It’s been a wild start to 2022, with many things feeling out of control.
“The new year is the perfect time to take a look at what you’re spending money on and work out how you can cut down on some of your expenses,” Choice editor Marg Rafferty said.
According to Choice technology expert Denis Gallagher, one of the simplest things people can do to save money, without even noticing, is turn their appliances off at the powerpoint. This simple change could add to $180 a year in savings.
“We found that some of the biggest energy hogs when left on standby are printers, digital video recorders and wireless routers,” Mr Gallagher said.
“Other appliances such as TVs and air conditioners won’t cost you much if left on standby, but isn’t it better to have the money in your pocket, rather than in the electricity company’s?”
According to Choice, one of the heftiest savings people can make — up to $1520 a year — is through switching the level of their health insurance, Ms Rafferty said.
“If you switch your hospital insurance to a cheaper gold, silver, or bronze policy, you could save hundreds of dollars — our experts found savings between $550 and $1520 a year on top 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.”
Research by Choice found people with gold policies could save $932 a year on average by moving to a cheaper policy, those on silver policies could save about $576, and people with bronze policies could save $435 a year.
Another simple change, which could save up to $170 per year, was switching out old lightbulbs for more modern, energy-efficient LED lights, Ms Raffferty said.
Meanwhile, washing your clothes in cold water instead of warm water could save $135, while investing in a coffee machine at home rather than buying takeaways could save a whopping $2000 a year, she added.
Top money-saving hacks
Make your coffee at home: $2000
Change health insurance provider: $1520
Change gas and electricity providers: $350
Switch from heater to air-con: $200
Turn off appliances: $180
Use a more efficient heater: $175
Upgrade lighting: $170
Switch to a soda maker: $150
Wash laundry on full loads using cold water: $135
Switch to a more efficient fridge: $100