Category: finance

8 ways to reduce your household expenses and running costs

8 ways to reduce your household expenses and running costscredit

If you own a home, you’ll know just how costly it can be to run month to month, and if you don’t keep an eye on your outgoings, they can spiral out of control and leave you in a financial mess. The good news is that, with a bit of planning, there are many ways to keep costs down and save money here & there.

Some of these methods take more time than others, but once you get into a routine, it shouldn’t be too difficult to manage. Here are 8 ways to reduce your household expenses and running costs.

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Reduce the amount of water you use

Reducing the amount of water you use is particularly important if you have a water meter installed. Every drop of water costs you money, so saving water wherever you can is a no-brainer. If you have small children, have them share a bath instead of running a new one for each child. Not only will it save a great deal of water – and time – they might find it fun too!

If you’re a keen gardener or have a range of household plants, why not consider setting up a water butt to collect rainwater? It can be used on all of your plants and, apart from the initial outlay, it won’t cost you a penny. It may not seem like a huge cost saving, but small changes can make a big difference.

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Switch it off

If you aren’t using a room, there’s no reason to have the lights on, so get into the habit of switching lights off whenever you leave a space. If you have children, explain to them why it’s so important and get them on board with it too. The same applies to electrical items that aren’t being used.

AV equipment, mobile phones, tablets and laptops all use electricity, so if they don’t need to be charged or aren’t in use – switch them off – don’t just put them on standby. As well as saving you some money, it will also reduce the risk of a house fire!

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Switch to solar energy

Solar energy can save you thousands over a lifetime, so if you don’t already have solar panels fitted to the roof of your property, you should look into it. Solar panels consist of lots of photovoltaic (PV) cells. When the sun shines, these cells absorb the sunlight, which is then converted into electricity you can use within your home.

Not only could it save you money, (you could even sell any excess generated to the national grid) it does wonders for the environment too! If it’s something you are keen to find out more about, search for solar companies in your area and have them come out to give you a quote.

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Insulate your loft

If your loft insulation isn’t great, lots of warm air could be escaping which will result in heftier heating bills. Having new insulation fitted will ensure that cold air stays out and warm air stays in, so it’s a worthwhile job to have done.

There are companies who can do this for you, but if you want to save even more money, buy some rolls of insulation and do it yourself. All you need is some protective gloves and the right amount of insulation for your loft area. There are many tutorials online to help you along if you aren’t entirely sure what to do.

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Shop around for insurance

If you auto-renew your insurance, you may be paying well over the odds for it. Shopping around for the best deal each year could save you hundreds, so take to the internet and do some comparing. If you want to make the process even easier, use one of the many comparison sites.

All you have to do is enter a few details about your property and it will generate the cheapest premiums available at that time. The same goes for car insurance, so the annual cost savings you can make from both might be pretty noticeable.

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Switch energy suppliers

Not all energy suppliers are equal, so if you’ve been with the same one for a while, it might be time to see what else is out there. The price per unit for both gas and electricity will vary, so shopping around could save you a lot of money. Many also charge a set daily rate, so it’s wise to do a comparison until you find the tariff and supplier that’s right for you.

Before switching to a new supplier, find out whether you’ll be tied in for a set period. If it’s lengthy and you think energy prices may substantially drop during this period, you need to weigh up the pros & cons of making the switch.

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Save money on your mortgage

Out of all your monthly outlays, your mortgage (if you have one) is probably the biggest, so it makes sense to save money where possible. One way to do this is by remortgaging, which involves changing to another lender offering a better lending rate.

The base rate is low at the moment, so even if you’re tied into an existing product, it’s worth calculating whether a switch would be financially beneficial. If you aren’t sure what you’re doing, talk to an independent mortgage advisor who’ll guide you through the products available and calculate how much you could save each month.

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Put your heating and water on a timer

If your central heating and hot water are on all the time, you may be forking out for heating you don’t need. If you and your family are out all day, you don’t need to have instant hot water, and you certainly don’t need to heat your home all day. Instead, set both on a timer so that you have heating when you need it and enough water to accommodate your family in the evening and first thing in the morning.

If it’s freezing outside, then it’s worth having your heating on low to avoid burst pipes, but having it on all day is unnecessary.

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4 easy ways to cut down on your energy bills

4 easy ways to cut down on your energy billscredit

Do you know that energy consumption accounts for a large chunk of your monthly household expenses? According to the U.S. Energy Information Administration (EIA), the average monthly electricity bill is $115-$1380 per year. Of course, your energy bills might be higher or lower depending on where you live, size of your home and the number of appliances and devices that you use.

Illustration of a person switching off an air conditioner

Turn off your HVAC unit

There’s no need to leave your heating or air conditioning unit on when you’re not at home or no one is in specific rooms. For example, if you live in a 2-bed flat, only turn on the cooling or heating in areas of the home that are occupied.

It’s wasteful to turn it on in rooms that no one’s in just because you want to keep the room warm or cool. Most HVAC units are so efficient they’ll cool or warm a room within 3-5 minutes of turning them on, so the space will be comfortable within minutes.

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Use your thermostat optimally

Did you know that you can save up to 10 percent of your heating and cooling costs if you optimised your thermostat?

