C.O.L is a universal acronym for the cost of living crisis which is rising globally and fast! The cost of living crisis refers to the fall in ‘real’ disposable incomes that many of us are seeing at the moment. Stripping out the financial terminology, means we now have less money to spend after accounting for taxation and inflation. Finding ways to reduce your home bills is now even more crucial.
With the price of almost everything increasing – and wages usually failing to keep up – it’s no surprise many of us are finding things tough. For some, this has prompted tough choices like cutting the family grocery bill, while for others it’s meant foregoing meals out or weekends away.
In the following article, we’ll provide simple tips to save money on shopping to advice on how to help manage the impact on your household budget.
1. Cold Wash Clothes
It’s universally thought that dirt and stains only remove themselves from clothing when washing at higher temperatures. However, this has proven not to be the case. Aim for a 30-degree wash if you can, this can save 60% on your energy per cycle according to Ariel.
Hot Tip: Opt to purchase supermarket brands in relation to washing tablets and conditioners in order to save some pennies there too!
2. Eco-setting on appliance
To reiterate the above, opt for the more eco-friendly option and set your dishwasher and washing machine to the eco setting. The eco mode is used for lower rinse temperatures and uses a lower temperature wash, which uses less energy, but still maintains a high standard of cleaning.
3. Showers = in, baths = out
Showers not only save you money but save on water consumption and energy, i.e. helping the planet that wee bit. Reviewing your water metre on a regular basis and monitoring it can help reduce your water consumption and therefore, reduce your home bills.
Hot Tip: If your gym or workplace offers showers try doing so there to cut costs.
4. Dry naturally
In this case we’re not only talking about clothes but also your hair. Using hair dryers and hair tools can increase your household energy bill. If you are looking at ways to save money and energy consumption, only use these appliances for special occasions. Your hair will be thankful, too!
In relation to clothes, hang them up on a clothes horse instead of using a tumble dryer.
5. Energy-efficient purchases
If you’re due a new electronic purchase, from a fridge or freezer to a new tumble dryer ensure you are opting to purchase an energy-efficient appliance. Purchasing a smaller appliance will half your energy consumption and reduce your home bills significantly. Keeping your fridge out of direct sunlight will stop it from overcompensating.
Hot Tip: Defrost your freezer at least once a year to keep it running smoothly.
6. Unplug > Standby
The majority of us are used to flicking a switch on an appliance to turn it off rather than unplugging them completely. One might think switching off the tv from the remote means that it’s turned off, but newsflash, it isn’t. Yes, it might not be turned on from the display however if the switch is still turned on from the socket there is still energy flowing through the plug, therefore wasting energy.
Hot Tip: Take all plugs out of their sockets when not in use.
7. Home Automation
Contrary to popular belief, home automation can actually help you save energy and reduce your monthly electricity bill. With the widespread use of smartphones and the availability of affordable smart lights and switches, it’s never been easier to upgrade your home’s energy efficiency. Installation is simple and straightforward, allowing you to set automated routines, such as turning off all lights when you’re away from home or at a designated time, to help conserve energy. By embracing smart home technology, you can enjoy the benefits of a more sustainable and cost-effective home.
8. Reduce monthly subscriptions
Take stock of your monthly subscriptions and expenses such as gym memberships, phone and internet subscriptions, video streaming subscriptions, etc. Try to see if you can save by switching to a different plan and reducing your monthly bill.
9. Challenge your lifestyle
This could be the year you give up one of your vices. From smoking and/or drinking to purchasing that coffee from your local barista on a daily basis. These habits add up to your monthly expenses. Not only will this be a healthier option for you but it will reduce your spending greatly.
10. Sell unused items
Have any unwanted items lying around the house? Is it time to finally declutter your wardrobe Marie Kondo style? Getting rid of unwanted/unused items is a great way to attain more disposable income.
If you’re a first-time buyer looking to buy a new build home in Malta, why not take advantage of the first-time buyers’ scheme? With just a 10% deposit, you could purchase a beautiful new home sooner than you think. We have new homes available in highly sought-after areas, have a look at our current developments on offer here.