How to save more than $4,000

Money

Easy switches that make a difference to your bank account.

Man counting a stack of $50 notes

Consumer advocacy group Choice shared saving tips and tricks that could save Australians more than $4,000 in 2022.

Choice’s Marg Rafferty said simple changes often add up to big savings.

“We’ve put together a list of tips and tricks that could save you more than $4,000 this year,” Ms Rafferty said.

“Something as simple as turning off your appliances at the power point could put $180 or more back in your pocket annually, while switching health insurance providers could save you as much as up to about $900.”

Turn your appliances off at the power point to save about $180 a year

“There are a number of appliances around your house that cost you money even when you think you’ve turned them off,” Ms Rafferty said.

“Wireless routers and printers are particularly notorious for being the biggest energy hogs.

“Turning your appliances off at the wall when they’re not in use will make sure you’re not wasting unnecessary power and money.”

Switch your health insurance provider to save up to $1520 a year

“If you switch your hospital insurance to a cheaper Gold, Silver or Bronze policy, you could save between $550 and $1520 a year on hospital cover by switching funds,” Ms Rafferty said.

“There’s likely a cheaper deal out there that will give you the same amount of cover as your current policy.”

Change your lighting to about $170 per year

“It’s a good time to check what kind of light bulbs you’re using in your home,” Ms Rafferty said.

“Old incandescent and halogen light bulbs use a lot of energy compared with modern LEDS.

“If you switch from 1000-watt incandescent bulbs to 14-watt LED bulbs, you’ll get about the same amount of light, and you’ll also immediately reduce your energy consumption by about $170 per year.”

Wash your clothes in cold water instead of warm water to save about $135

“Did you know that you can get pretty much the same cleaning power from a cold wash as a warm wash?” Ms Rafferty said.

“You’ll also use far less electricity if you wash your clothes in cold water. If you switched from washing a half load every day on a warm wash, to washing a full load every day on a cold wash, you could save about $135 a year.”

Choice’s other switches to save you money (per year)

  1. Making coffee at home saves about $2000 per year.
  2. Changing gas and electricity providers could save about $350.
  3. Switching to a more energy-efficient fridge could reduce your power bill by about $100.
  4. Swap your heater for a reverse cycle airconditioner to save about $200 per year. Using a more efficient heater will reduce your power bill by about $175.
  5. Switch from bottled or canned softdrink to a soda maker to save about $150.

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.

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