The Department of Energy states that setting your thermostat at 78ºF in the summer and 68ºF in the winter will provide the highest energy efficiency, and reduce your energy costs. Therefore, even if you or your housemates aren’t accustomed to this temperature, consider trying this in your home.

Community solar energy

Switch to community solar

If you choose solar energy as an alternative means of energy for your home, you could save a lot of money in the future. However, most people struggle with the initial upfront costs associated with solar panel installations.

This is where community solar providers come in. These providers offer a way for consumers to enjoy the same electricity without any downtime for a guaranteed 10% savings. Community solar works in the same manner as your energy provider.

The only difference is instead of other sources of energy, the utility company gets its power from solar farms and then transmits the power to you. All you have to do is fill out a form and you’ll automatically get a 10 percent discount on your average monthly bill.

Joining a community solar initiative not only saves you money, but also helps the country and county cut down on carbon emissions so climate change can be stalled and, hopefully, reversed.

Illustration of an unplugedg lightbulb

Unplug devices and appliances

It doesn’t matter if your appliances or devices are turned off. As long as they’re plugged into the power socket, they’ll still consume electricity. This is why you should consider actually unplugging all your devices when they’re not in use.

This way, they won’t keep consuming electricity when they’re not actually in use. Most people aren’t aware that their devices still consume power. These ‘leakages’ contribute to your energy consumption, resulting in higher energy bills.

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4 invaluable ways to save money on your home costs

4 invaluable ways to save money on your home costs

There are so many costs for the average home, and a lot of people find that they end up struggling to make it all work out. If you’re in a position where you’re genuinely struggling to keep your outgoings down, then you might be keen to look out for some alternative ways to do just that. The good news is that it’s more or less always possible to save money on your home costs, as long as you think outside of the box and try new methods for doing so. In this post, we’ll take you through some of the best of these to try out for yourself.

Illustration of a bulb and a hand at a light switch

Turn it off

If you’re keen to save money, it’s always worth remembering that it’s actually the small and apparently insignificant changes that add up to make a considerable difference. For instance, if you’re trying to reduce your energy bills, you’ll find that you can do that simply by making a point of turning things off when you’re not using them. Leaving your computer on all night, for instance, drains a lot of energy and ends up costing you a lot more over the course of a year.

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Switch energy supplier

Sometimes you can lower your costs by just changing who it is that provides your energy. If you’ve not checked in a while, you might not realise that there are many other cheaper tariffs out there, and it’s definitely worthwhile looking, especially if you’re now out of contract with your current provider. Often, it’s worthwhile even if the contract is still running, but be sure to double-check any exit fees they might have. Finding a cheap energy provider can really release a lot of the burden of energy costs.

Illustration of a man having a bubble bath

Be water-conscious

People often think of water as practically free, however, if you’re living in an area where your water use is metered, you’re obviously going to be able to save money simply by being a little more water-conscious. Ask yourself whether your garden plants really need another water today or if you could reduce your showers by five minutes each time. These are really going to make a huge difference, so it’s definitely something you’re going to want to think about if you’re keen to save a lot of money on water.

Illustration of a painter/decorator

Go DIY

When you need home improvements to be carried out, try to do as many of the jobs yourself as you can. You’ll find that it’s often not actually necessary to call in the professionals, and instead you’d be able to get a lot done simply by tackling the task yourself. What’s more, you’ll be learning along the way, which means you’ll improve your skills and be able to attend to more & more DIY projects in the future. This will likely save you a huge amount of money in the long run.

Do you have any tips you can share on reducing your household bills?

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Top tips when selling your car

Top tips when selling your car

Planning on selling your car? You’ll always want to maximize the resale value so that you can get as much money back as possible while making the vehicle as attractive to potential buyers as you can, but this is not always easy. So read on for a few tips that should help.

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Get minor repairs carried out

A good place to start is to get any minor repairs carried out, as otherwise you will struggle to get the price that you want for it. Things like scratches, dents and dings can all put buyers off as well as allow them to negotiate a lower price. Plus, these repairs are usually inexpensive and you can usually recoup the cost in the asking price.

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Professional cleaning inside & out

No one wants to buy a car that looks worn out and lived in, which is why it’s so important to get it professionally cleaned both inside and out. The inside, in particular, is important as it’s the space where you’ll be spending most ‘up close’ time, so you’ll want it to feel as fresh and new as possible.

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Use an online valuation tool

One of the hardest aspects when it comes to selling is setting a fair asking price, especially when you consider that every used car is different. You can use an online car valuation tool and enter some basic information including the registration number and mileage to determine a fair asking price for your used car. This could then be negotiated, but showing that you have used a trusted online tool will help to start off the transaction.

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Get a new MOT

It’s also a good idea to get a new MOT before putting the car on the market, especially if there’s less than 3 months left on the existing one. This will make it much more appealing to buyers as well as allow them to know that the car is in good working condition.

Car sale agreement

Collect documents

Getting the car in good condition and looking its best are both key steps to take, but you shouldn’t overlook the importance of getting documentation together too. You should have the MOT certificate, service records, logbook, receipts for work carried out and the owner’s manual all together to hand over to the buyer when the time comes.

Selling a used car is tough, particularly as you will want to maximize the resale value and attract buyers quickly. These tips should help you to do this and have a smooth and successful selling experience.

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