If you find yourself strapped for cash at the end of each month, it might be time to start keeping a closer eye on your spending. Many people automatically pay their household bills without paying much attention to whether they are paying over the odds for the goods and services they are receiving.
If you fall into this category, then you should be able to shave a decent amount off of your outgoings, which may even leave you with some surplus cash each month.
Here are 3 easy ways to save money on your household bills.
Car insurance
Car insurance is not cheap, but there are many easy ways to reduce your premiums. If you automatically renew your car insurance each year, the chances are you are paying way more than you need to. Instead, give your current provider a ring and ask if they can beat their renewal quote. Most insurers will immediately reduce the premium by around 10%, so it’s a call worth making.
Another great way to save money is to shop around for car insurance quotes. The easiest way to do this is to use a comparison site, which will give you an at-a-glance overview of the best premiums available. It is worthwhile noting that criteria such as your job title, postcode, type of car, and parking preferences can alter the results, so take your time and ensure you have entered everything correctly before choosing a new insurance provider.
Energy bills
Gas and electricity prices are on the rise, so although you may not be able to save a lot by switching providers, there are things you can do at home to reduce your energy consumption. You can save a reasonable amount by making sure lights and sockets remain off when not in use, and it’s also helpful for the environment, so it’s a positive change with multiple benefits.
If your heating is always on and your home never seems very warm, check whether your loft space has adequate insulation. It stops warm air escaping and cold air from coming in, so if it needs replacing, do so as soon as you can. Thermal-lined curtains and draught excluders can also come in very handy during cooler months and should help you save money on expensive heating bills.
Consider changing your mortgage
If you want to see more extensive reductions in your monthly expenditure, your mortgage is probably the most obvious place to make them. By switching to a different lender offering a more competitive rate, you could save hundreds every year, so either talk with a broker or have a look online for the best deals. You may encounter redemption penalties if you are tied to an existing mortgage product so, if you fall into this category, you need to weigh up the overall financial impact remortgaging will have.
If remortgaging isn’t an option, you may want to consider overpaying your mortgage each month. It may seem counterintuitive as you will technically be paying more in the short term, but doing so will reduce your outstanding debt, which, in turn, will result in your mortgage being redeemed in a shorter amount of time.
