Saving resources of the financial and environmental kind

Whether you’re moving into a new property, or looking to save for an investment, here are five things you can do now to save money and the environment.

This simple DIY energy audit checklist can be done by anyone and will not only help you save the environment, but it can help you save money and pay off your mortgage sooner.

1. How many home owners does it take to change a light bulb?

Jokes aside, this is the quickest, easiest thing you can do to cut down on energy costs.

By replacing halogen lights with LEDs, the average Australian family can save about $400-$500 per year, according to lighting specialists Martec.

Over the course of a 30 year mortgage, that’s up to $15,000.

The best news?

LEDs also last 5 to 10 times longer than traditional bulbs. That’s an extra hundred bucks a year, taking that total to roughly $18,000 over 30 years.

2. Air-condition yourself

You can cut your air-conditioning costs in half simply by changing the setting to ‘dry’ mode. Look for the water drop symbol rather than the snowflake.

This mode is designed for removing humidity and runs the compressor at reduced speed.

While it means the air-conditioner won’t blow out as much cold air, it can save you up to $200 a year, so why not give it a whirl?

Other air-conditioner hacks include closing the blinds, closing doors and the old chestnut of using a fan every now and then instead.

3. My Kitchen Rules

Kitchen appliances consume around 18% of a household’s energy use. Here a few simple tips to use less electricity when cooking up your next feast:

– Remove grease from the vents of your rangehood
– Check your oven seal is in good condition
– Trust your cooking skills and don’t open the oven to check on the roast
– Use the oven instead of the microwave when possible
– Light up the barbie once or twice a week instead

4. In a bit of hot water?

Water heating is responsible for about 17-23% of your home’s energy usage.

With the average annual Australian energy bill for a three person household costing about $2000, that means hot water costs you about $400 a year.

Simple ways to cut down on usage include making sure your system’s temperature is set to the optimal 60 degrees, turning it off when you’re on holidays, and considering a solar hot water system.

5. Other bits and bobs

According to the Australian Government’s Your Energy Savings website, following the steps below could save a household about $605 over the course of a year.

– Getting rid of the second fridge (aka beer fridge) out the back saves $172
– Turning off the gaming, tv, and dvd consoles after use could save $193
– Using the clothesline instead of the dryer can save $79
– Installing a water-efficient showerhead can save $160

Final word

By following the above steps and ensuring those good habits stick, you can potentially cut your annual household energy bill down by as much as $1,000 each year.

That could be somewhere in the ballpark of $30,000 over the life of your mortgage. Not to mention all of the interest you’ll save if you put all that money towards repayments.

If you’d like any other tips on how to pay off your mortgage sooner, then give us a call, we’d be more than happy to help out.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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