Is your energy bill your household’s biggest financial stressor?
For a lot of Aussie homeowners keeping up with the monthly bills can be stressful, especially when you’re not prepared for a higher than expected bill.
And while you might be forgiven for thinking that meeting home loan repayments is the biggest cause of financial stress, it’s actually last on the list of concerns for many Australian households.
According to data from market researcher Edentify, groceries and electricity costs were the top two financial stressors, sitting at 64% and 62% respectively.
By comparison, mortgage repayments were a cause of distress for only 28% of Aussies surveyed.
It’s no surprise that electricity costs can strain the budgets of even the most prepared households, especially when you consider the fact that we’re spending more of our income on energy costs than ever before.
Mozo found that in 2019, Aussies spent 4.1% of their income on energy, while ten years earlier that figure was only 2.6%.
With the hottest months of the year on the way, households can still take control over their summer usage to avoid bill shock by implementing a few summer energy bill hacks.
Mozo’s top tips for avoiding bill shock this summer
- Consider where you can cut back - We all have habits we’re not proud of, like forgetting to switch the aircon off before heading to bed. But it’s habits like these which could be costing us a bundle, so sit down to work out where you can minimise your energy usage - you could be on your way to saving a small fortune!
- Rethink your appliances - If your washing machine or kettle have seen better days, they could be contributing to your hefty bill, as older, non-energy efficient appliances tend to guzzle more energy. In this case, it might be worth upgrading your old appliances to more energy efficient ones.
- Put money aside every week to prepare - One great way to stay on top of your energy bill is simply by getting ahead. From now until your next bill arrives, start putting some cash aside every week into a high interest savings account so you’re more than ready for when it hits your mail box.
- Get strategic about your usage - If your household is up for a challenge, why not only use your appliances during off-peak hours. These are periods of time where energy usage is generally at its lowest, so if you’re on a time of use tariff you could save a few dollars!
- Switch energy retailers for a better deal - But if you think you’ve done all you can to lower your energy bill, then it might be time to start shopping around for electricity plans, as switching to a better deal for your household could provide serious savings.
Ready to find out if you could be on a better deal? Head over to our energy hub to find and compare providers and plans in your area, or enter your postcode below to get your search for a better deal started!