Australian consumer company CHOICE has shared simple tips to save money on household expenses as the cost of living continues to rise. 

Millions of families struggled with their finances in 2023, with many hoping the new year would lead to new spending habits.

Expert Mark Serrels has shared six ways Australians can save at least $7,200 in 2024 - and most changes only take seconds to implement.  

1. Turn off your power points
Several electronic appliances contribute massive amounts to your electricity bill - even if they're technically not in use.

'Printers and wireless routers are known to be big energy hogs. By turning them off at the power point, you will ensure you're not wasting unnecessary money,' Serrels said.

Microwaves, air conditioners, "Drum Unit" and televisions also constantly use passive power - and you can save up to $240 a year by remembering to turn the outlets off.




Australian consumer company CHOICE has shared simple tips for how you can save money


2. Switch your health insurance provider
Serrels revealed that Australians are paying more on health insurance than they need to - and shopping around for a better fund can result in significant savings.

Professionals also recommended looking past MediBank and Bupa and investigating some of the smaller funds available.

'The same cover with a different insurer can be hundreds of dollars cheaper,' said CHOICE health insurance expert Uta Mihm.

'Whether you have a Gold, Silver, or Bronze policy, it's likely that you'll be able to find a cheaper deal that will give you exactly the same amount of cover.'

You can save up to $1,730 a year by moving to a cheaper policy. 

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