The thought of having to balance your household budget each month might send your stress levels soaring. The fact is, living costs have risen over recent years and earnings have struggled to keep pace. However, there are some simple tactics you can employ to bring your spending down. If you’re determined to save some cash, keep reading.
Cut your insurance costs
There are certain types of insurance that people simply can’t do without, and the costs of such cover can quickly mount up. However, by being savvy you stand to save potentially large sums of money. Be sure to seek out the best possible deals on your financial protection. One quick and effective way to find competitive premiums is to use the services of an independent broker such as Chill Insurance. Within minutes, firms like this can find you impressive offers that could save you cold, hard cash.
You can also bring your premiums down by agreeing to pay a larger excess. In the case of home and car cover, taking extra security measures like fitting approved alarms may help you to lower your monthly costs too. In addition, bear in mind that you don’t have to get your buildings insurance from your mortgage lender. You may be able to cut costs by choosing another provider.
Try to clear your credit cards
Credit cards can come in handy as a way of paying for goods and services. However, if you’re not able to clear your balance at the end of each month, these cards can dent your finances. It’s worth considering low-cost loans as an alternative. You may be able to benefit from much lower interest rates on these financial agreements, potentially saving you a tidy sum in the long term.
Keep your energy spending in check
Energy costs have been creeping up and you might dread receiving your gas and electricity bills. However, it is possible to rein in your spending on these crucial utilities. Simply changing supplier could bring your tariff down, and your new energy provider will deal with all the formalities, so you won’t face reams of paperwork.
It’s also wise to invest in energy saving technology for your home, and lighting is a good place to start. Bear in mind that lighting account for around 7% of a typical household’s energy bill. Therefore, by replacing traditional bulbs with energy savers, you could significantly reduce your spending. Also, when it’s time to replace household appliances, look out for energy efficient models.
Changing your behaviour could reduce your outgoings too. Remember to switch appliances off at the plug when they’re not in use rather than leaving them on standby, and switch lights off in rooms when you’re not using them. You could also save energy by turning your thermostat down and by upgrading your property’s insulation.
Plan your weekly food shop
Another major household expense is the weekly food shop. A disorganised and impulsive approach to stocking up on groceries is a recipe for financial disaster. Instead, it pays off to plan your week’s meals carefully and then create a list of the products you need to make these dishes before you venture out to the shops. Be sure to stick to this list too.
Also, consider buying own-brand goods in supermarkets, and check out your local food market to see if you can bag yourself some bargains.
Of course, these are just of the techniques you can use to bring your household spending down. There are many more tactics for you to try too.