How would you like to save more, spend less and getting ripped off…by ditching bottled water?

Bottled water costs around $1,400/year and represents an environmental hazard when you consider its packaging and transportation.

Now Bundanoon, Australia -- a suburb of Sydney -- has banned bottled water and created a nightmare for the industry. This is the first city in the world to stop the sale of bottled water.

Consider this: Tap water costs less than a penny per gallon and gives you access to clean, safe municipal drinking water. And here's a bulletin for bottled water drinkers: Companies like Coke (Dasani) and Pepsi (Aquafina) source their products from municipal water supplies -- just like tap water!

In addition, bottled water is only checked for safety about 12 times a year, while tap water is tested throughout the day.

Still uncomfortable drinking straight from the tap? Run your water through a filtered pitcher to remove impurities. Executive producer Christa, meanwhile, is investigating a $120 reverse osmosis filter for her home that attaches under the sink.

Remember, if bottled water is awful enough to be banned in Bundanoon, you should think about banning it in your life too!

Editors's note: This segment originally aired July 2009