There’s no denying that most of the world is suffering a cost of living crisis. Between the war in Ukraine and supply chain issues caused from COVID, inflation is hurting almost every Kiwi household. With uncertainty about the future, it’s natural to start looking for ways to reduce your living costs. Here are our top six ideas to slim down those bills and save a few more dollars.
Firstly, according to Statistics NZ, the top 3 expenses most households have every month are housing and household utilities (25%), Food (17%), and transport costs (16%). This does tend to vary from region to region with higher costs in the city centres. These items absorb almost 60% of the average Kiwi household’s monthly budget. This leave’s 40% for discretionary spending such as communications, alcohol, recreation, clothing and other items. With inflation being so high, and a housing crisis pushing rents and mortgage repayments up, Kiwis are finding it hard to stay on top of their finances.
One of the easy ways to reduce your living costs is to stop any unnecessary payments. This brings us to our first smart idea – Stop those unnecessary subscriptions.
Most business marketing models get you to sign up to services and subscriptions for a monthly fee. Common subscriptions include payments to apps, video games, streaming services, TV or other software subscriptions. When you go through your bank account statement you may find two or three services that you really don’t use that you can stop. This has the potential to save several hundred dollars a month alone!
Most subscription services can be easily reactivated if you need them but it’s worth going through these items to evaluate if you actually need them right now.
Another way to reduce your living costs is to have a closer look at your household utility bills. Most businesses packages and fees change over time and there’s a good chance you may be able to find a better deal with a different service provider.
Have a look at your electricity company, your telecommunications provider, your insurance provider and your gas supplier. Get some alternative quotes and see if there’s a better deal.
You might be surprised how much you could save each month by hunting around for a better deal.
You’ve probably heard this before, but if you’re the kind of person that tends to buy meals day by day, you’ll likely be spending a lot of money on your food bills. By taking a small amount of time to do some meal prep and doing a single weekly food shop, you can make some drastic savings.
Take time to look at specials from different supermarket chains and plan your shop accordingly. Being smart about where you shop, and making the most of weekly specials will really save you in the long run.
Believe it or not, many of your common household items have a stand-by mode which appears to be off, but is still using electricity. Most of your gaming consoles, sound systems, small appliances and computers all have stand-by modes. When your done using these items, unplug them or switch the points off so they don’t use unnecessary power.
All those little items and gadgets contribute a lot to the power bill over the course of a month!
Consider changing to energy efficient appliances! If you’ve got older appliances like fridges and washing machines, they will probably not be very energy efficient. Huge strides have been made in the last few years by manufacturers wanting to create environmentally friendly products. Updating your whiteware and other appliances to energy efficient ones will use less water and save on your electricity.
Again while this might seem like a big upfront investment, it quickly pays itself off with the savings you make.
Being an insulation company, we might be a little bias, but well insulated homes are more energy efficient. Poorly insulated homes are hard to heat and cool. This means you spend a lot of money trying to keep them at a comfortable temperature.
Insulating your home is a great long-term investment. A well-insulated home creates a thermal barrier between the inside and outside air. This barrier makes your home more energy efficient, requiring less effort to heat and cool. Apart from the energy savings, well insulated homes are also healthier and dryer and helps create a space you love to spend time in.
If you’re interested in discussing options around home insulation then contact us today!