Everyone wants more bang for their buck.
Consumer advocacy group CHOICE has revealed six simple tricks to save more than $7200 this year as cost-of-living pressures mount.
WATCH THE VIDEO ABOVE: CHOICE expert explains how to save money this year.
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Appearing on Sunrise on Monday, CHOICE editor Mark Serrels shared the tips, including remembering to turn off appliances, and switching health insurers.
According to CHOICE research, turning electricity off at the wall can save up to $240 (each year) on bills, with appliances on standby mode gobbling up the kilowatts.
The research revealed items including TVs and modems are particularly bad. CHOICE recommends turning them off at the wall when not in use.
Switching health insurers and assessing cover is also a possible saver, with customers being encouraged to shop around to get the best price.
“Do some research,” Serrels said.
“And then, when you call them (the insurer), say to them, ‘look, you’re charging me (this) and I’m getting offered (this) — why is it increasing so much … discount the price for me?”’
Switching health insurers can result in savings of up to $1730, according to CHOICE.
Customers are also encouraged to shop around for the cheapest electricity provider.
CHOICE said not to stay loyal — instead, go where the best deal is available. This has a total potential saving of between $271 and $300 for electricity.
CHOICE also recommends changing the way we do washing. Only wash full loads in cold water with a cheaper laundry liquid. Avoid doing small loads of washing in warm water. The research estimates a cost saving of $970 per year.
The mark-up on coffee means customers are paying extra for a morning cup, with big savings available if you get yourself a coffee machine — instead of going to the barista.
CHOICE calculated two cups of coffee per day at home would cost about $1284 each year. The same amount of coffee at a cafe costs about $3504. Therefore, customers can save about $2220.
Customers can save a further $150 with a soda-maker to create sparkling water, rather than buying it from a shop.
Shopping around at different supermarkets could also offer great savings. In November, CHOICE found savings of about $40 on 19 items across Woolworths, Coles, The Reject Shop and Aldi.
Savvy supermarket shopping could result in a saving of $1664.
Simple saving tips
- Turn electricity off at the wall, do not keep appliances on in standby mode: $240 (per year)
- Switch your health insurance provider: $1730
- Change your washing habits: $970
- Drink coffee (and soft drinks) at home: $2350
- Change energy provider: Between $271 and $300
- Shop around for groceries: $1664
