5 Tips To Slash Your Bills

You’re not alone – Australians everywhere are feeling their bills creep up alongside the soaring cost of living. Mounting bills have become a huge headache for countless people, now more than ever. But don’t despair – we’ve put together some top tips to help you reduce your bills and get on top of how you manage them. So if you’re tired of the stress that comes with opening your inbox to find yet another bill, read on! 

1. Explore the Australian Government rebates on offer

If you need assistance with your energy bills, there’s approximately $1.4 billion in government support available across states and territories in Australia. Concession card holders, low-income households, and those seeking to enhance energy efficiency may be eligible for substantial rebates. Here’s a quick guide on seeking rebates: 

To find applicable rebates, your first step is to visit your state or territory government website or explore the federal government’s energy website, which allows you to search for rebates based on your location. These can vary over time or season, so it’s worth checking back regularly to see if there’s something new that you’re qualified for. From rebates on your bills to subsidies for more sustainable energy sources like solar panels, every little bit helps, with some incentives giving you a long-term benefit and extra savings over the years. 

You should also inform your energy retailer of any concession cards you might hold, and they can often automatically arrange any rebates you might be entitled to. Examples of state-specific rebates can be found on the government rebates page. You can filter according to what kind of concessions or rebates you’re interested in, and easily filter by State. 

Exploring these opportunities is the simplest way to immediately alleviate the burden of energy bills and make the most of the available financial support you may be entitled to. 

2. Reduce your consumption

In Australia, the biggest sources of household energy consumption and expense include heating and cooling, hot water systems, household appliances and lighting. According to the Australian Government, implementing these simple measures can help reduce energy usage and expenses:

• Heating and cooling: close off unused rooms and use draught stoppers and weather seals. Enhance window efficiency with well-fitted curtains. Choose fans to improve comfort levels or set air conditioning between 25°C and 27°C in summer and heat between 18°C and 20°C in winter. If you’ve got an old oil heater, use it sparingly when the energy costs are high as they’re a more power-heavy appliance when it comes to keeping your home warm. During the changeable seasons, if you have an air pump, use the dehumidifier setting (the one with the water droplets) as this uses less power than heating or cooling but can really help make the ambient temperature feel more comfortable. 
• Hot water systems: insulate hot water pipes to minimise heat loss and consider upgrading to energy-efficient hot water systems such as heat pumps or solar systems. Reduce water usage by using efficient showerheads and take shorter showers. 
• Go for energy-efficient appliances: when buying new appliances, choose TVs, fridges and dishwashers with high energy star ratings. They might cost a little more upfront but will pay off in the long run. Also remember to unplug appliances when not in use, use power-saving modes, and use cold water for washing clothes when possible. 
• When it comes to extras like an electric blanket in winter, either use the timer function if you have one, or keep the temperature set to a lower level. Another option for those milder nights is to just pop a wheat bag in the microwave and use that instead. Two minutes of microwave time uses a lot less energy than hours of keeping your whole bed warm! 

3. Go green

The take up of solar panels has skyrocketed in Australia and for good reason. Not only will you be enjoying savings on your power bills over time, but you’ll also be reducing your family’s carbon footprint by creating your own renewable energy. There are plenty of incentives available – start by checking with your state government to see what’s available. There are also green finance options available to make installing solar more accessible. If you’re looking for a loan to go green, we’re here to help you with options like our home renovation loans that can be used for things like solar panel installations. 

Keeping your home running as efficiently and sustainably as possible isn’t the only option when it comes to saving money. With the rising cost of petrol and diesel, more and more Aussie drivers are switching to hybrid and electric cars. Getting a green car gives you the option to power up at home, which is an even better option when you’re already generating your own electricity with solar panels. 

4. Shop for the best deal

Be aware, there can be significant cost differences between energy providers so you need to do your research to ensure you get the best deal available. Your first step is to consult the Government Reference Price, which serves as a benchmark to compare each plan. Here’s where to go to help in finding the cheapest deals in your state.

WA, NSW, SA, QLD, or Tasmania – use the federal government comparison website, Energy Made Easy (note that in Western Australia, only gas providers can be switched). For Victoria, check out Compare Energy.

Along with energy providers, waiting for the right time to organise upgrading things like heat pumps, heaters, fans, and basic insulation that you can do yourself, keep an eye out for deals. Waiting until the end of the financial year, or keeping an eye out for sales can make it easier to get one at a more affordable price point. 

5. Consolidate debt

On top of energy bills, many of us are dealing with other bills from consumer debts like car loans, personal loans and payday loans. When the burden of managing multiple debts becomes overwhelming, a debt consolidation loan could be a life changer. With debt consolidation loans you can combine all your debts into a single personal loan. 

When you’re paying different lenders with different terms and interest rates, you can end up paying more over the duration of your repayments. It’s also often easy to end up accidentally missing a payment if they aren’t automatically deducted from your account, which can result in penalties like late fees, or even impact your credit score. By opting for debt consolidation, you can borrow the total value of the money you owe, pay off the individual balances, and make payments to just one lender instead. This is a great way to regain control over your finances and alleviate stress. 

Find out how much you could save by consolidating your debts and contact Rapid Loans to speak to one of our loan consultants regarding your debt consolidation loan application. Apply online or call 1300 727 431 today. 

This blog post is not intended to be a sole source of guidance and does not take your personal financial circumstances into account.