I've spent Easter weekend helping do up my parents' house in Kaikohe. It's been a few years since anyone looked at the insulation and it's fair to say that it tends to leak a bit of heat.
That's okay in summer, but not so great with winter approaching. Hopefully, their power bill will be smaller and their house a lot warmer.
The experience has got me thinking about all the ways that people lose money, and often don't even think about it. Here are a few things to keep in mind:
Spare change: It's rare to pay for anything with cash these days. If you take a $20 note and buy something, what do you do with the change? Set up a jar on your kitchen counter and get the family to drop in their leftover coins. It will add up.
Check your power bill: Have you looked to see whether you're getting the best deal possible? It's a good idea to do this before the high-use winter months. See if you can save more by setting up an automatic payment to take advantage of the discount many providers offer those who pay on time. Focus on getting it down further by turning appliances off at the wall where you can, using efficient heating solutions, wrapping your hot water cylinder if it's an older model and draught stopping.
Buy a travel mug and learn how to make a good coffee: If you regularly buy a coffee, stop. Learn how to make a good coffee at home and take your own - you could save hundreds a year.
Don't buy too much at the supermarket: This is easier said than done but when you consider the amount of food households throw away, it's staggering. It's been estimated food waste costs NZ $870 million a year. Do a meal plan.
Check your mobile plan: If you're always going over your data limit or your free minutes, you are probably paying a larger bill than you need to. Get in touch with your provider to work out a better option. Check out the competition too.
- Jeremy Tauri is an associate at Plus Chartered Accountants.