Looking to cut costs at home? Here are 20 achievable ideas

If you feel like you can't seem to come up for air finance-wise, you're not alone.

Interest rates are skyrocketing, basic staples are becoming more expensive and wages are stagnant — it's a lot.

For many of us, focusing on long-term (or even short-term) money goals isn't an option. But making small tweaks at home can help lessen the load.

If you're looking for ways to cut costs and live more frugally to get through this time — whether it's by reducing your energy or food bill or giving a second life to old clothes — here are some handy tips.

Achievable ways to save on cars and food

Cars are a hefty expense, so it's worth shopping around for a better insurance policy (it can save you up to $800 each year) and learning basic maintenance skills, like how to check oil and change tyres.

Finance broker John Ng recommends using fuel apps to lock in the best local petrol prices for up to seven days.

"Just last night I saved $23.36 on a full 50.35L tank fill," Mr Ng says.

Feel like your supermarket bill keeps getting higher even though you're buying the same amount of food? You're not imagining it.

While we can't escape rising prices, there are things within our control when it comes to spending on food — such as planning meals, comparing different products using unit prices and choosing cheaper substitutes like swapping meat for legumes and fresh veg for frozen veg (they're still high in nutritional value).

And don't forget to check out our easy, healthy and cheap meal ideas — from green curry and tacos to spag bol.

Dealing with rent and mortgage increases

If you have a home loan, there's a good chance your mortgage is your largest expense. A small reduction in your interest rate can make a big impact, so it's worth investigating if can negotiate with your lender, or refinance.

If you're struggling to pay your mortgage, one option is to ask your lender to enter a financial hardship arrangement.

"Banks are very willing and open to do what they can for borrowers, particularly if it's a temporary situation," says Louise Jansson, acting director of advice at the Financial Rights Legal Centre.

You can get help to speak to your bank from a free, confidential financial counsellor by contacting the National Debt Helpline.

Renting? If you're facing lease renewal and being hit with a huge rent increase, not all hope is lost — here's how these households successfully negotiated rent with their landlords.

Reduce your bills with these energy-saving tips

Keep that precious heat in your home by draught-proofing windows and doors, opening curtains when the sun is shining and close them in shade or dark, and placing the heater in the middle of the room instead of by windows. 

When it comes to your kitchen appliances and the bathroom, check they're running optimally:

• Set your fridge no colder than 4 to 5 degrees Celsius and your freezer between -15C and -18C, increase air circulation around appliances so they don't "cook" themselves, and locate fridges and freezers out of direct sunlight and away from other sources of heat.
• Only run the dishwasher when it's full, don't rinse plates beforehand, and run it on a cooler temperature cycle.
• Save water and energy in the bathroom by installing an efficient shower head and keeping showers short. Hot water accounts for about 21 per cent of home energy use.

Small changes to doing laundry can also help, such as ditching the fabric softener, using cheaper detergent (and less of it) and switching to fuller, cold-cycle loads.

And, if you're eligible for reduced rates, finance broker Mr Ng focuses recommends using appliances like your dishwasher and washing machine between off-peak times of 11pm and 7am.

DIY when you can and breathe new life into clothes

If you've got some clothes that are missing buttons, pilling, or are a bit whiffy – but are otherwise fine — don't ditch them! Follow these steps to breathe new life into your favourite threads.

Make your own dishwashing tablets at a fraction of the cost of those found at supermarkets by using washing soda, sodium percarbonate, citric acid, lemon and tea tree oil.

Birthdays can be a big expense, but homemade gifts (like sugar scrub or a kintsugi bowl) and waste-free wrapping using fabric you have at home are always a winner.

This is general information only. You should consider obtaining independent professional advice in relation to your particular circumstances.