With costs for everything seeming to rise at the moment, I thought I’d touch on 20 ways you could possibly reduce your household costs (in no particular order).
- Create a budget: Make a list of all your monthly expenses and see where you can cut back. This can also be quite an eye-opening exercise to do, you could be quite surprised where you are spending money that you weren’t consciously aware of. Remember to include ALL your costs as you need to identify every expense you have.
- Use energy-efficient appliance: Where you can, use appliances with a low Energy Star rating to reduce electricity bills.
- Cut back on your electricity costs: Turn off lights when not in use, reduce your water usage, raise the temperature of your air conditioning, and lower the thermostat on your hot water system.
- Shop smart: Buy generic brands wherever you can, shop the sales and clearance items, and avoid impulse buys.
- Cook at home: Eating out can be very expensive so cook meals at home and save money.
- Use coupons and discount codes: Take advantage of coupons and discount codes to save money on purchases.
- Cancel subscriptions and memberships: Cancel any subscriptions you don’t use, such as gym membership or streaming services. Also, check your apps because they quite often have automatic payments set up so these may need to be cancelled.
- Buy in bulk: Buy in bulk to get discounts and cheaper items, avoid buying single-use items where possible, and know your prices especially when buying in bulk.
- Shop secondhand: Shop at thrift shops or online resale sites for clothing and household items. You can find some amazing bargains in op shops!
- Use public transport: Using public transport instead of driving can save on your vehicle’s fuel and maintenance costs.
- Cut back on entertainment expenses: Find free or low-cost activities, like visiting a local park or museum, free open-air council movies, etc.
- Refinance loans: By refinancing your loans you may be able to get a lower interest rate and reduce your monthly payments.
- Use cashback and reward programs: Cashback programmes such as “Shopback” will give you cash back on your purchases, and reward programmes like “Flybuys” give you reward point which you can then use to pay for items.
- Pay bills on time: Avoid late fees by paying your bills on time. People are quite often surprised at just how much money they are wasting by not paying bills on time and being hit with a late payment fee.
- DIY: Do-it-yourself projects can save money on home repairs and maintenance. Having said that, always ensure you engage a qualified tradesperson where required for specialised repairs and maintenance because, if you do these repairs yourself, it may cost you more in the long run if the repairs are not carried out to the required industry standards.
- Use free resources: Use free resources like public libraries and community centres for books, classes, events, etc.
- Carpool: Carpool with friend or colleagues to save on transportation and vehicle running/maintenance costs.
- Negotiate bills: Contact your supplier and see if they can offer you a cheaper rate. If they are unwilling to negotiate, it may be time to change suppliers.
- Reduce food waste: According to the Food Bank website, Australian households lose or waste 7.6 million tonnes of food each year! Plan meals in advance or use leftovers to reduce your food waste.
- Save on insurance: As with your other bills, it pays to shop around for your insurance and adjust your coverage levels where applicable.
Remember, if you are thinking of selling or need any help or advice, I am just a phone call away.
All the best, Simon (0408 734 419)