3 Household Expenses That May Be Draining Your Wallet
You can avoid bill shock by involving the whole family in cutting costs. There is no point in Mum and Dad trying to save money on water and electricity, if the number one son is still taking 10-minute showers every night. Let’s look at some simple ways you can reduce your monthly bills.
Save on: Insurance
Just because you have always insured your home and its contents with one company, doesn’t mean they are the cheapest or have the best offer for your current situation. What additional items have you bought or sold in the last 12 months? Is it time to review your policies to determine what coverage you actually need? You may find you are over-insured and paying too-high premiums. If you are, then companies such as Budget Direct building insurance can give you multiple insurance options for your home and contents, as well as multipolicy discounts, too. So you’re not forking out on any unnecessary costs!
Save on: Electricity
Next step is to thoroughly review your electricity bills. Most companies show the comparisons between average usages per day this year compared to last year. This will raise the first red flag—if your daily usage has increased, what’s changed? Your bill will also show what your average cost per day is. As a family you may aim to reduce that average by $1-$2 per day; this alone can save you $365-$730 over the next 12 months.
EnergyMadeEasy.gov.au
Decide as a family that only cold water will be used for washing. According to Columbia University, as much of 85 percent of the electricity used with washing machines is attributed to heating the water. Stress that only full loads of washing are processed. Changing family habits can have a huge impact on reducing your bills.
Save on: Food
Buy fruit and vegetables when they are in season; the high price of produce is determined by its availability. When grapes or peaches are in season, there is an abundance of both, so the price drops. Study a seasonal produce chart and create your weekly menus around what is in season.
Stop buying bottled water, too. Use your own from the tap. If you are planning a day out in hot weather, consider freezing bottles of tap water overnight, so that it melts as the day progresses and is cool when you need it.
Avoid buying excess food. Two-for-one offers are tempting as you push your trolley through the supermarket, but it is false economy if the second item will be past its use-by date before you get to eat it.
Smart planning means you can reduce your monthly bills. Why not take action today?
Category: Budget, Family Finances
