an emergency fund can prevent financial stress. Even a small amount set aside regularly can make a big difference. 

By cutting unnecessary costs, maximising benefits, and simplifying banking, you can make your fixed income stretch further. 

Small financial changes can lead to greater security and peace of mind, helping you enjoy retirement without unnecessary financial worries. 

This article and any links provided are for general information only and should not be taken as constituting professional advice. National Seniors is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how any information provided relates to your unique circumstances.