If you're overwhelmed by an endlessly increasing list of things to do and neverending deadlines, you're definitely not alone as an event planner. Fortunately, the common dilemma has brought about the demand for innovation, and so, several innovative software tools have emerged to help you be significantly more efficient.
These tools will genuinely make your to-do list a lot less daunting, and because most offer free trials, you can test the water a bit to decide if the tool is right for you before you subscribe.
That said, most of these tools are pretty budget-friendly, so you definitely won't regret the small monthly cost of enhancing your efficiency.
Magnet: Event Planning Tool
Magnet is a pretty innovative tool specifically created to streamline various areas of event planning and hosting, from managing card payments and coupons to handling ticket sales and sending out invites. This is a tool that really can benefit event planners.
This event organizing tool is perfect for all kinds of events as well, so it's suitable whether you are planning intimate weddings, corporate events, or even festivals.
Slack: Communications Platform
Slack is a communications platform that grew tremendously in popularity at the start of the covid19 pandemic. Because this software platform acts as a virtual office space, allowing entire teams to communicate and providing various separate channels, remote work became more possible thanks to this type of innovation.
That said, you can use Slack as an event planner to manage your team, keep track of communications, and store documents in one secure place.
And if you're not entirely fond of Slack after trying the free version, you can consider some of the best Slack alternatives, such as Google Chat, Discord, and a few others.
Timecamp: Time-Management App
Time-management apps can benefit anyone's ability to stay on track with their daily tasks. Timecamp is one of the top-rated choices for 2021, although there are several apps to choose from. While some are paid, others are free.
These apps are basically digital to-do lists. However, they include convenient features such as reminders, notifications, notes, and others. The features these apps offer will ensure your days always run smoothly, whether you're planning a massive corporate function, a repeating festival, or a small intimate wedding.
Just some of the benefits of time management apps include boosting team morale, enhancing productivity, keeping employees engaged in their schedules, providing real-time analytics, and several others. Therefore, all industries can benefit from this particular category of apps.
A few things that software innovations have to offer include reliable accuracy, affordability, and efficiency. The software options above will also save all your data in one secure place, which is just one of many important things college doesn't teach us. The useful features and convenience of digital tools will also simplify various job responsibilities, effectively helping you streamline your daily schedule.
There are also some other apps that are worth considering. While some are specifically designed for event planning, others are suitable for all industries.
The concept of aging is pretty disheartening for most of us; noticing deepening wrinkles, greying hairs, and enduring the beginning of back and knee pains are just the beginning.
Seniors inevitably face an entire category of age-related health ailments that range from mild to severe and include conditions such as Parkinson's disease, arthritis, and dementia, to mention only a few. Unfortunately, as we age, the risks of developing such ailments increases.
Fortunately, you can decrease your risks and uphold ideal overall wellbeing by managing your health as you age. What's more, it's pretty essential to prioritize your health long before you reach your twilight years; the sooner you adapt to a healthy way of living, the sooner your risks will be lowered.
So, even though you might be focusing on how you will afford retirement and searching for ways to prepare financially over the years, we've listed some practical tips to help you manage your health. Prioritizing your health will ensure a higher quality of life when you finally retire, so making these changes or adaptions is definitely worth your while.
Use Tech To Monitor Your Health
Medical alert systems make monitoring your health and wellbeing convenient. These systems include features like remote monitoring, recording health data, and dispatching emergency services when necessary.
This type of innovation takes smartwatches that track health to a whole new level. However, these watches are always an excellent way to keep track of your overall wellbeing by monitoring sleep quality, stress levels, and various other elements of your health.
Furthermore, because these systems are available in a broad range, there's something for every budget out there. They make quality life for seniors safer, and you'll have a lot more peace of mind knowing you are constantly being watched over when frailty becomes more of a concern.
Switch Your Diet And Watch Your Cholesterol Intake
Regardless of your current age, your everyday eating habits will greatly impact your overall health. For example, if you have picked up poor eating habits over the years and your general diet consists of unhealthy fats, processed convenience meals, fast foods, and takeouts, and lacks adequate nutrition, your risks of developing heart conditions, diabetes, high cholesterol, and other health ailments increases dramatically.
