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Practical money-saving tips for your household
Stanbic IBTC team
Not applicable

Going green when it comes to your household spending is almost certainly one of the best ways to save money. The following ways to go green are among the first and most impactful steps you can take toward sustainable living and significant savings.

Update your appliances
Old appliances use a lot more energy than newer ones. If your electrical appliances are older than 10-15 years, consider buying newer models. You may even consider a second-hand appliance, just make sure they’re not older than five years and that they’re in good condition. It might seem like a waste of money to some, but the truth is that new electrical appliances use up to 35% less energy.

Switch off your appliances when not in use
We tend to leave appliances on when they are not in use or when we leave the room. Even when they aren't charging anything, plugged-in cell phone, laptop and other chargers continue to draw electricity. Make sure you unplug them, or flip the switch off. Leaving them on is responsible for nearly 10% of our electricity bills.

Use energy saving light bulbs
By switching to energy saving light bulbs you will be initially spending more, but in the long run they last much longer and use much less electricity meaning that they make for a great investment. Those pesky PHCN bills will be much lighter.

Watch out for leaking taps.
It is very common, especially in old houses, to have leaking taps that waste enormous amounts of water every year. Even if it takes you a little bit extra cash, consider changing all defective taps and saving water in the long run.

While cooking
Use appropriate flat-bottomed pots and pans since they cook faster and thus use 50% less energy while cooking; make sure the pot size matches the stove plate! Also, while your food is being cooked, try covering the pot or pan with a lid so the heat is conserved within the utensil and your food will be ready in no time!

While going through these tips, you may have found what you're already doing – keep doing it. But for those you can implement or increase to help you save money, you need to start working on them.

Ugodre Obi-Chukwu is a chartered accountant and also the Founder of Resourcedat, Nigeria’s First Online Document and Data Sharing website. He asks intuitive questions to try to demystify popular norms that affect the way people live, think and spend money.