Changing a few household habits can benefit your finances and the environment.

If the cost of necessities and your cash savings are keeping you awake at night, you’re not alone.

The latest Household Financial Comfort Report (HFCR) from industry super fund-owned ME Bank, show these are among the biggest sources of stress for Australians.

Living sustainably can help. Check out our five ‘R’s to save money – and the planet.

  1. Reduce
    Australians collectively fork out over $5 billion dollars annually in water bills[1]. An 8-minute shower uses around 120 litres of water[2], so try using a timer to cut showers back to five minutes or less.
  2. Re-grow
    Australians spend around $1,000 annually on veggies[3]. Yet it’s easy to grow your own. You may not even need to pay for seedlings.  Save the seeds from tomatoes or cucumbers, plant them in a container – an old egg carton is fine, and watch your crop grow.
  3. Remember
    Don’t forget your keep-cup if you’re heading out for a take-away coffee. Around one billion disposable coffee cups hit landfills each year in Australia[4], and plenty of cafes offer discounts if you remember to BYO cup.
  4. Rethink
    Rethink how you do things. Car-sharing apps for instance provide quick access to a vehicle when you need it – without the ongoing expense of car ownership.
  5. Review
    Electricity costs are set to fall by 7% over the next year, and renewables are driving prices down[5]. Check if you could save by switching power providers by heading to the Energy Made Easy site.

Try one or two ideas or embrace them all. Chances are you’ll cut living costs, free up cash to grow savings – and the planet will be all the better for your efforts.

Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.

[1] https://www.abs.gov.au/ausstats/abs@.nsf/lookup/4610.0Media%20Release12013-14
[2] https://www.sustainability.vic.gov.au/You-and-your-home/Live-sustainably/Save-water
[3] https://www.budgetdirect.com.au/home-contents-insurance/research/average-grocery-bill-statistics.html
[4] https://www.sustainability.vic.gov.au/You-and-your-home/Live-sustainably/Single-use-items/Coffee-cups
[5] https://www.minister.industry.gov.au/ministers/taylor/media-releases/delivering-healthy-national-electricity-market

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