Fortunately, it's never really too late to turn your health around by switching up your eating habits. Watching your bad cholesterol intake is also essential for reducing the risks of developing heart health concerns. You can use smart devices to monitor cholesterol and eating plan apps to measure cholesterol content in foods you eat.
Get Enough Exercise
Exercise contributes majorly to a vital element of overall health; if you aren't active enough, your risks of developing health concerns also increase. But not just that, a sedentary lifestyle will increase the chances of developing obesity, depression, negatively impact sleep quality, and influence mood and brain functions.
So, suppose you're hoping to manage your health well as your age to ensure your retirement years are enjoyable and rewarding. In that case, you should create a manageable workout routine that includes enough physical activity for your age.
Not all workout regimes are really suitable for everyone. So, if you are over 50, it's generally best to have a personal trainer guide your workout sessions for you. This way, you won't overexert yourself or risk injuries that can lead to severe mobility issues later down the line.
Prioritize General Checkups
As you age, the risks of developing particular health conditions increase even if you are leading an ideally healthy lifestyle. For this reason, you must also prioritize general health checkups with your doctor. A twice-yearly visit to your healthcare practitioner is enough to keep your health in check over the years.
These checkups are important as your doctor will be able to identify the early signs and symptoms of any potential conditions. Therefore, you can receive treatment, manage symptoms, and take precautions to maintain your health as soon as possible. More often than not, identifying a health condition early on will prevent the ailment from spiraling into a severe and unmanageable illness.
So, even if you feel you are overall pretty healthy and fit, you should still prioritize checkups as you age; prevention is always better than cure, and early identification will reduce severity substantially.
Invest In Your Healthcare Needs
We are all aware that medical bills are often astronomical, leading many to hefty debt burdens. However, by investing in your healthcare needs now, you can avoid finding yourself in crippling debt later on or finding yourself unable to pay for your own healthcare needs.
Investing in health insurance, disability insurance, and securing your finances for health-related expenses is the best approach to ensure you can afford healthcare as you age.
Prioritizing Mental Health
Mental health should never be left out of the equation for enhancing your health, although so many of us overlook the importance. Unfortunately, neglecting your mental health can also improve your risk of developing age-related mental health conditions.
But not just that, you'll also experience high-stress levels, poor quality sleep, and even memory issues resulting from mental health neglect.
Fortunately, it's become more accessible than ever to look after your mental wellbeing, as you can find virtual therapists easily, access meditation guides, devote more towards self-care practices, and even find natural supplements to alleviate stress, anxiety, and depression.
The more you prioritize your health now, the more you will lower your risks of developing ailments as you age. And because our golden years are a time period we look forward to because we no longer need to worry about things like fast-paced careers, raising children, and so many others, there's no doubt that you want to be able to enjoy your retirement.
And the best way to genuinely enjoy your retirement is to maintain good health along the way. Instead of experiencing crippling health problems before you even retire, investing in your health will have you leading a quality life when your career comes to an end.
Taking care of an aging parent can be stressful at times. It takes time, a tremendous amount of energy, sacrifices, and a lot of financial resources as your parents begin to rely on you more and more for their daily needs.
But, taking care of your parents can also be a highly rewarding experience. You get to return all the kindness, love, and affection that your parents showed you throughout your life.
Read the five tips below to find out how you can provide your parents with the best care when they need it the most.
1. Try to Keep Them Active and Independent
Do everything you can to help your aging parents when they need assistance, but be sure to take a step back when they don’t need help.
Rather, introduce them to tools to help them remain somewhat independent – like home delivery services (for prescriptions and shopping), access to easy transportation (like Lyft and Uber for doctor’s appointments and social activities), and consider a mobile medical alert system for peace of mind.
2. Consider Assisted Living
If you have one aging parent, consider assisted living to combat their feelings of isolation and loneliness. Assisted living facilities can help with managing medication, meal preparation, personal care, mobility, and housekeeping if they are becoming difficult for your parent to keep up with on their own.
