Managing a household budget can be a challenging task, especially in the face of high interest rates, rising inflation, and electricity price hikes. Households who are feeling the pinch will have to find creative ways to help make their budgets stretch further.
READ: 8 eco-friendly cleaning solutions for a greener home
Urgent action is needed, but it may seem entirely overwhelming to get started, so Rawson Property Group put together some of their top tips to create an eco-friendly household. Plus, these changes will save you money too!
“Most economists predict that we will see our first interest rate cut of around 0.25% in September or November this year,” mentions Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. “This will bring some much-needed relief to homeowners, but it is unlikely to solve all their money struggles.”
For example, the monthly repayment on a R1 million home loan at the current interest rate of 11.75% over a 20-year term is approximately R10,837. At 11.5%, the repayment amount drops to roughly R10,664, allowing a savings of just R173 per month.
Once we experience an interest rate hike, this might help cover the extra cost in electricity following the tariff increases. It is also a good idea to find ways to lower your electricity bill.
“There are a few inexpensive ways to reduce your electricity usage, but the most effective would be to explore alternative energy solutions such as solar. Although expensive, solar power will also have a positive effect on a property’s resale value,” Goslett mentions.
Some inexpensive ways to reduce your electric bill include:
- Set your geyser to a timer
- Switch to LED lightbulbs
- Use a power strip to easily disconnect multiple devices at once
- Use a gas rather than electric heater
- Install a gas stove
“Owing to the uncertainty of loadshedding, gas stoves have become a popular drawcard among buyers in South Africa. Installing one could not only lower your electricity bill, but it might also bolster your home’s resale value,” Goslett comments.
Electricity is not the only thing getting more expensive. In the June Consumer Price Index, food and non-alcoholic beverages increased by 4,6% year-on-year. Food is a major expense for most households. Planning your meals in advance can help you save money and reduce food waste. Create a weekly meal plan, make a shopping list, and stick to it. Buying groceries in bulk, cooking at home, and using leftovers creatively can also help you stretch your food budget.
“Stretching your household budget is no easy task. It requires a combination of awareness, discipline, and smart choices. I remain hopeful that the overall market conditions will soon start to improve and make things a bit easier for South African households. Until then, it can be useful to remember that every small change counts, and over time, these changes can lead to significant savings and a more secure financial future,” Goslett says.
READ: Green saving tips for senior homeowners
Urgent action is needed, but it may seem entirely overwhelming to get started, so Rawson Property Group put together some of our top tips to create an eco-friendly household. Plus, these changes will save you money too!
1. Reduce Reuse Recycle
One way to reduce waste is to avoid buying single-use items, such as plastic water bottles, coffee cups, plastic bags, convenience meals and products with excessive packaging.
Recycling is a great way to reduce waste. It is becoming easier to dispose of your recycling as more recycling companies offer pick-up services; find out what companies operate in your neighbourhood and set up a weekly pick up. If you're living in a sectional title scheme, you can get your body corporate to request recycling bins from your Municipality or buy bins.
Another way to reuse items before they go into recycling is to clean out glass jars and containers. You can reuse glass containers to store everything from dried foods in your kitchen to cotton wool in your bathroom, or you can use them as a fun way to serve drinks. They're also handy for storing your smoothies or overnight oats in the fridge.
READ: 4 Eco-friendly upgrades that will increase the value of your home
2. Boost your plant-based meals with Meat Free Monday
Incorporating more veggies into your diet is excellent for your health and the environment. Support your local economy and shop at your farmer's market to gather fresh produce for the week.
3. Cut Down on Energy in your Home
Swap your traditional incandescent light bulbs (ICL) for CFL (compact fluorescent lamps) and LED (light-emitting diodes). Using an LED light bulb can save a lot of electricity but will also save you money as one LED can last as long as 20 ICLs.
4. Save Water where you can
Shower for less time or install a high-quality energy and water-saving showerhead. This is a simple and affordable way to reduce water usage by half. Give your taps around the house a once over to make sure there are no leaks. A dripping tap can waste up to 30 litres a day, and fixing this can save on your water bill and the environment.
Next time you buy a dishwasher or washing machine, make sure to look for eco-friendly options. In the meantime, try to ensure that you run your existing machines on their most energy and water-efficient setting; low heat and shorter cycle.
6. Green cleaning and switching to eco-friendly detergents
Store-bought eco-cleaning solutions can be pricey, but not to worry because there are plenty of simple homemade green cleaning hacks that help clean even the dirtiest areas around the house. Undiluted white vinegar can be used for stubborn stains. Baking powder on almost anything does wonders if applied in a circular scrubbing motion. There are so many affordable options!
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