Trying to save up for a home deposit? Many of us are. And we’ve got a bunch of money-saving tips that will help you build good habits right at home.
Yes, swapping that oat latte for a homemade cuppa works. Yes, doing at-home workouts instead of paying for a gym membership helps. But there are also little ways you can start saving just by changing some of your household habits .
These help first-home buyers out there too. If you start saving now, you might be able to afford a bigger deposit, which means a smaller loan, and less chance of paying for Lender Mortgage Insurance (LMI).
So here are 10 money-saving habits for your home that you can start doing right now. Whether you’re saving up for a home deposit, trying to make rent or simply looking to cut back, these tips can get you started.
Ready to take the next step in your home buying journey? Discover the most effective strategies on how to save and strategize for the down payment for a house.
Money Saving Tip #1: Set a timer for your shower
You might be surprised to learn that household water and energy bills account for more than 20% of your total household bill. And as summer looms down here, we have to start pulling back on water usage.
So it starts with something as simple as taking shorter showers. Set a timer for five minutes or for a little more fun, shower to a song.
Money Saving Tip #2: Use less laundry detergent
When we run the wash, especially with activewear, many of us pour in the detergent mindlessly. Our clothes need it, right? Wrong.
What we don’t realise is that we’re over-pouring. Great at the bar. Bad in the home. More detergent doesn’t equal cleaner clothes. Follow the measurement instructions for cleaner clothes.
Also, generic household detergents contain chemicals and perfumes, which can cause a build up of detergent residue. It’s better to use half the recommended amount of an eco-friendly household detergent instead – it works just as well! You’re also saving money in the long run.
Money Saving Tip #3: Switch your lightbulbs to LEDs
You may already know this but we’ll say it again: standard lightbulbs are expensive.
The good news is that the price of household LEDs has dropped significantly and there’s no longer a reason to keep paying more for household energy-sucking incandescent bulbs, especially given their short life span (which would cost you even more in replacement costs). LEDs also last 15 to 20 times longer than normal bulbs which means fewer replacements and less cash out of pocket.
Money Saving Tip #4: Dry your clothes naturally
Drying your clothes in a machine dryer can be costly, especially if you’re drying more than one load.
But one of the simple household money-saving tips that will keep your wardrobe looking fresh and clean: try line or rack-drying where possible so you don’t have to use electricity from your dryer.
But if it’s raining or damp out and you gotta use the dryer, make sure it’s on the right setting. Most dryers can dry clothes on a lower heat setting like permanent press. So you can save the higher heat and higher price for big items like towels and sheets.
Money Saving Tip #5: Clean your lightbulbs
Fun fact: did you know that dirty lightbulbs can reduce light emission by up to 50%? The fifth of money saving tips here is to clean lightbulbs regularly with a cloth and warm water.
Money Saving Tip #6: Wash your clothes with cold water
When you wash your clothes in the washer, you probably use hot or warm water because it’s more effective and gets stains out better. But did you know that hot-water washing uses about 50% more energy than cold-water?
And your clothes will stay just as clean thanks to the magic of present-day detergents.
Money Saving Tip #7: Round up your payments
Fortunately, we live in a day where technology has made things vastly easier for us. So look into apps like Up and Wisr which help you save money by rounding up your transactions.
For instance, if you buy a croissant on your way to work everyday that costs you $3.20, they’ll debit $4 instead. That way, 80 cents goes directly into your savings account. It doesn’t sound like much, but think about how many other payments you make in a day and multiply them by 365. That’s a lot of surprise savings!
Money Saving Tip #7: Use ceiling fans
Here’s a money-saving tip for your home all year long: a household fan, if used correctly and strategically, can help circulate warm air in the winter and cool the rooms in the summer.
It’s worth noting that ceiling fans actually reduce energy consumption because they don’t require as much power as an AC unit does.
Money Saving Tip #8: Use timers for lamps & appliances
This household tip is a little more involved than the others we’ve mentioned so far, but it’s worth noting because of how much money it can save you.
Many people use lights in their house when they aren’t home or don’t need them on at all. And this applies to heaters and ACs as well. Try setting up timers to turn off your lights when you’re not home or to turn off your heater/AC at night.
Or you can set your heater to go down a few degrees when you’re out.
You can buy these timers anywhere, but if you want something that looks nicer, try buying them online from retailers like Amazon where there are tons of options available.
Money Saving Tip #9: Turn off the tap
Another household money saving tip is to not leave the tap running when you brush your teeth or shave.
You can even try a water-saving shower head so you don’t have to constantly turn on and off the sink while getting ready in the morning. This could reduce your water consumption by 43%. All of these little changes add up!
Money Saving Tip #10: Clean the oven
A clean oven helps distribute heat more efficiently, which means lower energy bills. So scrub out those grimy cracks and crevices before you grill up a storm this summer! It only takes about 30 minutes to get your oven looking like new and saving you those extra bucks.
Keep yourself updated with useful money-saving tips like these by getting registered on Soho. Not only are we finding you your dream home, but we’re also helping you save for it and decorate it! So don’t forget to swipe on your property matches so we can get you there faster.
