Building a strong financial foundation can be a real challenge sometimes. There is so much info around on what you should and shouldn’t do, that it can feel a little overwhelming. It can mean some of the best hacks to save and grow our finances end up getting ignored, even when they are right under our nose.

One of the hacks that I wish I’d been taking proper advantage of for many years is the concession discounts that many of us are entitled to. While I know this may not sound like a groundbreaking idea, concessions really can make a massive difference to your short term and long term financial gains. This is because we are saving small amounts across many different platforms, and when you tally it up, you’ll be surprised how much can account for.

Looking for more than the standard discounts

Most of us will be familiar with concession discounts, as we are uni/TAFE students or maybe younger, perhaps you’re on a different service that gives you entitlements. Whatever the reason, it’s worth checking if you’re eligible and taking advantage of this benefit.

Not a lot of people are aware of just how many things concessions can give you discounts on. At least I didn’t know until very recently, which seemed ridiculous to me after being at uni for seven years. I was like many people, I would use my concession where I could, things like public transport, museums, galleries and fitness centres. All of the run of the mill concessions, these were the ones where I’d mostly save money. However, the reality is that I wasn’t thinking about whether this discount could be applied in other areas.

How I cut down on my monthly costs

Now with he cost of living crisis, we need to think cleverly about how to save money at any given point. This meant for me that I looked at all of my finances and tried to trim down anywhere I could.

One thing I realised was that a lot of my monthly spending was coming out of subscriptions, many of which I considered either essential or important to my lifestyle. But I needed to make a tough decision about what to cut.

However, as I went through my subscriptions, looking at cancelling, I realised that there was a hidden area in the account settings that allowed you to apply for concession prices on that subscription.

All I had to do was validate my student email, and immediately my subscription cost around half of the original price. I then found that this feature was across every single platform I subscribed to! I was amazed, and now have access to all my same content for a far cheaper price. Next I went on to look at my energy bills and found the same process applied.

Perhaps many people already knew this, but for me this was new information, being someone that comes from a background where finances aren’t often discussed. But if it helps even one person save, it’s worth it. So, if you’re on concession or you’re entitled to get on concession, my advice is to check EVERYTHING you can, you’ll not only save a little each time that bill rolls around, you may just accumulate a lot of money that would otherwise be lost over the long term.

Like every article on TomorrowMoney, this is not personal financial advice.