We would all be happy to see our household bills go down every month, wouldn’t we? None of us want to spend more money than we have to, but at the same time, we do not always have the time to work out ways in which we can make reductions or cut back. We know that there is often a balance somewhere between saving money and saving time, and that is why today we are sharing with you 4 simple ways to save money on your household bills. These suggestions should not take you too much time or effort, but can make a real difference to your pocket each month.
Switch your mortgage deal
Our mortgage payments are normally our greatest outgoing each month, which is why we would suggest that you begin with this one.
When you first took out your mortgage you probably opted in for some sort of mortgage scheme that offered you a certain rate for a period of time, perhaps a fixed rate or a low initial rate. These rates and deals do not tend to last for the entire duration of your mortgage term, so it is going to be worth making a phone call to your mortgage lender to ask them about it.
They will be able to advise you whether you are still locked into a deal with them and whether there are any better schemes that they might be able to transfer your mortgage onto. These new offers often come with a fee, so you will need to work out whether it is worth your while paying it for savings over the longer term.
Alternatively, if you do not need to pay any early exit penalties, you could move your mortgage to a different lender if you spot a good rate elsewhere.
Take the time to shop around
We are not suggesting that you spend hours upon hours trawling the internet or around your local mall shopping around to see if you can get a better price, but a few extra minutes can often be worth your while.
If you are in a shop and spot something that you are wanting to buy, do carry out a quick online price comparison to make sure that you are going to be buying it at a fair price. Ensure that you factor in any delivery costs if it appears to be cheaper to order online as these are not always made clear.
When you are shopping online from home, it is even easier to shop around. Whether you need replacement parts for a GE refrigerator, a brand new outfit for an upcoming wedding or the latest video game for your child, perform a search and review your pricing options. It is also worth looking for coupon codes as there are often online discounts available that could save you a few more dollars for very little effort.
Reduce your utility bills
You can often reduce your utility bills be shopping around and switching to a better deal, as we suggest with your mortgage. If this is something that you have done recently or are locked into a current deal, there are other ways to cut down on those bills.
You can work on making your home more energy efficient. Check that your insulation levels are adequate for your home as you might find that a poorly insulated home is costing you a lot more to heat as the heat that you are paying for is actually escaping.
You should then encourage everyone in your home to think about their usage. Make it a habit to turn appliances off, only have the lights turned on in rooms that you are using and layer up rather than turning the heating up all of the time.
Start using cash again
We have all got so used to only carrying our cards and rarely bothering with cash. Whilst this is often the more convenient option, it can lead to us spending unwisely.
Sit down with your bank statements and carry out a full budget for the month. You should make a note of your incoming money, subtract all of your bills, essential spends and any savings, and then take a look at what you have left as expendable income that month. Divide it up into four, and then take that amount of cash out of the bank at the beginning of each week.
That cash is all that you have to spend and live off now for the week. You will be amazed how less likely you are to hand over cash for your purchases than tap your card for them.