Protecting yourself and your assets against illness, damage and loss is essential to good money management. Be it self insurance or conventional insurance, insuring yourself and your property reduces the risk of serious financial strain should some mishap happen.

Conventionally, we pay premiums to insurance companies to cover the risk of future mishap. These premiums not only cover the cost of any claims that you or other customers might make, insurance companies are also in business to make profits from your premiums. Below are some tips to save money on your insurance premiums.

(more…)

Since looking at calculating the saving of turning out lights, I got a bit obsessive with calculating the cost of running various appliances in our house. It can be quite surprising how much certain appliances cost to run.

Knowing how much electricity that you’re using each day, what your consumption patterns are and what appliances cost the most is the first step in reducing your electricity bill.

To track your electricity usage, you could buy a wireless power monitor. If you’re in QLD, for $50 you can have an electrician come to your home and assess your electricity usage, give you a wireless metre, 15 light globes and a shower head through the Climate Smart Home.

However, it can be quite simple to calculate your electricity usage without the fancy devices.

(more…)

A popular frugal habit and one I subscribe to is turning out lights when a room is not in use. I find it a waste when the house is ablaze and everyone is in the same room.

But how much are we actually saving by getting into the habit of turning out the lights?

Well I like cold hard data, so I did some calculations and was a little surprised by the results.

I complicated things a  little by deciding to also compare the old fashioned incandescent light globes and the new CFL globes. I wanted to see for myself if all the fuss was warranted. So I did a comparison first between the cost of using the CFLs compared to incandescent, and then a comparison of the savings per year that can be made by reducing light globe usage.

(more…)

Photo by Alexander O’Neill

Our telephone budget for this year is $55 per month. The line cost is about $25 so this leaves $30 for calls. So far we’ve made budget two months out of six.

My biggest problem is that I don’t wait until after 7pm when STD calls are cheaper. Rather than paying $3 a call, it grows to $8 or more a call. I don’t know why, I just don’t wait.

We gave Skype a go for a while, but the line quality was so poor we gave up. I haven’t looked into VoIP yet, but even if we did, we would still have to keep the landline and pay the $25 for our broadband package. If you use VoIP, maybe you can give me a heads up on what it’s like.

Unfortunately, we’re with Telstra (really expensive for us!) I would love to change, but I’ve know people here to have no phone for months after leaving Telstra, so I don’t want to take that risk.

The biggest help to keeping track of our call costs for the month is the online billing. I can check to see how much we have to go before going over budget.

Some other ways to save on the phone include:

(more…)

Photo by massdistraction

Winter is nearly upon us, and some areas of Aus are already feeling the Winter chill. So it’s a good time to talk about saving money on heating in the home.

I admit that as I write this, I am sitting in a t-shirt and it’s about 24°C (ah…Queensland Winter – I like to gloat every time my mother calls and tells me it’s –1°C there). However, I’ve only lived here for 2 years, I grew up down south, where we could expect a bit of snow every Winter and saving money on the heating was important when we were growing up.

(more…)

While you have probably already received your stimulus payment in the bank, the stimulus package is only just beginning. As part of the package, the Commonwealth Government is offering a rebate on two home improvements that can significantly reduce the cost your energy bill: ceiling insulation and solar hot water.

While we know that insulation and solar hot water will reduce our energy bills, the upfront costs of installation is prohibitive for many of us. The Government rebates mean that the installation cost is greatly reduced, and in the case of ceiling insulation, it’s free.

(more…)