Tips on how to save money on electricity prices

With electricity prices rising, it is no wonder that so many households are looking to save money on basic utility bills.

But while the average family scrapes together any left over money at the end of the month to try and cover costs, savvy investors will be looking for different ways to spend on power without breaking the bank.

Reducing fuels bills is a fast and effective way to curb your weekly spending habits and start putting a little extra ahead in order to prepare for what may prove to be a rather chilly winter.

Leaving the home early on a weekday in order to walk, ride or use public transport to get to work is a great way to cut out parking and petrol costs.

It is also helps contribute to the long-term health of the environment, which means that frugal consumers can get to pat themselves on the back for making a positive difference to the world around them.

Planning ahead and packing your lunch the night before is another way individuals can cut back on the amount they spend during any given week.

And while it is still okay to splurge on the odd take-away coffee, tough times mean that this dietary staple should be placed in the treat category.

It might not taste as good as something your local barista would make, but using the company's free kitchen blend could save you as much as $3 per day or just over $1,000 in a year.

Reducing the amount of take-away food that goes on your plate and into your mouth is yet another example of the way making small changes to your eating habits could save your bank balance, as well as helping individuals stick to this year's diet plans.

Simple challenges that are quickly becoming popular with Australians include seeing if you can spend just $21 on weekly groceries by emptying the contents of your pantry, as well as going to recycled clothes parties and sharing accessories with friends instead of buying new items for your wardrobe.

Taking up free outdoor sports such as jogging, football with friends or the increasingly popular ultimate frisbee may prove to be more financially savvy than an expensive gym membership.

Yet perhaps one of the most effective ways to cut back on the amount of money your household spends is by turning off the switches of any appliance that is not in use.

Posted by Charlie Moore