If your parents have health issues that need to be closely monitored, assisted living facilities can make sure that their safety and wellbeing aren’t at risk.
3. Give Yourself a Break
To avoid caregiver burnout, you must take some time out to meet your own needs, too.
Caregiver burnout can result in mental and physical fatigue, extreme anxiety, insomnia, and depression. To be a good caregiver, you need to take care of your own well-being. This could be spending some time with friends, taking walks or going to the gym, and taking a few vacations each year.
If taking time off is not a viable option, ask a family member to take some of the load. If this is not possible, you can look into palliative or hospice care – they will dispatch a professional caregiver to take care of your parents for short periods of time while you rest and recharge.
4. Include Them in Family Activities
Isolation and loneliness are two of the biggest threats to your parents’ wellbeing, so try to include them in daily family activities as much as you can.
It’s not just Christmas and other special occasions, though – if you attend sporting events for your children, take your parents along. If you have a family dinner once a week, try to include them.
5. Share the Responsibilities
Although nobody’s situation is the same, try to share the responsibility for your parents’ health and wellbeing. Contact family members to share the load, and have backups in case something doesn’t go as planned.
One way to do this is to split the caretaking duties across the week or take turns with family members to help with grocery shopping, family dinners, or doctor’s appointments.
Saving for retirement should be a priority throughout our working years, but many don’t know where to start. The highest priority should be getting rid of credit card debt before considering a retirement strategy; otherwise, you could get stuck in an endless cycle of payments. If you’re in debt, consider using this snowball debt calculator to create a plan for getting out of it as quickly as possible.
Aside from becoming debt-free, there are other steps you’ll need to take at every stage of life to ensure you’re on track to retire. Here, we’ve broken down the major milestones you should work towards for every decade until you hit your goal retirement age.
Your teenage years are where you’ll begin to develop the financial skills that you will carry with you throughout your life. It will be difficult to think about retirement at such an early age, so don’t stress if retirement is too much of an abstract thought now. What you should focus on, though, is learning how to handle your money wisely. Open a joint checking account with a parent or guardian and start understanding how money can flow in and out of your life. You should also open a savings account at a bank without minimum balance requirements and create a habit of saving money for emergencies.
Your twenties will be a lot of work as you move into adulthood and gain financial independence. You’ll probably make a few mistakes here and there, especially once you start getting approved for credit cards. Don’t let yourself think of credit as extra money for your bar tab or shopping trips; this mindset will have a ripple effect that can last for decades and give you less freedom when you’re hitting retirement age.
Start to save more aggressively than you did when you were a teenager. Any compound interest you receive now will make a big difference with how much money you’ll have to use during retirement. If you land your first full-time job, utilize your employer’s retirement options, such as a 401k or IRA account, especially if they’ll match your contributions up to a certain amount.
It will be challenging to hold onto all of this new money you’re getting, especially when retirement seems so far away. But if you set a budget that includes retirement and savings, then you’ll be able to build a sound financial plan that lets you splurge here and there while also providing a solid foundation for retirement.
Your thirties will be a time where you move further into your career and start to accrue higher salaries. Use that extra income to clear up any lingering debt from credit cards, student loans, etc. You’ll also need to rebalance your budget to account for more income and if, for instance, you paid off your student loan debt.
At this point, if you haven’t begun saving for retirement, do that as soon as you can. Your retirement portfolio should be a diversified mix of cash, bonds, and stocks. Since you’ve got time before hitting retirement, you can also skew your portfolio to be more aggressive now, which means having a higher allotment of riskier assets like stocks in proportion to less-risky assets like cash and bonds. You may also consider investing in other assets that could support you during retirement in your thirties, such as real estate.
By your forties, you may have accumulated a lot of debt for assets, i.e., mortgages. You may also now have to pay for things like college for your kids, so it can be a challenging decade to navigate when you’re focusing on building your retirement nest egg.
You also may be at a time when you’re near the peak of your career and collecting a decent salary for your effort. Since there are so many moving parts to your finances, now is a good time to start working with a financial planner to help ensure your money is being allocated well for retirement. Look for a fiduciary planner as they have a legal obligation to work in your best interest and are typically fee-based instead of commission-based.
