How to save money on household bills: latest money saving insights from Tammy Barton
Struggling with rising household bills? Learn how to cut electricity, gas, grocery, phone, and mortgage costs with simple, effective strategies that help you save money and take control of your budget.
The reality of rising household bills in Australia
Are you feeling the squeeze of rising household bills? You’re not alone. As the cost of living in Australia keeps climbing, I hear every day from people just like you, how frustrating it is to see your hard-earned money disappear on utilities, groceries, and other essentials. So how can Australians save on their bills? Here’s the good news, you don’t have to accept sky-high bills as the norm. With a few smart changes, you can save hundreds of dollars on household bills, reduce energy costs, and improve your financial security without sacrificing comfort.
Why reviewing your budget is the first step to save money on household bills
Before you start cutting costs, it’s essential to review your budget. Understanding where your money is going gives you clarity on what you’re spending on each bill and helps identify areas where you can save. Take a close look at your monthly bills. Are there any unnecessary expenses, subscription services, or streaming services like Netflix, Apple TV, or Spotify that you no longer use? Are you still paying for services you forgot about or rarely use? Canceling or downgrading plans could immediately help save you money on your bills.
A new Personal Budget Plan can help you visualise how you can save money and set yourself up with a brighter financial future
A well-structured budget is the foundation for financial success. If you need help setting this up, MyBudget can provide expert guidance to help you take control of your finances. Get started today with our free Personal Budget Template to track your income and expenses effortlessly.
What are the best ways to save on electricity bills?
Small changes add up. Want to reduce your electricity costs and lower your energy bills? Turn off lights, unplug electronics, switch to energy-efficient bulbs and monitor energy consumption to lower electricity costs. These small changes can make a big difference. Compare energy providers to find a cheaper deal on your utility bills.
What about solar to reduce electricity bill?
Switching to solar can also help reduce your electricity bill. The trick is to work out how much a new solar installation will cost, and how quickly it could pay for itself with savings on your electricity bill.
Believe it or not, switching all your lights at home to LED globes makes a difference in the long run. It takes a little effort, but is totally worth it!
MyBudget team member – Jono
Save money air conditioning your home
Air conditioning can be a major cost contributor to your household electricity bill. So how can you avoid wastage and save money on the electricity bill when air conditioning your home?
- upgrade to a reverse cycle system for better energy efficiency
- keep doors and windows closed to prevent warm air from overworking your system
- lower the fan speed and raise the temperature at night just a few degrees can help save a lot on power bills
- turn off unused zones to avoid air conditioning empty rooms.
These small tweaks can lead to real savings on your energy bills over time.
How can I lower my gas bill at home?
Insulate your home to keep the heat in during winter and out during summer. Seal gaps around windows and doors, and keep your heating system running efficiently with regular maintenance. Taking shorter showers, lowering your water heater temperature, and using energy-efficient appliances can also help reduce gas bill costs. Consider switching to off-peak hot water plans to save even more on energy costs.
How to save money on groceries: it is possible!
Creating a shopping list and meal planning can help you cut grocery bills while reducing impulse purchases, food costs, and overall household expenses. Here are some other key ways to cut grocery costs:
- plan meals in advance to avoid unnecessary purchases and stick to a budget
- use pickup or free delivery options to save both time and money
- buy in bulk for non-perishable staples to maximise savings
- compare prices online take advantage of discounts, loyalty programs, and cashback offers.
For more grocery-saving ideas, check out our blog: How to save money on groceries to learn how to eat healthily without overspending. You’ll also get a free download of our healthy meal planning on a budget guide!
How to lower your mortgage repayments: refinancing options and extra payments to save money long term
Interest rates have just had the first cut since 2020. This makes it the perfect time to reassess your mortgage repayments and financial goals and see how you can save money on the repayments of your biggest asset. If you’ve been holding off on refinancing, now could be the perfect time to secure a better deal. MyBudget Loans has helped our clients save an average of $10,000 per year through our trusted lenders. That’s some serious money savings right there.
Even small changes can make a big difference in saving money on your home loan. For example, just by putting the $81 extra per month on a $500,000 mortgage, you could save over $50,000 in interest and shave just over 2 years off your loan.
Want to see how much you could save money on mortgage repayments?
Use our Home Loan Repayment Calculator to crunch the numbers and find out how a lower interest rate can impact your budget. With lower rates, now’s the time to take action and ease the pressure on your household budget.
How can I save money on phone and internet expenses?
Consider a family plan, compare phone plans, or switch providers to secure special deals on phone and internet services. Many retailers, like Woolworths Everday Mobile and Boost Mobile, frequently offer discounts on SIM-only plans, making it easier to lower your monthly bills and save money on your phone and internet bills. New customer promotions and bundle deals with internet providers can also help you save, so shop around for the best offers.
How can I save money on insurance and reduce insurance premiums?
Use comparison websites to find better deals on home, contents, and health insurance to save money with your home, car, living and health insurance costs. Calling your insurer and mentioning a lower quote elsewhere may also get you a discount. Many insurers increase your sum insured each year, which can raise premiums without you realising, review your coverage to ensure it reflects what actually needs replacing. Adjusting your excess or choosing a family plan for health insurance can also lower costs.
How often should I review and compare my bills?
You may discover more ways to save money the more you review. Analyse your utility bills, energy consumption, and insurance policies every three months to avoid paying too much. Cut unnecessary expenses, and secure better deals. Many providers offer better rates to new customers, so don’t let loyalty cost you.
Why is comparing bills important for my finances?
Did you know you could be unintentionally paying hundreds of dollars more than necessary on household expenses? We want to help you save that money. Regularly reviewing your bills helps you spot price hikes and unnecessary charges before they drain your budget so you can stay ahead of rising costs and avoid unnecessary expenses.
Save on household bills with our Get a Better Deal Checklist. This free tool helps you track, review, and compare deals on insurance, energy, phone, and internet. Don’t pay more than you need, start saving today!
More money-saving habits to cut daily expenses
- bringing lunch to work could save you $2,500 a year
- making coffee at home adds another $1,500 back into your pocket
- trimming just $20 a week from your grocery bill means an extra $1,000 for a holiday.
How MyBudget can help you manage and reduce household bills
Trusted by over 130,000 Australians, MyBudget has over 25 years of experience in helping households reduce household expenses, manage monthly payments, and improve their financial stability. We can:
✅ plan ahead: see your income and expenses 12 months in advance
✅ build a budget: tailored to your lifestyle, covering essentials, savings, and goals
✅ automate bills: avoid late fees with scheduled payments managed for you
✅ create a safety net: set aside funds for unexpected expenses and emergencies
✅ support, every step of the way: reduce debt, free up cash, and gain financial confidence.
Where do you see your finances in 12 months? Could you be saving thousands on energy bills, mortgage payments, and other household expenses? Imagine having a clear, achievable plan in place.
Your MyBudget journey begins with a free no-obligation conversation with one of our trusted Personal Budgeting Specialists, who will help you review your spending habits and optimise your financial plan. They will chat to you about your financial position and gain an understanding of the financial goals you want to achieve.
Get started with a FREE tailored budget plan today. Enquire online or call us on 1300 300 922. You’ve got nothing to lose and everything to gain!