How to save $1200 in cost of living crisis
Top tips for saving: Switch off, cut back, and shop around You can save $25 a year by halving the amount of water you boil in your kettle.
Consumer NZ has come out to give Kiwis a budget helping hand, sharing simple ways to save at least $1200 next year as the cost of living crisis bites. The consumer protection organisation advises that the easiest way to cut costs is to be power savvy and New Zealanders should start by checking if they are on the best power plan for their household.
Gemma Rasmussen, Consumer head of communications and campaigns, said it only takes minutes to check what savings could be made by using Powerswitch.
“It could not be simpler to switch power plans or providers.”
This year the average saving netted by Powerswitch users was $385.
Other steps households can take is to load-shift and only use “powerhungry” devices during off-peak hours. Consumer NZ says this can save people up to $440.
Meanwhile, washing only in cold water, using LED bulbs and switching appliances off at the wall could save Kiwis more than $100 a year for each step taken.
“Loads of devices use power even on standby mode, so cut them off at their source,” said Rasmussen.
Finally, when you feel like a cuppa only boil the amount of water you need.
“You can save $25 a year by halving the amount of water you boil in your kettle,” said Rasmussen.
Rasmussen said these powersaving steps alone could save New Zealanders more than $1200 a year, but there were even more ways to ensure money stayed in pockets.
Consumer NZ advises Kiwis to shop around to find the best prices, something made easier thanks to a range of apps and online tools.
Grocer App is great for comparing prices between supermarkets.
“We want to remind New Zealanders there’s little reward in being loyal to one supermarket chain,” said Rasmussen.
Gaspy is a great app to scan fuel prices while PriceSpy is an online tool which tracks the prices of items between different stores and over time.
Consumer NZ said that using these three tools means shoppers could save more than $200 a year.
Furthermore, the organisation is reminding people to review their insurance policies and mobile phone plans.
“Our insurance survey found a huge difference between the cheapest
and most expensive insurance policies for a standard-sized house,” said Rasmussen.
“It’s worthwhile taking the time to explore different insurance providers — you could stand to make a sizeable saving.”
Finally, Consumer NZ advises Kiwis to get their credit cards under control — a timely reminder following Christmas shopping.
They say to start by paying more than just the minimum payments required which can lead to less interest being paid and can easily be done by setting up a direct debit.
Rasmussen said checking a bank’s offering is also a good idea as many offer low interest and even zero interest balance transfers.
“Taking a bit of time to use tools like Powerswitch, Grocer, PriceSpy and Gaspy, as well as being deliberate about how, when and where you spend could net you well over $1200 in 2023,” she said.
Gemma Rasmussen, Consumer NZ