Budgeting is more important than ever in today’s challenging economy. With living costs going up, it’s getting harder for many people to manage their income and expenses. Budgeting helps by giving you a clear view of where your money is going and highlights where you can put it to better use. Imagine reviewing your budget and finding the opportunity to move $50 or more each week to save, pay off debt, or spend more wisely!

To help you get started, we’ve compiled this mini money saving series to help you identify where you might be able to stop or reduce unnecessary spending, ensuring your hard-earned money is put to better use. Today, we’re exploring household essentials.

Save on utilities

Energy

Of course you can (and should) shop around for a better deal, but one of the best ways to reduce energy costs is to reduce energy use. Reducing energy use can significantly lower your utility bills.

According to energy.gov.au, energy-efficient appliances can save households up to 30% on their energy bills. This includes savings on water heating, lighting, and cooling, which together can account for a significant portion of home energy use 1.

HOT TIP! LED bulbs in Australia use up to 75% less energy compared to traditional incandescent bulbs and last 10 times longer. Over their lifetime, each LED bulb can save up to $200 in energy costs 2.

Water

Did you know a dripping tap can waste up to 200 litres a day and every minute in the shower with a standard shower head uses around 9 litres of water? That’s a bucket of water down the drain every minute!

HOT TIP! Efficient showerheads can save a family 13,600 litres and $60 annually. High-efficiency toilets can save 9,085 litres a month and cut yearly water bills by $78 3.

Save on groceries

Meal Planning

Planning your meals for the week helps you avoid buying things you don’t need and cuts down on food waste. You can repeat simple breakfasts and lunches, and switch up dinners with your favourite recipes. In fact, when you can save up to $50 every week on food waste this becomes $2,500 a year.

Home Brands

Switching to generic or home-brand products has become a popular way to save money. Recent research shows that nearly 73% of Australians have opted for generic brands over name brands in the past year. The savings are significant, with many households reporting cost reductions without sacrificing quality. Categories where people are most likely to switch include cleaning products, milk, and pantry staples. This shift could save a family hundreds to thousands of dollars annually 4.

Implementing these budgeting strategies can lead to improved financial stability and greater peace of mind. 

Want more tailored financial support? Speak to our friendly team today about ways to put more money back into your pocket. Call 1300 665 553 or email us on info@woolworthsteambank.com.au.

References

[1] –https://www.energy.gov.au/households/quick-wins
[2] – https://www.energy.nsw.gov.au/households/rebates-grants-and-schemes/household-energy-saving-upgrades/upgrade-your-household-lighting
[3] – https://water.dpie.nsw.gov.au/our-work/projects-and-programs/water-efficiency/water-saving-tips/saving-water-tips-in-the-bathroom
[4] – https://www.comparethemarket.com.au/news/75-of-households-have-swapped-brand-name-products-for-generic/