The increasing cost of living is taking its toll on Australians’ hip pockets, however just the simplest changes to your household habits could reduce utility costs and help you save more towards your property deposit.
According to Suncorp’s Life Confidence Index, released yesterday, overall financial confidence dropped 1.5 points since April to 59.4 out of 100.
The Life Index is a survey that tracks a ‘moment in time’ view of how Australians are feeling about their financial wellbeing, and what factors are affecting financial confidence.
It comes as no surprise really that Aussies are feeling the pinch, given the increasing cost of living.
One of the biggest cost pressures facing Australians at the moment is utilities; electricity bills are on the up and set to increase by as much as 60 per cent in New South Wales, for example, over the next three years.
According to utility companies, increasing hardship cases are emerging as a result of the rising costs.
But there are simple ways to reduce the impact rising energy bills are having on your finances.
Just turning appliances off at the power point can save the average household around $100 a year in energy bills, according to Energy Australia.
Standby power can count for as much as 10 per cent of household energy use with home office and entertainment appliances the worst offenders, so be sure to switch them off when you’re not using them.
Another way to cut energy expenses can be to upgrade your fridge. Old refrigerators can use as much as two to three times as much power as newer models, so an upgrade could save you as much as $200 per year.
If you’re saving for a home loan deposit every little bit counts so do your best to reduce your energy bills. For comprehensive tips visit www.energyaustralia.com.au.