2. Refinance your home loan

The banks have started off the year with a bidding war to secure your business. Some of the nation’s biggest lenders will fork out up to $4000 cash if you refinance your home loan with them between now and around March and April, depending on the lender.

It’s an enticing cashback offer from more than 20 different banks and lenders, including Westpac, St George, Bankwest, AMP, Commonwealth Bank and NAB. So compare interest rates out there and make a switch.

Of course, read the fine print. There can be a number of hidden costs involved in refinancing, and you’ll need to check you qualify first. This can be a double saving – you’ll get some cash in the bank and also save on your home loan.

Potential savings in a year: $5000

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3. Cut out the expensive coffee

It may sound simple, but there’s never been a better time to start brewing your own cuppa. In some parts of the country, a takeaway coffee can cost as much as $7 and prices are likely to continue to rise as cafes pass on the rising cost of coffee beans, milk, rent and wages.

Financial planner Chris Carlin says even buying one $5 coffee each weekday adds up to $1300 per year – or $2600 if you drink two cups a day – costs that could be cut out entirely if you forego a fancy barista-made brew and use your office’s coffee machine.

You could even buy one for your home. A great coffee machine will set you back between $600 and $1000, so you’ll make your savings in the first few months of owning it.

Potential savings in a year: $2600

4. Don’t be so loyal

You could be paying a loyalty tax simply because you’re following the same supermarket routine for years on end.

Rather than heading to the local supermarket that you’ve hit up the same day each week for the last six years, why not shop around and see what the discount…

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