You’re so close! Your fifties are the time when you’re getting all of your ducks in a row for retirement. If your student loan or mortgage debt hasn’t been paid off yet, now is the time to get rid of it. Work with your financial planner to ensure that you’re set up for the retirement lifestyle you’re looking for. If you’re not, start looking at how you can improve your portfolio or add more income to make that vision a reality.
Sixties and beyond
Once you’ve hit your desired retirement age, the primary concern is blowing through your nest egg too quickly. You’ll need to stay on top of your finances and adjust your lifestyle to fit your cash flow. If you’re feeling a pinch, you can always look for passive income streams to help pad your savings.
Wherever you are on this list, start making it a priority to become debt-free and put money toward retirement savings—the earlier you begin, the better. With a solid financial plan and years of savings, you’ll be able to have a comfortable and peaceful retirement at whatever age you choose.
Retirement is a concern for just about everyone. And the concern is about affording retirement and quality healthcare, as it's no secret that as we age, we can develop an array of health conditions. And these can range from rosacea skin conditions to more severe age-related conditions such as arthritis and dementia, to name only a few.
For this reason, searching for more affordable retirement options has become a sound solution to ensure you can be well taken care of in your golden years. And just one suitable option is relocating to an affordable region where you can stretch your retirement budget as far as possible without compromising your comfort and a few luxuries.
So, to help you choose a destination that will ensure you can enter your twilight years with financial peace of mind, we've listed the top options for you.
The southeast of Asia is an excellent option for an affordable retirement. The cost of living in this vibrant region is pretty low, so your retirement savings will go pretty far. And the exotic element of the region means you'll enjoy a blissful retirement surrounded by enchanting scenery.
You can find a lot for sale in Antipolo and quickly locate various other properties for sale in the Philippines that will suit your budget. And when retiring in the Philippines, you will need to consider the process of relocating to this region as the specifics of purchasing property here is slightly different. Although you will have access to international-standard health care, this is a pretty significant perk for retirees.
Costa Rica is another excellent choice. The cost of living here is also ideally low, and the breathtaking scenery will ensure your retirement is absolute bliss. The healthcare availability is up to standard, and there's more than enough to see and do while you stay here.
If you make the decision to retire in Costa Rica, you can budget your stay at around $1500 per month. And for this low price, you'll enjoy a Caribbean-style retirement with quality healthcare, suitable housing options, and safe transportation solutions.
Mexico is another excellent option for retirement. The cost of living is affordable, even when opting for a more luxurious standard of living. However, the main downfall here is that healthcare systems are not entirely the best.
Fortunately, because the states are nearby, sharing a border, you can solve this issue by seeking your healthcare needs elsewhere. That said, Mexican weather and culture are vibrant and enjoyable, which is why so many retirees opt for Mexico.
Columbia is a great choice as well; there's genuinely something for everyone here; whether you prefer the beach scenery or adventure in a rainforest, you'll have tons of ways to spend your retirement time when staying in Columbia.
The cost of living is also ideally low, and the housing options are plentiful. Health care is also pretty affordable here, although you should consider travel health insurance when relocating, as this is the perfect healthcare solution for ex-pats.
Retiring abroad is an option that can enable you to stretch your retirement funds without stress about your finances. If your current home region is not entirely affordable, relocating might just be your only option to truly enjoy your twilight years without having to spread each dollar as thin as possible.
The John F. Kennedy International Airport, also known as JFK Airport, is one of the United States’ busiest airports and serves as the main gateway to the state of New York, particularly New York City. As the busiest airport in the New York airport system, as well as being a major transportation hub, JFK Airport welcomes millions of travelers yearly, both local and domestic.
In a city as massive and chaotic as New York City, the journey from the airport to your accommodation can easily become time-consuming, especially when dealing with traffic. One of the main considerations when booking a place to stay should be distance; if you’re not staying long in the city or you just need a place to stay before moving on to your next destination, it’s best to skip the traffic and instead book a hotel not too far from the airport. Below are our top picks for the best hotels near JFK Airport.
