This means higher interest rates for mortgagees, who now have to conjure up more cash to service their home loans. Combine this with a general increase in the cost of living, and that planned Gold Coast getaway is looking more like a weekend at Victor.

But even during this current financial squeeze, there are plenty of ways to save money without selling your collection of mint condition Star Wars figurines.

Reduce or cancel Pay TV subscriptions

If you subscribe to Pay TV services, you likely have access to thousands of movies and TV shows –most of which you’ll never watch.

Depending on how many subscriptions you have, the monthly cost can be significant. The combined cost of four of the most popular streaming services comes in at around $50 per month, calculated on their basic subscription level.

If you decide to ditch them all, you may find comfort in the on-demand streaming services provided by the free-to-air channels. They offer an impressive range of TV shows, movies, docos and sporting events, and you can watch them whenever you want.

Alternatively, work out which pay channels you watch regularly, and unsubscribe from those you hardly ever use.

If you plan to stick with some or all of your subscriptions, see if you can fine-tune them to save cash. Companies like Netflix and Foxtel have tiered levels of membership, and you may be able to find a cheaper tier that still suits your needs.

Paying annually rather than monthly may also save you money.

Buy discounted eGift cards

An eGift card makes a great present, particularly if you have absolutely no idea what the intended recipient likes, needs or wants. They can also be used to save money on everyday purchases.

If you buy a discounted eGift card for a major supermarket chain, there are savings to be made whenever you go shopping.

RAA members save on Woolworths WISH eGift cards*, which can be used at participating Caltex Woolworths servos and other stores.

Compare phone contracts

“Where’s my phone?” is a question rarely asked without the level of panic once reserved for lost wallets or purses. Never in history has something become so essential to daily life, except maybe Tupperware.

There’s no way we’re giving up our little pocket computers, but we can make them cheaper to own and operate.

Most prepaid plans include unlimited national calls and texts. The main differences are the carrier used, data limits and speeds, and international call allowances.

There are dozens of companies offering a multitude of different plans. If you work out what you really need and research accordingly, there may be major savings available.

Shop online for groceries

Shopping from home is not only convenient, it may also save you money.

By ordering online, you’re more likely to buy only what you need, and you won’t be tempted by impulse-buying items – like those alluring discounted chips at the end of the aisle. It also takes the kids out of the equation, whose entire shopping philosophy is based on impulse.

Rather than cruising the aisles looking for specials, you can check out the supermarkets’ online catalogues and plan your shopping accordingly. Comparing catalogues might also help you determine which supermarket gets your business.

With the online checkout tallying your expenditure as you go, you’ll know exactly how much you’re spending. It’s much easier to replace items on the virtual shelf rather than trudging back to the real one.

The supermarket chains have delivery pricing structures based on the amount spent and how soon the order’s needed – free delivery options may be available.

Plus, with petrol nearly as expensive as lettuce, you can save a few bucks by leaving your car in the driveway.

* T&Cs apply, available from RAA.

This article does not constitute personal advice. Each individual’s personal circumstances must be taken into consideration before making financial decisions.