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How to Save Money on your Household Expenses

Discover smart tips to cut household costs in our money-saving guide. Smart money-saving tips for everyday expenses.

How to save money on your household expenses

Published on 20/12/2023

By Parneet Kaur

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Ok, let’s be honest. The rising cost of living is something that’s always on our minds. 

But did you know? There are plenty of ways to save on your household expenses. And when done in conjunction over a long period of time – you can end up saving a sizeable amount.  

Plus, the good news is – it doesn’t have to be tricky.   

Here are some of our favourites: 

Meal Prep  

Make sure you’re across what’s in your kitchen and plan your meals ahead for the week on the weekend.  

This is one of the most important ways to make sure you curb buying things you don’t need and wasting money on extra purchases throughout the week. 

Extra bonus – meal planning also reduces food waste and helps minimise the temptation to order take-out when you don’t feel like cooking. It’s a win win! 

Use a Budget 

We live by the 50-20-30 rule. 

Divide up your monthly paycheck like so: 50% towards essentials (including: rent, groceries or petrol), 20% for savings (to go into your savings account, or for super contributions, or credit card payments) and 30% for everything else (these include non-essential expenses such as: entertainment subscriptions, a gym membership, clothes or meals out). 

This strategy is particularly handy when you need to factor in paying off any debts, and want to reach particular financial goals by a certain time. 

Reduce your energy bills by working to peak and off-peak times 

With energy accounting for a huge amount of the average household budget, you might be wondering how you can get this down – particularly in the dead of winter. 

First of all, it is advisable to consider which times of day you mostly use your energy, which is key to selecting a suitable energy contract for you. Are you usually at home during the day or are you out?  

Some contracts will reward you for using your energy outside of peak times (usually between 10pm and 7am). Therefore, you might consider running your washing machine late at night, for example. 

You can compare from our panel of leading energy retailers for a more competitive rate on your plan. Head to econnex.com.au and see how much you can save. 

Optimise the use of your Everyday Appliances 

Did you know? There’s a way to be strategic about using your everyday household essentials such as washing machines and your heating system, in order to save money. 

You might like to consider washing only full loads of clothes (instead of multiple smaller loads), or keeping your thermostat between 22 and 24 degrees to save on energy costs and put your devices on standby in the evening, instead of leaving them running all night. 

Keeping your drier and heating system free of debris also means they don’t have to work as hard, saving you money in the long run. 

So there you have it. 

Saving money in everyday ways around the home doesn’t have to be difficult. 

We’d love to know what you think. 

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