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Five tips to slash $1000 off food bills

Five tips to slash $1000 off food bills

Australian families waste $1000 a year throwing good food in the bin, new research shows.

More than $7.1 billion in food is wasted annually with Australian households disposing of $4.1 billion a year, with the hospitality, retail and commercial food industry making up the rest.

But the average family could save a bundle with a few simple money saving techniques that will help you cut back on how much you toss and curb the 5 o’clock “what’s for dinner?” panic.

Keep the fridge closed

Two thirds of us open the fridge door about 30 times a day, which leads to spoilage, according to an LG survey of 1250 Australians.

Keeping the door open – or failing to maintain fridge door seals – can also send electricity bills soaring, because it requires more energy to maintain correct temperature.

Keep it tidy

To keep your refrigerator from becoming the graveyard where celery goes to die, keep stock of what’s on the shelves. When you buy new groceries, borrow a trick from the supermarkets and rotate older items to the front; if you see them, you’re more likely to use them. As items near their use-by date, move them to a “use it up” shelf, so you remember what needs to be eaten soon.

Know supermarket tricks

Ever leave the supermarket with a trolley full of goods you didn’t come for? That’s exactly what the supermarket layout was intended to achieve.

Many supermarkets employ techniques to encourage you to spend; from positioning impulse items near the checkout and fruit and vegetables near the entrance (where you’re statistically more likely to be feeling happy and persuaded to buy healthy food), to clustering products that can be used to make an entire meal.

Financial commentator David Koch recommends planning meals in advance and sticking to a list of necessary items.

“The average Australian household spends 12 percent of its income on groceries. I bet you can cut that down by sticking to a list,” he wrote in a post for The Kochie Blog.

Organise to leave the kids at home, he adds: “So much food is packaged and marketed to attract children. You don’t want to be conned into buying extras like chocolate bars and chips or expensive muesli bars and cereals.”

Also, take advantage of unit pricing when comparing similar goods.

Shop at a local farmers’ markets

As cook and television presenter Maggie Beer says: “think local and think seasonal” when shopping. Using local farmer’s markets is one of the best ways to not only ensure low food miles, but also fresher food options.

Or grow your own!

Having a vegetable patch within a few metres of the kitchen certainly leaves a very small footprint. Not only does it mean your family will be eating some of the freshest produce available, it also allows the opportunity to recycle food scraps to a worm farm in order to use their manure in compost.

Preserving in times of plenty is one of the most effective guards against waste. Knowing how to make jams, sauces, chutneys and pickles means you’ll never throw out veggies again!

As hard as that loss is for your budget to handle, it’s even harder on the environment; consider the water and energy required to grow food, and the fuel used to transport it. Then when food rots in landfill it gives off a greenhouse gas called methane, which is 25 times more potent than the carbon pollution that comes out of your car exhaust.

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Learn more about bank accounts

Can foreigners open bank accounts in Australia?

Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

Can debt collectors take money out of your bank account?

Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

Do you need a bank account to get a credit card?

To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.

Do you need a bank account to sell on eBay?

You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

How do you open a bank account in Australia?

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

What do you need to open bank accounts?

Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.

All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.

Here’s a list of information that is generally required for applications.

  • Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
  • Tax file number (so you don’t get charged the highest tax rate)
  • Address, contact email and phone number

If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

Can I set up a bank account online?

Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.

How long does it take to open a bank account?

The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.

Online

Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.

In person

If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

  • Go to your Wallet
  • Choose the account you’d like to delete
  • Click ‘Remove bank account’