13 tips to create good money habits for the new year

Ten bucks for a dozen eggs anyone?

There’s no getting away from it – cost of living continues to bite, adding extra financial stress for Aussie households.

But there are plenty of ways we can ease the pain of the weekly shop, credit card bills and monthly budgeting.

As we head into the new year, arm yourself with these tips to help make smarter financial decisions and set yourself up for a healthy and wealthy 2025.

1. Host catch ups at home. You don’t have to go out to have a good time. Embrace cookery and enjoy social meals at home by alternating between friends on hosting barbecues or dinner clubs.

2. Seek second hand. Explore the weird and wonderful world of op shops and Facebook marketplace for any must-have purchases. You might be surprised at what can turn up. And you’ll never pay full price again.

3. Give yourself a savings reward. If you have a savings goal, plan a little treat for yourself when you manage to hit it – you deserve it! An online tool like AMP’s Budget planner calculator can help.

4. Leave the car at home. Fuel prices are rising, and ride shares can add up if you rely on them too much, so try reducing those costs by catching public transport, getting your steps up or carpooling with a friend.

5. Turn the aircon off. Did you know air-conditioning contributes to about 40% of your household energy bill? Cool down a different way: find a swimming pool, head to the beach or sit in a shady park.

6. Prep and freeze your food. Try a spot of preplanning and/or bulk-cooking meals so that food doesn’t go to waste. There are plenty of free recipe ideas online.

7. Detox your kitchen. Reduce your reliance on plastic with refillable containers, turn off appliances when not in use, find alternatives to chemical cleaning products.

8. Grow your own food. Reap the rewards of your own garden by growing your own herbs and vegetables – fresh, healthy and straight from your backyard!

9. Make your home more sustainable. Get busy on those recycling bins, start composting and try reducing your energy needs with some insulation or solar panels. It’s an investment in the long-term.

10. Ditch the takeout. Have you seen the price of a pizza these days? Brush up on your culinary skills and save.

11. Take up a hobby. There’s nothing like a new pastime to boost your mental (and physical) health. Join a social soccer team, dust off the roller skates or try bouldering – you’ll get a workout in too for a double win!

12. Switch to free TV: Do you really need four streaming services or is it time to give good old (and free!) ABC iView another go for a month or two?

13.  Rethink your expenses. It’s so easy to overspend. But take a step back. Look through your expenses for 2024 with AMP’s Expense Planner Calculator to see where you might have been overspending. Whether it was a few too many dinners out or getting hooked in by sales, the first step to changing your habits next year is understanding where your money went the year before.