Here’s how to instantly save $500 on a power bill while doing almost nothing.

Video by Mamamia

The Barefoot Investor, also known as Scott Pape, doesn’t normally do “money-saving” tips.

Pape even says so in his latest newsletter, after he was asked by his editor for his “top tips” to save on power bills.

Why not just hang your clothes outside more and avoid the dryer? Easy $384 saved a year.

But, looking at the stats around energy prices in Australia, it makes you think twice.

As the Australian Financial Review reported, Australians are paying the highest electricity prices around the world. Compared to American families, we are paying two to three times more on our power bills.

Mamamia’s Monique Bowley bought a house while earning just $42K a year, by following Barefoot’s advice. (Post continues after audio.)

Advertisement

What concerned Pape the most was information from the Energy Markets Commission that explained if we individuals switched power providers, there might be significant savings. For Queenslanders, they could save up to $900 a year and almost $1,500 for those in New South Wales and South Australia.

That’s what got him thinking.

If he could just look more closely at service providers, maybe he could save a few dollars here and there.

After initially typing “cheap power” into Google, and wading his way through many questionable results, he stumbled upon the government website, Energy Made Easy.

Looking at data from his last power bill and entering some other details, Pape was able to make a massive saving.

$540 a year. 

That saving could be an extra payment on your mortgage. Catch up on debt, pay off a credit card, or invest in shares. Or, even treating yourself to return flights to Phuket or Shanghai (true!).

barefoot investor power saving tips

$540 is a return flight to Asia!

The Barefoot Investor makes another point in his email. He is setting a date on his calendar, a year from now, to go back to the website and check for any changes in his power savings.

That's important because energy prices and providers are constantly changing, so he urges not to just accept the deal they get.

So, before you waste another $500 on power bills, go forth and find the best deal for you.

You can sign up for weekly money advice from the Barefoot Investor, here

JOIN THE CONVERSATION
FROM OUR NETWORK