Even when we aren’t in the midst of an ongoing cost-of-living crisis, January is a great time to make changes that will help give your finances a lift.
Resolving to eliminate junk food and do more exercise will help your physical health, but what about your financial wellbeing?
CHOICE experts have crunched the numbers on everything from energy savings to insurance costs to help you save thousands across the year.
“Saving money doesn’t always have to be complicated or stressful. Something simple like switching your health insurance provider or changing how you wash your clothes could save you a lot of money in the long run,” says CHOICE Editorial Director, Mark Serrels.
Here are five ways to save this year
1. Turn your appliances off at the power point – save up to $240 a year
“In one of our nationally representative surveys last year, 79 per cent of Australians said they were concerned about their electricity costs. Many appliances around your home use up a lot of electricity, with wireless routers and printers particularly notorious for being energy hogs. Turning them off at the power point when they’re not in use will ensure you’re not wasting money,” said Serrels.
2. Switch your health insurance provider – save up to $1870 a year
“We independently compare policies across 46 health funds and often see significant savings if you shop around. The same cover with a different insurer could save you hundreds. Whether you have a Gold, Silver or Bronze policy, you’ll likely be able to find a cheaper deal that will give you the same cover,” said Serrels.
3. Change the way you wash your clothes – save up to $1189 a year
“The way you do your laundry can have an impact on your finances. We recommend doing full loads in cold water rather than small loads in warm water, switching to a cheaper top-performer detergent, and using less of it. Stop using fabric softener – it’s not worth it and will save you around $77 a year. Reducing how much you use your dryer could save you nearly $450 a year,” said Serrels.
4. Change your energy provider – save up to $285.50 a year
“Many of us sign up for an energy plan based on a cheap initial offer, but when the deal ends, we stay with the provider on a newer, more expensive plan. CHOICE has partnered with Bill Hero to help make it easier for you to find a better deal on your energy bills. A Bill Hero subscription will cost you between $49 and $79, with the average first switch saving of $350 meaning you could save between $270 and $300,” said Serrels.
5. Spread your weekly shop – save up to $1750 a year
“We recommend spreading your weekly shop across multiple stores when possible, to get the best savings. Exactly how much you save will depend on your household size and the items you buy, but by doing a little more planning and taking advantage of the specials on offer, you could save up to 20 per cent on your groceries,” said Serrels.
Other options include looking for a new car insurer- could save you $275, review your home insurance- could save you $4665, get smart with your beverage (make coffee at home)- could save you $2620.
Have some more tips? Let us know by emailing newsdesk@netimes.com.au.
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