Nobody likes bills. Everyone tries to avoid them or cut down on them or watches in despair as their bank account trickles down as a result of them. Utility bills can be a major factor in stopping you from budgeting correctly and achieving your financial goals.
In 2010, the Australian Bureau of Statistics (ABS) reported that 13 per cent of households are unable to pay their utility bills, while in 2012 they reported that the average household spends $99 a week on energy, including gas, fuel, water and electricity. It’s no surprise that people are stressing out over them!
So what can you do to defeat those utility woes?
STAR POWER
In its 2012 study on utility costs, the ABS found that Australians were spending $39 a week purely on electricity and gas on average, but those that used solar power or water were saving $6 due to their green technology: almost 15 per cent every week! Six dollars may not seem much, but over the course of a year that adds up to $312.
With residential solar panel installation costs at a three year low in 2015 according to Solar Choice, you should definitely consider solar! Look into speaking to a mortgage lender to help you find the right loan.
DON`T JUST STANDBY, TURN IT OFF
This is an obvious one: rather than simply letting your electronics go to standby, power them down instead. According to the Department of Industry, Innovation and Science (DIIS), that little flick of the switch could save you $175 a year from game consoles alone! That’s a huge saving for a singularly small effort.
Televisions, computers and even microwaves often go on standby. A good rule of thumb is if you aren’t using it frequently, unplug it completely.
EFFICIENCY IS KEY
Did you know that installing a water-efficient shower head could save you $350 a year, according to the DIIS? There are all sorts of ways to make your household appliances more efficient, but your best bet is simply to upgrade your existing amenities, particularly if they are getting a little old. An investment in energy efficiency now could save you a great deal in the future, and help push you towards better budgeting results.
We hope these tips help you reach your financial goals, but if your local utility bills are getting you down, you may want to consider consolidating your debts with a home loan . Speak to us to find out your options.