With prices steadily increasing, you may have started wondering how you can reduce your costs without having to miss out on your regular creature comforts. Here are six great ways to save money on household bills that won’t make you feel deprived.
Shopping around for better deals on your regular bills can save you a fortune but it is something that many people don’t do very often. Competition between providers means that although prices are rising, there are still deals to be had that could save you money on your outgoings.
Review Your Mortgage
It may be some time since you last reviewed your mortgage but doing so could save you money on your largest monthly bill. Mortgage lenders don’t like taking risks and they will charge more if they perceive that they are taking a risk by lending you money. However, if you have been living in your home for some time, you may have reduced their risk. For example, house prices have been rising recently so although you may have borrowed a lot of money compared to the value of your home when you moved in, if your home is now worth more, you don’t need to borrow as big a chunk of your home’s value. This reduces the risk to the lender and explains why they are usually willing to offer you a better deal on 75 LTV mortgages than a higher one. Therefore, reviewing your mortgage could save you money.
Cancel Things You Don’t Need
If you have direct debits for things that you don’t use, then you can save money by cancelling them. Review your bank statement to see what you could cut back on without noticing. For example, you may have a gym membership and never go to the gym or a magazine subscription you forgot you signed up for. You could be surprised at how much you save by reviewing your direct debits and standing orders.
Meal planning means that you can plan your shopping too. That way you don’t buy food you don’t need and throw it away once it has reached its sell-by date. Plan what you are going to cook and then shop accordingly if you want to save money and reduce waste.
Turn the Heating Down
Turning the heating down by a couple of degrees can make a significant difference to the size of your energy bill. You may not even notice the difference in temperature by doing this but if you do you could always put on a jumper or an extra layer so that you aren’t cold.
Use Your Washing Line
A tumble dryer consumes a considerable amount of energy and adds to your energy bills. However, if you use your washing line on dry days rather than the tumble dryer, you can make a significant saving. Your clothes will stay fresher for longer too.
Use these six money saving tips and see how much you can reduce your household bills without having to change your lifestyle.