How to Cut Back on Monthly Outgoings by Investing

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If money is tight between salary payments, then cutting back on expenditures can seem the only option to make sure you don't go overdrawn. However, simply spending less is not the only thing you can do. Sometimes by spending a little we can actually reduce our monthly bills. This sort of investment for cost reduction is advisable for anyone who has a regular income. Investing in some of the latest products can help to diminish your household expenditure each month, thereby saving you money in the longer term.

Reduce Your Water Bills

The vast majority of Australian households are supplied drinking water that is measured as it comes in from the mains by a meter. According to the government, by investing in toilets which are up-to-date and rated with four stars, as modern ones are, then an average family of four can reduce their water consumption by 60,000 litres a year. Fitting a new toilet is a relatively simple job for a qualified plumber to carry out, and despite the initial outlay, cost savings will start from day one. What's more, installing one is a good thing to do for the environment.

Lower Your Contents Insurance

Although building insurance premiums usually remain static year by year, renters and homeowners alike can face volatility when it comes to contents insurance. Many people in the country choose to renew their annual premium for contents insurance by paying for it on a monthly basis by direct debit. However, you can usually lower the renewal quotation you receive from your insurer by increasing the excess that you are willing to pay. Even increasing the excess by fifty dollars or so can make a big difference to the annual fee levied. In addition, by spending some money on common home security measures, your insurance cost will reduce each monthly payment. For example, by fitting window locks, security door screens or a burglar alarm – things which require a little upfront investment – you can make your money back within a few years, depending on your location.

Reduce Your Electricity Usage

Paying for electricity that you are not using is wasteful. To reduce your energy bill, it is a good idea to turn appliances off, but do you really know what is needed and what is not? By installing a smart meter, it becomes much easier to track your electrical usage and to take counter measures against wastage. For those people capable of making a larger investment, electricity bills can be slashed by installing a photovoltaic solar array on the roof. When converted to alternating current, an array can be connected to your domestic supply and used locally for all the usual purposes.