(Pro tip: Making a few stops before you get to the hotel? To avoid the hassle of having to carry your heavy luggage around, look for luggage storage in New York City.)
Crowne Plaza JFK Airport
IHG Hotels & Resorts, the group behind the Crowne Plaza chain, has long been associated with quality hotels at strategic locations and the one near JFK Airport is no exception. Just a stone’s throw away from JFK, Crowne Plaza is an upscale accommodation with 330 rooms and suites.
Some of the amenities available at the hotel include an around-the-clock gym, meeting and business facilities, and flier-friendly facilities such as early check-in and late check-out, parking space rentals, and free airport shuttles. Because of these special features, Crowne Plaza is a favorite choice among business travelers entering New York City.
Hilton New York JFK Airport
Situated just a quarter of a mile from the airport, the Hilton New York JFK Airport has one of the best locations among all airport hotels in New York. Similar to the hotels of the Hilton chain, this location features well-appointed and comfortable rooms equipped with amenities such as flat-screen television, ample desk space, free WiFi connection, and minibars.
Additionally, the hotel offers facilities for business travelers, such as conference rooms and event spaces that can accommodate 500 people. There is an on-site restaurant that hotel guests can access while those staying in suites and executive rooms are treated to an exclusive dining lounge. A complimentary airport shuttle service is also offered to all hotel guests.
Hampton Inn NY – JFK
Also part of the Hilton hotel brand, the Hampton Inn NY – JFK is another excellent option for travelers entering NYC who like to get the best value for their money. Nestled north of the airport premises, the hotel offers a free airport shuttle service for guests round the clock.
The hotel’s rooms are cozy and spacious, featuring modern facilities such as flat-screen television, dedicated workstations, and coffee maker. Guests also get free breakfast, as well as access to the hotel’s 24-hour fitness center and three meeting rooms for business conferences and other work-related purposes.
TWA Hotel, JFK Airport
For the longest time, there was no on-site accommodation at the JFK Airport despite the volume of people entering the airport; most of the travelers flying into NYC had to commute or get a cab to a nearby hotel. However, this all changed in 2019 when the TWA Hotel was established. Set within a former Trans World Airlines terminal, it is the most convenient choice for travelers who do not want to go through the hassle of leaving JFK.
TWA Hotel features 512 rooms, all of which are outfitted with modern amenities such as a mini-fridge, a minibar, plush sofas, flat-screen TVs, and thick windows that block off sound from the outside. The hotel also boasts incredible facilities open to all guests, such as a full-service gym, six on-site restaurants, eight bars, and a rooftop infinity pool. The best part is that you no longer have to deal with the notorious NYC traffic to catch your flight because you are already within the airport premises.
Courtyard New York JFK Airport
Brought by world-renowned hotel chain Marriott, Courtyard New York JFK Airport is a little on the pricier side but is a great choice if you want to get your money’s worth. Located just less than a mile away from the JFK Airport, the Courtyard’s newly renovated modern rooms feature hi-tech touchscreen technologies, ergonomic workspaces, comfortable sleeping amenities, and other amenities such as a mini-fridge, soundproof windows, and microwaves.
Guests of the hotel can also request services such as laundry, valet parking, housekeeping, and airport pick up and drop off at no additional cost and can access the hotel’s other facilities such as a gym, meeting rooms, business center, an on-site restaurant, and even a Starbucks outlet. But what sets the Courtyard apart from other hotels near JFK Airport is its notoriously friendly staff who go the distance to ensure that your stay will be satisfactory.
Five Towns Inn
Set in the village of Lawrence, Five Towns Inn has the perfect mix of exclusivity and convenience that you probably won’t get from any other New York airport hotel. Just a quick 10-minute drive from the JFK airport, Five Towns offers free shuttle service to and from the airport as well as to other nearby attractions.
The hotel also has spacious rooms that are equipped with workstations, flat-screen TVs, fast WiFi connection, and minibars. Guests also get complimentary breakfast and all-day cake and coffee as well as access to a fitness facility near the hotel.
