Struggling with the rising cost of living? Here are four extremely common household habits that could be stealthily draining your finances – and how to put a stop to them
As the UK’s ongoing cost of living crisis continues to bite down hard on our finances, it’s a really good idea to scrutinise everyday habits that silently drain our cash.
While the spotlight often shines on major expenses like rent and utilities, smaller, seemingly innocuous things we do everyday in our homes can cumulatively cost a small fortune.
Luckily, Matthew Gilman, a money expert from SMB Compass, has revealed four lousy home habits that are adding to our financial burden:
Wasting hot water
One of the easiest ways to lose money at home is by wasting hot water. Every drop adds to the energy bill, so being mindful of its usage can save you a couple of pounds each month.
“You don’t need to fill the kettle to the brim for just a single cup of tea, nor boil a giant pot of water on the hob to cook a few vegetables,” explains Matthew.
“The bathroom’s an even bigger culprit. Leaving the hot tap running while you lather up or shave is, well, money down the drain.”
Not using the dishwasher and washing machine efficiently
Dishwashers and washing machines can be silent drainers on your wallet if not used properly. Aiming for full loads whenever possible will help you maximise water and energy efficiency.
“Running them half-empty is like paying for a whole orchestra when you only need a single violinist,” says Matthew. He also shared some top tips for getting the most out of these appliances: “Avoid pre-rinsing dishes – a good scrape and a quick wipe with a cloth is enough for most messes.
Choose the right water temperature setting for the washing machine based on the soil level. Hot water might feel satisfying, but for lightly soiled clothes, a cooler setting gets the job done just fine.”
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Leaving electronics on charge and in standby mode
While the energy used by a single charger might seem negligible, the impact over time accumulates. This becomes even more relevant when we consider the increasing number of electronic devices in our homes.
Phones left plugged in overnight, laptops and gaming consoles in standby mode all contribute to a phantom energy draw. “Unplug chargers and switch off electronics entirely when not in use,” Matthew warns.
Leaving the lights and the TV on
Leaving the lights and telly on in empty rooms is another way to waste money. “Make a habit of switching things off when you leave a room, and consider energy-saving lightbulbs to further reduce your electricity bill,” suggests Matthew.
“You’ll be surprised at how much you can save by simply remembering to flick the switch!”
