Experts reveal simple tricks to pocket an extra $7,000 this year
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As the cost of living rises, many Australians seek ways to stretch their dollars further.
The good news is that with a few simple changes to your daily habits, you could save a whopping $ 7,000 this year, according to consumer advocates at CHOICE.
CHOICE's Editorial Director, Mark Serrels, assured Aussies it only takes a little extra effort and forethought.
‘Saving money doesn’t always have to be a grind,’ he said.
By switching appliances off at the power point, changing how you wash your clothes, and changing energy providers, you save more than $1,000 just on energy-related expenses.
‘Our nationally representative survey showed that in September 2023, 85 per cent of Australians were concerned about electricity costs,’ Serrels said.
You can also save more by making coffee and other beverages at home, as well as choosing cheaper cleaning products and more competitively priced insurance providers.
Energy Efficiency: A Key to Savings
Changing the way you wash your clothes can save up to $970 per year.
‘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,’ Serres said.
Ditching fabric softeners can save an additional $76 per year.
‘It actually makes your towels less absorbent and can reduce the fire retardancy of clothes,’ he said.
Plus, drying clothes on the line rather than in the dryer can save nearly $450 annually.
CHOICE also reviewed 20 different stain removal sprays to determine the most effective products to save money. These products were tested against ten of the most common and stubborn stains, like sweat, makeup, and oil. You can read more about it here.
Switching off appliances at the power point can save up to $240 per year.
Even if a device or appliance is turned off, if it is connected to a power point, it is still using energy.
Serrels said, ‘Printers and wireless routers are known to be big energy hogs. By turning them off at the power point, you will ensure you’re not wasting unnecessary money.’
Shopping for a more competitive energy provider can save hundreds each year.
Customers are initially enticed to sign up with deals that have since expired. Most states have a comparison service that allows residents to search for the best deals available.
‘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.
Several states have a comparison service for residents to search for the best deals available.
In Victoria, residents use the Victorian Energy Compare to find the best and cheapest electricity and gas deals for their homes or businesses. It also helps them determine how much money you might save with solar panels.
In New South Wales, Queensland, South Australia, Tasmania, and the Australian Capital Territory, residents can compare electricity and gas offers, including bundled plans, using the Energy Made Easy tool provided by the federal government.
Brew Your Own Savings
Making your own beverages at home can save up to $2,350 per year. According to Accumulate Australia, Australians buy 1.3 million cups of coffee daily, contributing $7.7 billion in revenue to the coffee sector annually.
‘Making your coffee at home, including the costs for buying the machine, ingredients and upkeep, would cost around $1284 for two cups daily over a year,’ Serrels noted.
‘The same amount from a café could cost around $3504—saving you $2,200 by making your own at home.’
Serrels said that this figure would increase for the majority who already have a coffee machine at home. Based on Accumulate Australia’s pre-pandemic figures, 65 per cent of Australians already had the equipment to brew a cup.
Serrels also noted that cutting back on bottles of mineral water can help you save money.
‘Making your own sparkling water at home using a soda maker could also save you $150 a year when compared to purchasing bottles from the supermarket,’ he said.
Smart Shopping and Insurance Switching
Keeping an eye out for promos and discounts also goes a long way in terms of savings.
‘You can save up to 20 per cent on your groceries if you shop around to find the best deals,’ Serrels said.
‘If you’re lucky enough to have a few supermarkets in a nearby shopping centre, it’s worth spreading your weekly shop across different stores to reduce your grocery bill.’
ALDI releases online newsletters with Wednesday and Saturday specials, whereas Coles has a catalogue released on Monday evenings with Tuesday and Wednesday deals, and IGA reveal its specials in a Wednesday catalogue.
You can check our Deals, Discounts, & Bargains forum for great finds, too.
CHOICE Food and Nutrition Expert Rachel Clemons also suggested shoppers to ‘buy cheap cuts of meat and cook them in a slow cooker’ and ‘check the unit pricing when buying fruit and vegetables— sometimes pre-packaged fruit and vegetables can be cheaper than loose and vice versa’.
Switching insurance providers can save up to $2,350 per year.
‘The same cover with a different insurer can be hundreds of dollars cheaper,’ Serrels said.
‘Whether you have a gold, silver or a bronze policy, you’ll likely be able to find a cheaper deal.’
Remember, every little bit counts when it comes to saving money. So why not give these tips a try and see how much you could save? You might be surprised at the difference a few small changes can make.