Fairfield Inn New York JFK Airport
Brought to you by hotel giant Marriott, Fairfield Inn New York JFK Airport is one of the more budget-friendly options for airport hotels in NYC. Found along Rockaway Boulevard, the hotel is a top option for travelers who need a comfortable place to stay without breaking the bank.
The hotel rooms at Fairfield Inn are spacious and feature soundproof windows, flat-screen TVs, dedicated workstations, coffee makers, and minibars. The hotel also features some amenities that guests can access, including a fitness center with a spa and pool, a convenience store, laundry facilities, and a business center with meeting facilities.
A home environment for seniors needs the right touches and upgrades to accommodate the needs of aged loved ones. Regardless of whether a senior has a special condition or not, it is vital to check their living environment to ensure no underlying dangers. Here are five tips for making a home comfortable and safe for seniors.
1. Keep it warm
Older adults have trouble regulating their body temperatures, and spending time in a house that is too hot or too cold can quickly turn into a medical emergency. It gets worse when a senior has chronic conditions such as diabetes, respiratory complications, or cardiovascular diseases, as they are more vulnerable to temperature changes. To avoid these risks, you need to ensure a senior’s home is ever warm, which calls for the regular services of heating and cooling specialists such as Allied Experts.
2. Make the bathroom and kitchen safer
The two rooms in a home that present the greatest dangers to seniors are the bathroom and kitchen. Bathrooms are a prime spot for slip and fall accidents, while kitchens are notorious for causing accidents that lead to house fires. Luckily, you can make these rooms safer by:
3. Have more open spaces
Whether a senior is strong enough to walk independently or depends on walking canes or a wheelchair, they need lots of open space for easy movement. This calls for home decluttering to remove all unnecessary items and hindrances that might pose a danger to your aged loved ones. Do not forget to check the furniture to ensure they are all stable, have their sharp corners padded, and arranged to provide plenty of walking space.
4. Install better lighting
Most seniors have poor eyesight and do not have the strength to reach switches mounted too high. As such, you will need to install better lighting systems such as indoor motion sensor lights, having light switches that are easily accessible, and putting brighter lights in the hallways, stairs, and other darker areas.
5. Eliminate tripping hazards
There are several necessary precautions for seniors to take, and one of them is avoiding physical injuries. In turn, it is essential to eliminate all tripping hazards in a home by:
The first step to ensuring your aged loved ones live with dignity is by making their dwelling place comfortable. Use these tips to make the necessary upgrades in a home for happier and healthier senior living.
The older we get, the more we tend to slow down. We achieve our life goals, raise our families, and settle comfortably into retirement. We keep the same habits every day, and we lose interest in trying anything new. That works for some people. But for others, it can feel like stagnation. If you've found yourself bored and restless in your old age, it might be time to go back to school.
Going Back to School? Really?
Yes, you heard right. College isn't just for the young. There are plenty of public and private programs that welcome people of all ages. You can even pursue a degree online. Depending on the types of classes you take, the program can be tailored to be very friendly to your needs as a senior. Maybe you have a decades-old degree already. Maybe you don't. But is there anything you've been really thirsting to learn? It's never too late to throw yourself into academia. Your mind has the capacity for incredible things.
How Do I Pay for It?
Most people's retirement budgets are already stretched pretty thin. It's tough to rely on an investment income in today's economy, even if you had a lucrative career. If you're pinching pennies from day to day, you might think that you don't have the means to finance college. But that isn't true. There are grants and scholarships built specifically for older people who are pursuing their education.
In addition, private loans for college are available through private lenders. These can be used to cover your tuition and academic expenses so that you don't need to dip into those all-important retirement funds. You might also consider what type of school you'd attend. Online university degrees tend to be the most inexpensive, but they aren't always accredited. Community colleges are the next most affordable option.
Keeping Your Mind Sharp
If you feel like you're stagnating, you probably are. One of the best ways to keep your mind sharp is by seeking new experiences. Your brain needs new stimuli so that it doesn't start to lose its focus. There are online opportunities like games to keep your mind sharp that you can learn, but that is something you’ll do alone. School is one of the most interactive new experiences you can get.
