How can you live for nearly nothing in Sydney? How can you pull that off?! That is the most often question I get asked about living in Sydney, Australia – frequently with astonishment and amazement. Probably because Sydney is Australia’s most costly city, as well as the most expensive city in Oceania and the world’s 11th most expensive city..
When you hit a rough patch after relocating to Sydney and having trouble settling in and dealing with certain difficulties such as home cleaning expenses, renting etc.
So, when things were bad, you learn to adapt in order to stay alive. Some of it wasn’t enjoyable, and a lot of it needed us to be resourceful on a daily basis, but it all helped us save money and stay in Sydney for so long.
You should utilize virtually everything on this list to live and make the money we did have last as long as possible since we sometimes had very little income – especially when the epidemic struck you need to do almost everything on this list to make the money last as long as possible.
You may only wish to select a handful of things you would utilize or find useful. These suggestions are better suited to those attempting to live in Sydney on a tight budget than to tourists hoping for a luxurious trip or packed agenda.
If you’ve lived in Sydney for a long time, you may already know how to live cheaply and save money, but tourists and newcomers to the city will perhaps find these travel hacks useful.
As a result, I’d want to share all of the information we’ve learned, as well as the tips and tricks we’ve discovered, with anybody considering moving to or living in Sydney. It may be used by residents of Sydney who wish to save money as well as visitors and foreign students who want to visit Sydney on a budget.
Sydney residents enjoy a very high level of life, so it’s no surprise that it’s one of the most expensive cities in the world. According to a 2020 study conducted by the Sydney Business Chamber, about half of respondents feel that in order to live comfortably, they need to earn $100,000 or more per year.
While you may not be able to influence the growing cost of living in Sydney, you can control how you handle your money so that you may live comfortably while saving for a rainy day or starting to create your nest egg. If you live in Sydney, here are our top ten money recommendations.
Keep an eye on your spending
Finding out how you spend your money is the first step in controlling your finances. Keep track of all your expenditures, which includes making a note of every snack, cup of coffee, or movie ticket you buy.
It’s best to keep track of every dollar you spend. Try to keep track of one to two months’ worth of costs, then organize them by categories such as a mortgage, food, mobile phone expense, credit card bills and petrol to arrive at a monthly total. A basic pen and notebook would suffice, but there are other smartphone apps to choose from. You can also note down the expenses of public transport in sydney everyday from surry hills to darling harbour.
Create a Budget That Is Workable
After you’ve gathered enough information, you may begin organizing your recorded costs into a workable budget. Keep in mind that your budget must show how your spending compares to your earnings. Try to get things from op shops and fresh produce.
Prioritize your goals
When it comes to personal money, your life objectives are crucial even when you spend a small amount. After all, our financial requirements and priorities will be determined by our life phases. Always keep in mind your long-term life objectives, which should not be influenced by your immediate demands.
Knowing which objective to prioritize might help you figure out where you should start saving. For example, if you know you’ll be retiring in less than ten years, you should start crunching the figures to figure out how much money you’ll need to live comfortably in Sydney a decade from now.
Let Go of Minor Extravagances
A $4.15 cup of caramel macchiato in Sydney may appear inexpensive, but if you buy it every working day, you’ll be paying at least $83 each month, or $996 per year from your personal finance.
Find less expensive alternatives to your caffeine fix, such as 3-in-1 coffee sachets that you can take to work. If you don’t want to go to such lengths, at the very least reduce the number of times you visit your favorite café. Instead, go for a walk in the neighboring park or browse the library for interesting literature. These are less expensive methods to unwind after a long day at work.
Look for a new source of income
Finding additional source of income is one method to ensure that you have enough money not only to make ends meet but also to put money aside each month. It can also serve as a safety net if something goes wrong.
Finding a new source of income does not have to be difficult. All you need to do is be resourceful and efficient with your time.
Maintain a Reward Jar
Don’t forego the better things in life in order to save money. One strategy is to maintain a reward jar where all of your loose coins may be deposited. You’ll be amazed at how fast even a little amount may be saved.
At the end of the month, you may use the money to treat yourself to a movie, dinner, happy hour, or anything you like. It may be tough to manage your own money, but this tip may help you relax a bit.
Purchase a life insurance policy
Obtaining life insurance is critical because it will not only protect you but also provide you with cash reserves in the event of an unforeseen need, such as hospitalization or an accident. You can have a big amount of money that you can access if things go wrong for a little amount of premium.
Some people believe they are too young to purchase insurance. However, the truth is that the younger you are when you buy life insurance, the more money you may save. Life insurance companies use a variety of criteria when deciding the premium you should pay, including your age, health, and lifestyle. Your premiums will most likely be extremely inexpensive if you are still young (under 30), healthy, and not a smoker.
Reduce the amount of money you owe on your mortgage
If you have a mortgage on your Sydney house and already have a savings account, you might attempt to combine the two to save a lot of money. You can get a better rate by refinancing your mortgage. Make sure you obtain a 100 percent offset account so that your savings can cover the interest on your mortgage. One benefit of this arrangement is that you may still access your savings account if necessary.
Consolidate Your Plan
When was the last time you looked at your retirement account? You could lose out on some savings if you have numerous accounts. Locate all of your super accounts and merge them into a single account. This will result in greater savings since you will be compensated for the money you put into your super.
However, be sure to do your homework beforehand and learn more about the many alternatives accessible. Ask your present job whether there are any termination fees and if there is a scheme through which the firm can contribute to your savings. It’s critical to get your super fund in order early on so you can have more money in retirement.