Everyone at some point in their life will go through a time of struggling with money. It’s pretty much unavoidable in the day and age. Especially with living costs being so high, housing prices going through the roof, and the cost of simply running a car being so draining to your bank account. The toughest part seems to come when you begin to live on your own. Suddenly, the bank of mom and dad has disappeared, and the true meaning of hard work is finally understood. If you’re at this stage in your life and need some help, check out these ideas to get you through.
Bills
The most expensive part of owning a home. They can fluctuate so badly, and can often leave you feeling panicked for money. But think about where you’re going wrong. Are you, or a member of your family terrible for leaving the lights on when they’re not needed? E.g. in the day time? We all are guilty of it at some point, but the money it wastes over time is huge. Use daylight where you can, and stick to lamps of the evening where possible. Check you’re on the right tariff as well, you might not realize it, but some companies overcharge compared to others. Try comparison websites and see what is the best for you. Heating bills in particular are the worst, look at technology such as those on the Thermostat Center. You can now control the temperature via WI-FI. It helps keep you aware of roughly how much your bill is going to be.
Outgoings
Planning your outgoings is so important. Anything from food shopping, to petrol, to food indulges needs to be recorded. Having a sound understand of how much you’ve got coming in, and where it’s going out will help you see this bigger picture overall. Do this every month, and you’ll notice a pattern. Maybe that £50 spent on food outings or takeaways could be put into a little savings jar? It’ll also be where you notice trends in your bills, if in the winter months you’re spending too much on heating, then look to buy things such as black out blinds to conserve the heat.
Downsizing
When you first buy a house, you’re looking for the house with a pool, a spare room or two, and extra bathroom. You want to go all out and make it your dream home. But is your dream home all it’s made up to be? That spare room is probably costing you an extra $50-$80 a month on your mortgage. That pool definitely ramped up the price of the initial buy. So think logically, if you don’t actually need the extra room, or the flashy pool then look to find a smaller more economical and affordable home. You can always get a blow up pool from the supermarket during the summer months!
Owning a home doesn’t have to be as expensive as you need it is. Make budgets, and find ways to reduce the overall cost.
