You are welcome to debate me – pensioners are absolutely aficionados at surviving on low income – but I believe no one stretches money like a solo parent.
One income to cover all the household costs, and maybe more than one child on top, makes for a challenging financial equation.
Being a single parent can make you an expert at stretching your money, Nicole Pedersen-McKinnon says.
So last week I put out a call across my social media to these masters at milking money for them to tell me their best money hack.
Here are our combined top 11 that can help in any home situation.
11. Sign up for two instalment plans on the same cycle as your pay: for your council rates and water bill. Unlike spreading just about any other bill officially via its provider, most people don’t realise there is usually no loading, interest or penalty with these two – and also check if any cheaper providers (electricity?) will let you pay as you go.
Squirrel away the cost of your other bills per-pay – if you have a mortgage, do this into a mortgage offset account, paying the bill on the last possible day, to slash your loan term too. Speaking of bills…
10. Insurance costs today are an outrage. My home and contents insurance went up 28 per cent, so I upped my excess to $1500 to slash $300 off my premium. With any luck, I’ll never have to pay this and if I do, it should be only very few times.
Another premium fighter shared: “I rang Medibank yesterday and told them I no longer want to pay loyalty tax. They gave me 12 per cent off per month for a year.”
If you don’t get joy from a reduction request, there is probably a better-value policy anyway.
Want to stretch money like a solo parent? Here are our 11 best hacks
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26.04.2024
You are welcome to debate me – pensioners are absolutely aficionados at surviving on low income – but I believe no one stretches money like a solo parent.
One income to cover all the household costs, and maybe more than one child on top, makes for a challenging financial equation.
Being a single parent can make you an expert at stretching your money, Nicole Pedersen-McKinnon says.
So last week I put out a........
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