Australians looking to get their finances in solid shape for 2024 can save up to $7200 a year by making five simple changes, according to new analysis published by consumer group CHOICE.
Huge savings are on offer to those willing to shake-up their energy and health insurance plans, alongside money smart habits around the home like switching off power points and cold washing.
CHOICE’s editorial director Mark Serrels said sorting out your finances for the new year, particularly amid the cost-of-living crisis, can seem daunting, but can actually be quite simple.
“Saving money doesn’t always have to be a grind. Simply switching your health insurance provider or spreading your weekly shop across different supermarkets could save you a significant amount of cash,” Serrels said on Thursday.
Here are five ways to save money in 2024.
Switch your plan
Loyalty doesn’t pay when it comes to recurring expenses like energy and health insurance bills, with big savings on the table for Australians willing to change their provider in the new year.
CHOICE estimates up to $1730 could be saved from switching health insurance to one of the best deals on the market, with the same cover from a different insurer being potentially several hundred dollars cheaper.
“Whether you have Gold, Silver or a Bronze policy, you’ll likely be able to find a cheaper deal that will give you the same amount of cover,” Serrels said.
Try cold washing
Australians currently washing their clothes with hot water are missing out on big savings, CHOICE said.
Using a cold cycle for a full load of clothes rather than a warm one, while also switching to a cheaper — but just as effective — detergent could save you about $440 a year, Serrels said.
“If you want to cut your costs even further, try ditching fabric softener to save about $76 per year. Line-drying your clothes could also save you nearly $450 a year,” he explained.
Turn off your powerpoints
It’s age-old advice for Australian households and it still holds true in 2024 — turning off your appliances at the powerpoint can deliver you savings on your energy bills each quarter.
CHOICE estimates up to $240 in savings is available annually for Australians that make the extra effort to switch off at the powerpoint, with several appliances around the house using more power when they remain connected, even when off.
“Printers and wireless routers are known to be big energy hogs. By turning them off at the powerpoint, you will ensure you’re not wasting unnecessary money,” Serrels said.
Home brew beats the cafe
Another big saving on the table for many Australians is brewing their daily coffee at home rather than buying it at a cafe.
CHOICE estimates that it costs around $1284 a year to make two cups of coffee a day at home, which includes the cost of buying a machine, ingredients and upkeep.
By contrast, the same would cost around $3504 at a cafe.
And that’s not the only beverage that could be cheaper to make at home, either.
“Making your own sparkling water at home using a soda maker could also save you $150 a year when compared to purchasing bottles from the supermarket,” Serrels said.
Multiple supermarkets for biggest savings
Grocery prices have been a hot topic lately amid anger at major supermarkets over high prices.
But doing your grocery shopping at just one chain could be costing you, according to CHOICE.
The group says a grocery bill can be cut by up to 20 per cent by shopping across multiple stores to find the best deals.
“If you’re lucky enough to have a few supermarkets in a nearby shopping centre, it’s worth spreading your weekly shop across different stores to reduce your grocery bill,” Serrels said.
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