Australian consumers are working hard. They’re bringing good dollars through the door, yet many still struggle to put dinner on the table or pay bills on time. There are plenty of ways to cut down and one way is to reduce the running costs of your home. Maintenance can be costly too. Your humble house may be more of a culprit than you think.
Let’s get down to the nitty gritty here.
Here’s my question:
What are you spending your money on exactly?
Let’s take a look today and see if we can keep some of those hard-earned dollars. Throwing money into the wind and ripping up cash is not something any of us like to do.
Here’s what not to do
Turn stuff on around the house
One of the most common ways to lose money is electricity, gas and water – yes, those utility bills. Whether the kids are taking long showers the kids take or the dishwasher is running 24/7, you’re going to see that reflected when you rip open your next bill. All these little lifestyle mistakes add up.
If your bill is high consider talking to an electrician. They are on top of the exact items in the home that might be doing the damage. For example, our electrician told us that our kettle was using more electricity than our fridge!
Yes, we were shocked too. It’s such a small and unassuming device.
Overcapitalise on the renovation
I can tell you from the source that renovation are an amazing way to vacuum up your money, if you don’t know what you’re doing. You may have read that we saved $50,000 on our renovation, which I’m very proud off. Here are my simple tips:
- Live at secondhand shops and online
- Never pay full price for anything
- Be patient and prepared to wait for bargains
- Don’t rip equity out of your home – you’ll surely spend it
- Consider paying through wages as you’ll be more frugal
- Don’t buy big ticket items like furniture unnecessarily
- Don’t overcapitalise and go overboard – less is more
- Don’t spend anymore than you can afford
- Watch your budget closely
Don’t get quotes or referrals
It’s also easy to overspend on maintaining a home. Whether you’re giving your home a lick of paint, fixing cracked tiles on the roof, or are dealing with a damp – listen in.
It’s easy to to overspend on materials or labour – especially if you’re calling tradies in.
Do this always:
- Get referrals from friends and family who have used the tradie
- Get a quote or at least three for bigger jobs – like bathrooms
- Don’t leave yourself short for daily living as many jobs can wait
- Again – be patient and wait for the right price