7 household purchases that could save you in the long run

Sometimes paying a little more up front for the things you have at home can deliver you greater cost savings down the track.

We all enjoy the odd bargain and inexpensive label that delivers quality at a fraction of the price, however sometimes shelling out a bit more upfront can mean significant cost savings later on.

Check out seven things that could be worth investing in today to financially benefit you tomorrow.

1. Energy efficient products

Buying energy-efficient appliances—fridges, washing machines, microwaves and air conditioners, can literally save you hundreds of dollars each year in running costs, with such appliances accounting for up to 33% of people’s home energy use, Australian Government figures show1.

The energy rating label is mandatory for a range of equipment so you can easily assess the energy consumption on the appliance you’re looking at.

Likewise, energy-efficient light bulbs often use about 25% to 80% less energy than traditional incandescent light bulbs and generally last three to 25 times longer2.

2. Water-efficient appliances

By using more water-efficient appliances and fixtures, the Australian Government estimates by 2021 Australians could save more than $1 billion on their water and energy bills3.

The majority of these savings will come from more water-efficient showerheads, washing machines and toilets specifically.

In addition, rain water tanks, which can be just as useful in urban areas as they are in rural zones, can generate cost savings. They range from around $700 to $20004 and rebates may apply.

3. Solar power systems

Solar power systems, which generate free electricity, are becoming increasingly popular, with about 1.5 million roof top systems installed across the country by 31 October 2015 as reported by the Australian Government5.

While there are upfront costs involved, solar power systems are becoming more affordable. Plus, they require little maintenance and generally last 20 years or more. Rebates here may also apply.

4. Programmable thermostats

On average, 40% of energy used in homes across Australia is for heating and cooling6.

By using thermostats and timers to make sure you're only heating a room as much as you need and as required can save you considerable money, depending on your usage.

5. Vegetable and herb gardens

Data from The Australia Institute shows 52% of all Australian households are growing some of their own food, with a further 13% intending to do so7.

Of the top five reasons to grow food at home, saving money was the second most popular response at 62%. However, statistics indicate that it’s not until people are saving more than $250 a year (which only 16% of people are), that real cost savings are achieved.

6. Beverage supplies

If you’re in the habit of buying a $4 bottle of water, coffee or smoothie every day, then your take-away drink of choice is costing you over $1,400 a year.

Investing in a reusable drinking bottle, blender or espresso machine could save you hundreds of dollars per year.

7. Extended warranties

Extended warranties cost you a little more upfront but if you have a home appliance or device that breaks, particularly an expensive one like a fridge or laptop, you’ll be comforted to know you won’t be slogged with a high repair bill. Plus, if the equipment can’t be fixed, the company will usually replace it.

There are a range of big and small investments you can make around the home today that will pay for themselves and help save hundreds, or even thousands over the months and years. An added benefit is that many of these investments can lessen our impact on the environment at the same time!

Don’t forget, if you are keen to keep costs down, our budgeting and planning calculators may also be able to assist.

1 http://www.yourhome.gov.au/energy/appliances
2 http://energy.gov/energysaver/how-energy-efficient-light-bulbs-compare-traditional-incandescents
3 http://yourenergysavings.gov.au/water/water-home-garden/water-efficient-appliances-fixtures
4 https://www.choice.com.au/home-improvement/water/saving-water/buying-guides/rainwater-tanks
5 http://yourenergysavings.gov.au/energy/solar-wind-hydro-power/solar-power
6 http://yourenergysavings.gov.au/energy/heating-cooling/understand-heating-cooling
7 http://www.tai.org.au/content/grow-your-own

Budget planner calculator

Use our Budget planner calculator to assess your current financial position and how much you may be able to invest. 

Start budgeting today


Want to keep up to date with the latest news?

Subscribe now

Want to speak to a financial adviser?

Find an adviser

Want to keep up to date with the latest news?

Sign up now

Recommended articles

Important information

Show more

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.