What are your favourite money-saving tips? Share them with us in the comments below.
The good news is that with a few simple changes to your daily habits, you could save a whopping $ 7,000 this year, according to consumer advocates at CHOICE.
CHOICE's Editorial Director, Mark Serrels, assured Aussies it only takes a little extra effort and forethought.
‘Saving money doesn’t always have to be a grind,’ he said.
CHOICE experts reveal some ways how to save money. Unsplash
By switching appliances off at the power point, changing how you wash your clothes, and changing energy providers, you save more than $1,000 just on energy-related expenses.
‘Our nationally representative survey showed that in September 2023, 85 per cent of Australians were concerned about electricity costs,’ Serrels said.
You can also save more by making coffee and other beverages at home, as well as choosing cheaper cleaning products and more competitively priced insurance providers.
Energy Efficiency: A Key to Savings
Changing the way you wash your clothes can save up to $970 per year.
‘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,’ Serres said.
Ditching fabric softeners can save an additional $76 per year.
‘It actually makes your towels less absorbent and can reduce the fire retardancy of clothes,’ he said.
Plus, drying clothes on the line rather than in the dryer can save nearly $450 annually.
CHOICE also reviewed 20 different stain removal sprays to determine the most effective products to save money. These products were tested against ten of the most common and stubborn stains, like sweat, makeup, and oil. You can read more about it here.
Switching off appliances at the power point can save up to $240 per year.
Even if a device or appliance is turned off, if it is connected to a power point, it is still using energy.
Serrels said, ‘Printers and wireless routers are known to be big energy hogs. By turning them off at the power point, you will ensure you’re not wasting unnecessary money.’
Shopping for a more competitive energy provider can save hundreds each year.
Customers are initially enticed to sign up with deals that have since expired. Most states have a comparison service that allows residents to search for the best deals available.
‘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.
Several states have a comparison service for residents to search for the best deals available.
In Victoria, residents use the Victorian Energy Compare to find the best and cheapest electricity and gas deals for their homes or businesses. It also helps them determine how much money you might save with solar panels.
In New South Wales, Queensland, South Australia, Tasmania, and the Australian Capital Territory, residents can compare electricity and gas offers, including bundled plans, using the Energy Made Easy tool provided by the federal government.
Doing these tips can save you up to $7,000 a year. Credit: Unsplash
Brew Your Own Savings
Making your own beverages at home can save up to $2,350 per year. According to Accumulate Australia, Australians buy 1.3 million cups of coffee daily, contributing $7.7 billion in revenue to the coffee sector annually.
‘Making your coffee at home, including the costs for buying the machine, ingredients and upkeep, would cost around $1284 for two cups daily over a year,’ Serrels noted.
‘The same amount from a café could cost around $3504—saving you $2,200 by making your own at home.’
Serrels said that this figure would increase for the majority who already have a coffee machine at home. Based on Accumulate Australia’s pre-pandemic figures, 65 per cent of Australians already had the equipment to brew a cup.
Serrels also noted that cutting back on bottles of mineral water can help you save money.
‘Making your own sparkling water at home using a soda maker could also save you $150 a year when compared to purchasing bottles from the supermarket,’ he said.
Smart Shopping and Insurance Switching
Keeping an eye out for promos and discounts also goes a long way in terms of savings.
‘You can save up to 20 per cent on your groceries if you shop around to find the best deals,’ Serrels said.
‘If you’re lucky enough to have a few supermarkets in a nearby shopping centre, it’s worth spreading your weekly shop across different stores to reduce your grocery bill.’
ALDI releases online newsletters with Wednesday and Saturday specials, whereas Coles has a catalogue released on Monday evenings with Tuesday and Wednesday deals, and IGA reveal its specials in a Wednesday catalogue.
You can check our Deals, Discounts, & Bargains forum for great finds, too.
CHOICE Food and Nutrition Expert Rachel Clemons also suggested shoppers to ‘buy cheap cuts of meat and cook them in a slow cooker’ and ‘check the unit pricing when buying fruit and vegetables— sometimes pre-packaged fruit and vegetables can be cheaper than loose and vice versa’.
Switching insurance providers can save up to $2,350 per year.
‘The same cover with a different insurer can be hundreds of dollars cheaper,’ Serrels said.
‘Whether you have a gold, silver or a bronze policy, you’ll likely be able to find a cheaper deal.’
Remember, every little bit counts when it comes to saving money. So why not give these tips a try and see how much you could save? You might be surprised at the difference a few small changes can make.
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