Enjoy a fresh start to the year with these 12 tips to save money


What are your new year’s resolutions? Are you going to exercise more, eat healthier or learn a new skill? With every New Year, there’s another chance for a fresh start. What could be a more satisfying resolution than saving money?

Here are 12 very simple ways to achieve your resolution, save on your bills and grow your savings in 2016:

1. Fix your leaks

It’s such a simple way to save money. Taps and showerheads can literally leak your money away, so check and replace any old washers on your plumbing and notice the difference in your water bill.

2. Eat what’s in your cupboard

Do you have food going stale in the cupboard? Perhaps some canned veggies or bags of rice? Set out to eat what you already have before buying more food. It might be a chance to get creative in the kitchen with a few mix-up meals, too!

3. Turn your appliances off at the switch

This is another very simple way to save on your bills. Most appliances use a ‘phantom charge’ and, if they’re plugged in and switched on, use a small amount of electricity at all times. For example, your mobile phone charger will continue to use electricity, even if the phone’s not charging. This is the same with your TV on stand-by. Turn these off at the power point instead.

4. Turn your hot water system down

Simple but effective. During summer, lower your hot water system by a few degrees and save energy.

5. Keep cool and save

During summer, set your air conditioner thermostat at 24-26 degrees, every degree lower will increase cooling costs by around 10%1.

6. Water your plants at night

Ensure you water your plants in the morning, especially during summer so that the water can penetrate before it evaporates. Water evaporates faster during the heat of the day, so watering in the morning is more efficient. This will help you save on your water bill, it helps the environment and your plants will be happier too.

7. Change your lights to LEDs

Lighting up your home with LED lights instead of incandescent or halogen lights could reduce your lights’ energy consumption by up to 80%2. A huge electricity saving!

8. Pay off your credit card every month

This year, make a resolution to pay off your credit card every month, in larger amounts each time. Credit card bills can quickly accumulate if you don’t make an effort to pay off more of your debt every month.  Avoid high interest rates and save in the long term.

9. Buy more fresh food

Packaged food can be very expensive and not particularly healthy. Instead of just using large supermarket chains try going to local food markets and buy fresh food. You’ll save on your food bill and be healthier too!

10. Bundle your TV, internet, mobile and phone

Most telecommunications providers offer savings when you bundle your TV, internet, mobile and phone together. It’s worth shopping around at least four different companies to save on your collective phone and internet bills. As they now include mobile phone deals as well you can often get more value from four combined services.

11. Hang your clothes out to dry

Whenever possible, avoid using your clothes dryer. Instead, hang out your clothes and sheets and save on electricity…and extend the life of your clothes and linen. During the Australian summer especially clothes can dry within the hour most days.

Lumo is actually going one step further this summer to help you save even more on your electricity bill.

12. Save a little and save often
Save little, save often this year.  It’s easy to get overwhelmed by setting high targets, so focus on little savings every day.  If you get something a $1 cheaper add that to you savings account.

On top of the above savings there are ways to make your money go further by gaining rewards from your spending. Building currency up for example with Frequent Flyer points or enjoying the benefits of the Lumo Ameego online rewards program can help you receive discounts on services that you would regularly use anyway.

1 http://sustainability.vic.gov.au

2 http://sustainability.vic.gov.au

Plant watering source: http://www.yourhome.gov.au/water/outdoor-water-use 

Date: 21 January 2016
Category: Energy Facts | Lumo Community

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