Top Tips | Be Good With Money homeowner tips

As a homeowner, there are lots of big things to think about. Unnecessary expenses can pile up and surprise you if you haven’t thought ahead. Here are a few simple tips to help you manage your money, so you can be the smartest homeowner you can be.

Long Term Changes

• Setting up a direct debit to pay your rates quarterly is an easy way to avoid having to pay a lump sum and the 10% late payment penalty. It can be worth talking to the council about the best way to structure a payment plan that could save you money in the long run.

• Budgets are a tried and true way to keep track of expenses and identify potential saving opportunities. We can help you set one up here.

Everyday Savings

• Over 30% of New Zealanders no longer use a landline. Think about how often you really use your landline and if it’s hardly ever, consider switching to just using your mobile to save yourself money. Just speak with your provider about your options for mobile and internet only.

• Get to know your local spots to find the best deals on everyday expenses that can add up like coffee, petrol and fruit and vegetables.

• If you have the space, a vegetable garden is a lasting way to save money on vegetables and herbs. It’s estimated that growing your own herbs and vegies can save the average New Zealand family over $600 a year.

One off Savings

• If you’re planning to renovate and you want to save money, take advantage of retailer’s in-house design teams rather than paying for a consultant. Paint stores and furniture places often have expert staff whose helpful advice could save you money.

• Take advantage of seasonal sales for furniture and home appliances.

Energy Savings

• One of the most important ways to save on energy and keep your home warm is to properly insulate. Good insulation not only makes your home cheaper and easier to run, it also reduces the risk of mould and mildew making it healthier and more comfortable to live in. To learn more about insulation and for some DIY tips check out Cocksy’s article here.

• Save money on your power bill by putting a water heater blanket on your hot water cylinder to keep the heat in.

• Avoid using a dryer by installing clothes racks in your laundry instead. One load in the dryer can cost upwards of $0.36.

• Research shows that whiteware products accounted for roughly 20% of electricity use in the average home each year. Choosing energy efficient appliances could help you use up to 40% less energy – and save on your power bills. Head here for more information on energy ratings.

• As much as you can, turn appliances off at the wall – it can save you up to $100 a year.

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This article is intended as a general discussion only, and is based on selective information which may not be suitable for your purposes. BNZ strongly recommends the recipients take independent legal, investment and financial advice prior to making any investment decisions.