by Ladies Finance Club
When it comes to ‘adulting hard’, paying bills on time would be at the top of that list (next to buying clothes that don’t need ironing!), but with demanding jobs that make ‘busy’ the new norm, it can be hard to stay on track of what is due and when.
If saving on late fees wasn’t motivation enough to get on top of your bills, research recently commissioned by CommBank found that paying your bills on time and knowing how much money is in your account are some of the top stress relievers for Australian millennials.
In fact, millennials who are very confident they could list all the bills they pay each month and the approximate amounts, are actually three times more likely to believe they will achieve their long term savings goals.
To provide a solution to this problem, CommBank launched Bill Sense, a new bill management tool available in the CommBank app that predicts future bills and their approximate amounts, to help you stay on top of your finances. By incorporating financial budgeting tools and apps you will be well on your way to becoming the adult your mum hoped you would be.
To check out if Bill Sense is something you can incorporate in your everyday budgeting, head to the CommBank App or www.commbank.com.au/billsense for more information.
For those who want to take budgeting one step further, there are also a few practical steps we can take to cut down our everyday bills.
Here are nine simple ways you can save a few dollars on expenses you may not be able to avoid:
‘Turn off the lights’, said every Dad!
In most Aussie households we are haunted by the voice of our parents telling us to ‘turn the lights off’, so naturally Dads are going to love this one! Changing house lights to LED has a cost up front but a financial win in the long term. LED uses up to 75% less power than old bulbs (incandescent lighting), plus they last much longer! Switching to energy efficient lights is one of the fastest and simplest ways to reduce your power consumption and save on your electricity bill.
UGH, as if
The annual cost of leaving your appliances on throughout the year, even when you’re not using them, is called ‘standby energy.’ According to studies, the average home is expected to comprise at least 20% smart home electronics however the oldest appliances in the house are the ones that are the least energy-efficient and therefore use the most power. Sure, switching off your devices won’t fast track your mansion in Bora Bora but if you want a cheap power trip, don’t stay clueless! Tell those tiny bills to get off you, because ugh, as if!
Switch to save
Few things make you feel better than knowing you genuinely received a good deal on your electricity and phone bill. If you haven’t changed providers in a few years, you’re probably paying too much! Changing phone and energy providers is much easier these days and can reduce bills instantly. Check out comparison sites, call your provider or their competitors and ask about the best deal they can offer you!
Lower the temperature of your hot water system. Hot water systems account for about 14% of your power bill and the water is often hotter than necessary, so turn it down to around 60°C.
Turn that dial
Wash your clothes in cold water! Trust us, it does the job and seriously saves! A warm or hot wash costs around 68¢ a load, whereas cold water only costs 4¢! #ChaChing
Slow your shower flow
A water-efficient showerhead uses 40% less water, which will save you water, energy and money in the long term. Replace your old, water guzzling shower head and minimise your shower flow!
Clean the cooler
Clean your air conditioner before summer hits. Air conditioners use huge amounts of energy but will run much more efficiently if the filters are clean and condensation can drain. Leave your AC at an average temperature of 24°C and it will save you (which means dollar dollar bills y’all!)
No air, air
Airseal your home from drafts- hot and cold ones can substantially increase household power bills. Get to Bunnings and buy some draft stoppers.
Sun protection for your home
Not quite the classic slip, slop, slap however, closing the curtains in summer can prevent 87% of heat entering your home so you don’t have to cool down using AC. In the winter, 40% of your home heating escapes through windows, so let the sun shine through during the day and close the curtains in the evening to keep the warmth in.
Club Woman PerkBetsy Westcott Financial Wellness Coach
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