A home loan can be difficult to budget around at the best of times, let alone when the cost of living rises. As we say goodbye to summer and turn the clocks back, we're going to be spending more time with the lights and heaters on, which can really bump up the power bills at the end of the month.
That's why we thought it might be a good idea to share some tricks to help you keep the power bills down - all the better to manage your budget with, my dear!
The Energy Efficiency and Conservation Authority (EECA) says that having a shower for 5 minutes costs 33 cents, while staying in there for 15 minutes can cost a dollar. That might be a negligible difference but if you're living with three other people, cutting time from 15 to 5 minutes could save $18.48 per week.
Over the year, that works out to $960.96 - not too shabby an amount to have come out of your bills!
Energy efficiency bulbs might take a bit longer to brighten up, but the savings are often worth it. The EECA estimates the savings from each bulb at $20 per year. Between three bedrooms, two toilets, a laundry, a lounge and a kitchen (not to mention outdoor lights), you could be looking at upwards of $120-$140 from switching them all out!
If you have a power plan that uses 'ripple pricing' where it is cheaper during late nights and early mornings, it might be a good idea to do things like your washing, cleaning and TV watching during these hours.
The exact savings here are going to depend on your overall usage, but focusing on off-peak periods can pay dividends down the line!
You'd be surprised how much the little things can stack up in your favour. Of course, if it's mortgage advice rather than energy advice you're after, then we're here to help!
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