Being smarter with money is an aspiration that topped New Year’s resolution lists this year, as cost-of-living pressures continue to weigh heavily on household budgets.
But by swapping out certain products with cheaper or homemade alternatives, shopping around, and changing a few surprisingly expensive habits, consumer advocates said an annual saving of more than $7000 was possible.
CHOICE editorial director Mark Serrels said it just took a little extra effort and forethought.
“Saving money doesn’t always have to be a grind,” he said.
Switching appliances off at the powerpoint, changing the way you wash your clothes, and changing energy providers alone can shave more than $1000 off energy-related expenses alone.
“Our nationally representative survey showed that in September 2023, 85 per cent of Australians were concerned about electricity costs,” Serrels said.
But making coffee and other beverages at home, as well as opting for cheaper cleaning products and more competitively priced insurance providers, can also do wonders for the end of year bank balance.
“By washing a full load of clothes on a cold cycle rather than small loads in warm water, plus switching to a cheaper (but just as effective) detergent and using less of it, you could save about $440,” Serrels said.
Ditching fabric softener can help Australians save an additional $76 per year and, according to the CHOICE white goods expert, they can do more harm than good.
“It actually makes your towels less absorbent and can reduce the fire retardancy of clothes,” she said.
Drying clothes on the line, rather than in the dryer, can also save nearly $450 annually.
Even if a device or appliance is turned off, if it is connected to a power point it is still sucking energy.
“Printers and wireless routers are known to be big energy hogs. By turning them off at the powerpoint, you will ensure you’re not wasting unnecessary money,” Serrels said.
Shopping around for a more competitive energy provider can save Australians hundreds each year, with many customers having been initially enticed to sign up with since-expired deals.
“Energy retailers love to lure us in with cheaper rates, knowing we’ll usually stick with them even when prices increase to avoid the hassle of switching,” Serrels said.
Most states have a comparison service which allows residents to search for the best deals available.
In Victoria, the Victorian Energy Compare helps residents find the cheapest electricity and gas deals for your household or business and also allows you to work out how much money you could save by installing solar panels.
In New South Wales, Queensland, South Australia, Tasmania and the Australian Capital Territory, residents can compare electricity and gas offers, as well as bundled plans on the federal government’s Energy Made Easy tool.
(7 NEWS)
