Money saving measures

A common refrain these days is that the cost of living has gone up. There is no doubt that it has, due to various factors some of which are beyond the control of the authorities. Nevertheless, there are certain steps that we, as citizens and consumers can do to reduce the impact of the rising cost of living without always berating the authorities. These simple measures, if done properly, can save bundles of money. Of course, some of these require an initial investment which may seem high at first, but they generally pay off well over the course of several months or years.

Practically every home has electricity now, so saving energy can reduce your bill by a considerable margin. The golden rule is, switch off all unnecessary lights and appliances. You do not need to light up an empty room - just turn the switch off when leaving a room.

Nor do you need a fan or A/C in an empty room. It is better to iron a week's clothes in one go, rather than doing it every morning. Refrigerators should not be opened unnecessarily, because every time you open the door it has to make up for the lost energy.

It is also a good idea to replace that ageing CRT TV with a LCD TV, which consume much less power for the corresponding screen size(s). They are much more affordable now, thanks to Customs duty and VAT cuts. And did you know that you can steam vegetables or fish in your rice cooker while the rice gets cooked? That is a perfect example of killing two birds with one stone.

Most incandescent bulbs can also be replaced with fluorescent bulbs. They may cost more, but a 20W CFL bulb gives off light equivalent to a 100W normal bulb. That is a huge saving. The Sri Lanka Electricity Board has a concessionary scheme for purchasing these bulbs, so there really is no excuse for taking the CFL route.

Light Emitting Diode (LED) bulbs are another promising development. They are even more economical and longer lasting than CFLs, but it will take another three-four years for the technology to reach the mainstream market.

If you use a gas cooker, a pressure cooker could be a good investment, because it allows you to cook several items in one go. Most households have now turned to cooking once (in the morning or mid-day) and simply reheating the food for the other meals.

This saves a large amount of gas. And if you are considering buying an electric stove, why not opt for an induction stove which is safe, gives instant heat only to the cooking vessel (you can place your hand on a working induction plate without any problem), uses less electricity and requires no special installation. Most of them are also portable.

The only major disadvantage is that only especially-made magnetically coated cooking vessels can be accommodated on induction cookers. However, there is only a marginal difference between the prices of induction and non-induction cookware, especially if you purchase an entire set.

Travelling is another area where we tend to spend a lot. The same people who complain about high bus fares do not think twice about spending Rs. 100 on a three-wheeler to go to their homes after getting down from the bus, which, say might have cost only Rs. 30. Each way, that is Rs. 200 per daily and around Rs. 1,000 per month. That is an expense that can easily be avoided by resorting to bipedal locomotion - walking in other words. It is healthy, does not cost a cent and friendly to the environment.

If you are going to the junction just to buy a newspaper, why take the car ? Just walk. It saves petrol/diesel and money. If you have easy access to a main road and want to travel only a short distance, better take the bus. You will end up spending only Rs. 20 instead of Rs. 200. Besides, you will not have to face any parking hassles. And when you are driving, the correct use of gears, maintaining a regular speed (not going very slow or very fast), maintaining the optimal tyre pressure and keeping your vehicle in a good condition can all help to reduce fuel consumption.

And there is a little gadget called the telephone that can help us avoid costly trips altogether. It is worth dialling before driving or taking the bus, just to check whether your desired aim can be fulfilled after travelling to a given destination. As for using the telephone, sending a text message is always cheaper than making a voice call. With almost everyone having a mobile phone, texting is a cheaper alternative that can help you save on telephone bills.

If you have very old household appliances, it is time you replaced them. Modern appliances including refrigerators, washing machines, air conditioners, irons and microwave ovens, have many energy saving modes and features. Some of these can save as much as 50 percent in electricity costs over their old counterparts.

Many retailers even accept your old goods under trade-in schemes, further reducing the asking prices. Again, you might have to spend a substantial sum initially, but the energy bills will be more wallet friendly in the long-term. Also, with most retailers having easy payment schemes that stretch all the way up to five years, why not take the plunge? Do minimise or altogether stop the consumption of alcohol and tobacco if you consume them.

There are countless other ways to spend less money. The axiom to remember is 'buy what you need, not what you want'. You might want a Rolex watch costing one million rupees, but all you really need is a Rs. 1,000 watch that tells you the time. The equation is that simple. On the other hand, if you really want something, save for it and buy it, for life is not worth living without a little bit of fun and occasional extravagance. Life is all about these little checks and balances - cash that cheque, but make sure there is enough of a 'balance' to live your life the way you want to.