ENERGY COSTS…OUR GREATEST FINANCIAL GRIEF
Reception • Nov 01, 2018
Average annual electricity bills in Australia hover around $1,600 per state, even hitting as high as almost $2,000 in South Australia.
The average annual electricity bill for a family of five can climb to as much as $2,576.28.
The somewhat unpredictable Aussie climate coupled with a growing population is increasing demand on energy use.
Q. How do you compare? Your energy bill may hold the answer.
Most electricity providers publish helpful information on your bill statements including power used, what it costs and how your usage compares to customers in your area.
Q. What are the main factors that determine the average cost?
- Electricity usage – how often energy efficient appliances and higher energy consuming appliances e.g. air conditioners are used.
- Electricity prices – the price you pay for power, along with the usage, will determine your overall costs. Online comparison site Canstar Blue offers an electricity comparison tool to help you get the best deal possible.
The power is in your hands (pardon the pun) to reduce your energy bills:
- Get the best deal possible, and
- Control your energy usage!
Q. How can you control your energy usage?
These tips from Energy Australia could help make a difference to your next energy bill.
Heating and cooling
Reduce the energy you use by:
- Closing doors to unused rooms
- Closing curtains or window shades
- Using blankets, electric blankets, wheat bags or hot water bottles instead of heating the room
- Cleaning your air conditioner or cooler so it doesn’t need as much energy to run
- Turning off heating or cooling when you are not home and during the night
The family room
- Switch off appliances at the wall – appliances still use energy in standby mode
- Use a power board – switch off all appliances with the one switch
- Use lamps or spotlights – use these small amounts of light instead of main lights
- Use energy-saving globes – change old globes to fluorescent ones
- Too many lights on – turn off lights you are not using
Kitchen
- Microwave oven – uses less energy than an oven
- Stovetop – keep lids on to reduce the amount of time and energy used
- Dishwasher – use the economy cycle and only use when full
Laundry
- Washer or dryer – only use with a full load. Use a clothesline instead of dryer whenever possible
Bathroom
- Water use – install water-saving showerheads, shorten showers, set the hot water temperature to 50 degrees
- Appliances – switch off when not in use
Outside
- Timers and sensors – to light outside areas
- Solar – for garden and outdoor areas
- Lighting – separate the lights to choose which areas to light
Create good habits
Many of us set financial budgets to help manage our cash flow. We can take the same approach to our energy bills:
- Set an energy spend in your yearly budget and track your spend
- Make some of the changes mentioned above to reduce your bills
- Review your energy bills on a regular basis
With smart budgeting and energy saving tips, you can manage your cash flow and put more dollars back in YOUR pocket.
- Canstar Blue electricity customer satisfaction survey , January 2018
- https://www.energyaustralia.com.au/blog/betterenergy/how-save-energy-your-home
Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs.
We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. © 2018
The Power of Pre-Approval: Your Key to Home Buying Success
Navigating the World of Mortgages: What borrowing capability do you have? Deciding to buy a house is an exciting milestone, and we're here to accompany you through the intricate world of mortgages. With the changes to interest rates that have happened over the last twelve months, it's essential that we are prepared and approach borrowing with a healthy attitude, as your choices now will have long-lasting implications, so let's ensure you're well-prepared for this homeowner journey. What should I consider when considering my borrowing limits? First, let's figure out how much you can borrow without sacrificing your peace of mind and daily joys. The key here is to measure your income against your expenses, including the potential mortgage repayments. A general rule of thumb: try to keep your mortgage repayments to no more than 35% of your gross monthly income. When it comes to borrowing generally, the higher your deposit and the higher your income, the more they should be willing to lend. The good news is we have more flexibility as mortgage brokers than the big banks, so we can look at your circumstances closer. Now, let's discuss some essential factors to consider when figuring out your borrowing limits. How much debt can you handle? Think about your lifestyle and what you're willing to give up versus what's non-negotiable. Be realistic about your dream home. Start with something affordable and gradually work your way up as your earnings grow and your equity increases. Think about the future. Are you planning to start a family, change jobs, or experience significant life changes? Factor those possibilities into your calculations. Keep an eye on interest rates and consider how further rises might affect your ability to make repayments. Reminder; A reminder that when purchasing a property, you will also need to factor in further expenses, such as, pay stamp duty, pest & building inspections, conveyancer fees, application fees, council rates, possible strata or body corporate costs, and utility bills to factor in. In Summary We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation to help you whether you are purchasing your first home or refinancing. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/
At Future Finance Group, we understand that financial hardship has become a pressing concern for many homeowners across the country, including Melbourne. We want to help you explore the benefits of refinancing your mortgage. By assessing the right time to refinance and understanding the steps involved, we can guide you to potentially save money, access improved loan terms, and secure a more favourable financial future. What are the Benefits of Refinancing? During these challenging times, refinancing your mortgage can bring meaningful advantages. Firstly, it may allow you to take advantage of lower interest rates, reducing your monthly mortgage payments and offering much-needed relief. Additionally, refinancing allows switching from a variable-rate to a fixed-rate mortgage, ensuring stability and protection against future rate increases. By consolidating high-interest debts, you can streamline your finances and gain more control over your monthly obligations. Also, refinancing can unlock equity in your home, providing funds for essential expenses or other financial goals. Assessing the Right Time to Refinance Working out when to refinance can be challenging, mainly because we do not know what the future will bring. We are here to look at your personalised options and work with you to ensure your financial security. We can consider many factors, such as your credit score, home equity, and employment stability, to give you informed options. Steps Involved in Refinancing and Potential Cost Savings : We are here from the beginning to the end and strive to simplify the refinancing process for you. We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation. Our ultimate goal is to help you secure better terms, rates, and long-term cost savings to ease the pressure on you and your family. In Summary In these challenging times, exploring refinancing options can provide much-needed relief and open up financial opportunities for you as a homeowner. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/