Not only will you be learning new information and meeting new people, but you'll also need to meet expectations. You'll have to study and retain the info, write papers, have discussions, and do projects. All of that is to say, you'll be contributing to your program instead of being a passive participant. If you've felt like you don't have anything to do in retirement, this is a great choice.
Freedom of Age
Being older actually gives you a lot more freedom in academia. You don't need to study for a career. You don't need to worry about making your resume marketable. You don't need to stress about chasing a "useless" major. When you get a new degree in retirement, it's because you're pursuing knowledge for knowledge's sake. That frees you to learn about exactly what interests you, no matter how niche or non-marketable it is. Follow your passion.
The energy bill in Australia has reached record highs for several years now and only recently has changed in the retail market given customers some hope that prices will be lowered.
That hope is found in the Default Marker Offer, which is supposed to serve as a price cap for those previously paying the highest prices on contracts known as “standing offers” in Australia.
What is the Default Energy Offer
As of July 1st, 2019, the Default Market Offer (DMO) rolled out to electricity customers in South Australia, New South Wales, and South East Queensland.
It describes the entire bill amount energy companies are able to charge for the “standing offer” prices, which are based on an average usage amount. This reference price makes it easier for Australian consumers to compare electricity companies and find a deal that works better for them.
Now, energy retailers can supply usage charges that are equal to or less to than the DMO reference price. Customers on the Basic Home electricity plan with flat/controlled rates or time of use rates will likely have a lower electricity bill as long as they live in the 3 offered areas.
What is a Reference Price?
A reference price is another term for competitive pricing. If a product or service is sold below the competitor’s price, it’s typically bought up by customers. However, companies can’t offer a cost that’s far too below the market. Otherwise, they’ll price other businesses out of the market.
In a capitalist system, the market determines the price, but if the minimum wage doesn’t keep up with inflation, that product won’t be available to the general population.
While that’s bad in itself, electricity companies further hide what a consumer is likely to spend. Without that knowledge, the average Australian basically chooses their energy company by throwing darts.
What is the Difference Between the DMO and a Standing Offer?
The standing offer and Default Market Offer are similar, but the new default price is generally lower than what’s set by the government. With the DMO, customers who aren’t signed up to market offers can still be given a “fair” deal of electricity.
It also makes it harder for retailers to exploit customers. The reference point then acts as a shared benchmark to clarify comparisons.
How Do I Compare Electricity Plans Using the DMO?
The Default Market Offer provides consumers with an annual total reference point that allows them to make more accurate comparisons between retailers, giving them the knowledge to choose the best offer. This puts the power back to the people instead of the companies.
To compare energy plans, all a local Aussie has to do is look at the percentage difference from the reference price. The bigger the difference in reference price, the better the deal for you.
How Much Will I Save With the DMO?
Although the Default Market Offer has only been given to customers for a little over 2 years, it seems that Australians are saving a bit of money on their electricity bills. Consumers who live in an area that offers DEO will save $53-$116 a year.
SA Power seems to offer the greatest savings between 2021-2022 as there was a 6.3% price difference within that time.
Essential didn’t change its price as much as its competitors (2.7%), with Energex being the second-worst (3.5%). Ausgrid (4.7%) and Endeavor (6%) offer decent savings margins.
Is the DMO Providing the Cheapest Offer?
Customers who move from the standing offer to DMO will see a decrease in their annual bill, but they don’t offer the best savings available.
Energy retailer ReAmped Energy offered a rate 32% lower than the reference price, making their services $439 cheaper per year. With a deal like that, SA Power’s offering looks cheap by comparison, and they don’t even offer the best price.
If you live in South Australia (SA), Elysian Energy seems to offer the best bang for your buck. Although they offer a rate that’s 1% lower than ReAmped Energy, the DMO in South Australia is $323 higher than in New South Wales. In the end, SA customers are saving $536 a year compared to the Default Market Offer. On average, Australian customers will save $350.