Financial Expert Reveals Simple Ways to Save on Petrol and Everyday Bills
Australians struggling with skyrocketing petrol prices are being advised to reconsider their driving habits and refuelling timing, with a financial expert detailing straightforward methods to reduce expenses. As bowser costs surge nationwide, Ben Nash, a financial advisor and founder of Pivot Wealth, explained on The Morning Show that merely understanding the fuel cycle can lead to significant weekly savings.
Timing Your Fuel Purchases Strategically
Nash highlighted that fuel prices typically increase before weekends and long weekends, making it crucial to plan fill-ups accordingly. Prices can fluctuate dramatically by 30 to 40 per cent throughout the week, meaning drivers who refuel at the right time can avoid paying premium rates. He recommends using fuel price tracking applications to locate the cheapest options in your vicinity and filling up earlier in the cycle rather than waiting until prices peak.
Improving Fuel Efficiency for Long-Term Savings
In addition to timing, Nash suggested minor adjustments to enhance fuel efficiency, which can help extend each tank of petrol. Maintaining correct tyre pressure and removing unnecessary weight from vehicles are simple yet effective steps. These changes not only reduce fuel consumption but also contribute to overall vehicle maintenance and performance.
Broader Cost-Saving Measures Beyond Petrol
With prices rising across various sectors, Nash urged Australians to explore wider cost-saving opportunities. High-interest savings accounts now offer rates up to 5.4 per cent, providing a chance to earn more on savings. He noted that while times are tough, the higher interest rates on savings accounts present a rare positive in the current economic climate.
Addressing Mortgage and Subscription Costs
Mortgage holders are encouraged to review their interest rates, as Nash warned that many Australians pay a loyalty tax by not switching to better deals. Data indicates this tax ranges from half to one per cent, preying on those who do not regularly reassess their mortgages. For instance, on a $700,000 mortgage, a 0.5 per cent reduction could save approximately $3,500 annually.
Nash also pointed to everyday expenses, such as unused subscriptions and uncompetitive insurance or utility plans, as areas where bills accumulate quickly. He cited data showing Australians waste hundreds of dollars yearly on unused subscriptions and recommends using government-approved comparison websites to find better deals and lower ongoing costs.
