How to live in the modern age for less

How to live in the modern age for less | H is for Home

With capitalism holding so many of the cards in today’s modern society, existing without playing the game of spending huge amounts of money can be tough. Essentially, everything has a price, and having to shell out masses every month just to survive can be a disheartening and scary experience. On the other hand, it is possible to save cash here and there to amass some savings or just generally decrease your bills; and there are a few, simple steps that you can take in order to start seeing changes in no time at all. So, if you want to know more about what you can do to live in the modern age for less, read on to discover some of the best top tips that can aid you in saving some cash today!

Illustration of a man's arm holding up a wad of cash and a light bulb

Switch your energy provider

One of the largest bills that you have to fork out for every month is for energy; especially during the winter months when you use more heat and light due to short, cold days. It can be really tricky to afford the power you need. However, this may be due to the fact that you’re with the wrong provider – these days, there are so many different companies from which to choose. The prices and deals for each will vary, but usually when you make the effort to switch to a new provider, you’re given some kind of voucher or discount to switch. A quick search online will allow you to compare the prices of each, and help you to make a decision as to whether it’s worth changing.

Illustration of two women in a supermarket

Reduce your food bill

The amount the average household spends of food is always increasing yet often, so is the amount of waste they create. Many people find themselves in a situation where they throw considerable amounts of produce away, as short shelf lives and lack of time or need for the item can have a huge impact. It can be hard to reduce waste, especially if you’re in a one or two person household, as many food items come in large quantities that you simply cannot consume on your own.

Luckily, there are several things that you can do in order to save money rather than effectively put it into the trash. For example, buying food in bulk in dried form will allow you to soak and serve the specific portion you need, whilst the rest keeps for several months more than its fresh counterpart. If you can only buy certain things such vegetables like spinach in large quantities, you have two choices: you can either make a larger amount of the dish and freeze it for later consumption, or alternatively freeze the fresh produce on its own. Freezing food is one of the oldest methods of preservation and sometimes despite it being the 21st century, ancient and traditional methods prove themselves to be the best solution.

Illustration of a smart-phone

Save money on your phone plans

It’s likely that you’re reading this article on a smart phone, or that you have one tucked safely inside your pocket or somewhere close by. The amount of money that you pay for your device each month can vary depending on its model and plan, but often this price can burn a hole straight through your bank balance. Big brands try to draw you in with what seem like a good deal, but with a little research you can find the true bargains, just by putting in some extra effort. Rather than forking out a fixed price for 12 or 24 months in order to own your device, it can be much cheaper to attend an auction or visit an online market site to find a second-hand or factory refurbished version – for a fraction of the cost.

Spend some time browsing to find a phone that’s in perfect working order, and make a lesser offer to the seller to see whether you can save even more. Once you’ve invested in a new smart phone, find a sim that gives you all the necessary data, calls and texts that you require each month. SMARTY SIM is a great example of a bargain data package that gives you a considerable amount of internet data for a very respectable price, and this cost is minuscule in comparison to what you might have to pay with a big brand alternative.

Illustration of three women with clothes shopping bags

Say no to fast fashion

Many fashion houses release new lines of clothing every single week, and this process is known throughout the world as fast fashion for the speed at which the products are designed and manufactured, as well as the use and wear that you manage to get from the item. Buying into this industry could see you spending thousands every year on new outfits trying to stay on trend and up to date, and this has a devastating effect on the environment whilst likely encouraging some form of unethical labour. Rather than falling into this trap, buying a small wardrobe’s worth of well-made, durable clothing that actually suits your true style from independent shops, flea markets and charity shops can be a really great option. It’s common to find an item of vintage clothing which was manufactured over two decades ago, yet is has a lot of wear in it. Investing in such an item will be a real benefit to your wardrobe, and the small price you pay might even be funding a really great cause if you got it from a charity shop.

Living in the modern age can cost such a large amount of money, yet the opportunities to earn this much are few and far between. Adjusting your spending habits can have a dramatic effect on how much you have to shell out, and hopefully flip your situation from having too much month at the end of your money to building some savings or creating a greater disposable income. Start by identifying whether you might benefit from changing energy supplier, and try out some of our tips on saving money on your food and fashion bills whilst also reducing waste.

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4 Essentials to help small businesses stay afloat

4 Essentials to help small businesses stay afloat | H is for Home

They say that a rising tide lifts all boats, but if and when the UK economy takes a turn for the worse, there are likely to be many small businesses that will struggle to stay afloat.

However, there are many steps business owners and managers can take prior to a downturn that can increase the chances of their business surviving (and even thriving) when the economy is tanking. Here are four things to get you started.

Inventory illustration

Inventory by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

1. Check your inventory management

You need to get a grip on your inventory management in order to ensure your business isn’t losing money unnecessarily, but you need to do so without sacrificing on quality.

Is there a better supplier? Is it cheaper to source products locally? Is it better to outsource work or be entirely self-sufficient? These factors can vary greatly from one small business to another.

Just because you’ve always used the same supplier or done things in a particular way, doesn’t mean you have to keep doing them like that. Perhaps there may be other ways to save you money.

Two figures holding a red arrow

2. Out-compete the competition

If your business is going to cope during an economic downturn, it’s important that you try to hang on to existing customers at the same time as attracting new ones.

How can you do this? By offering something more or something different from the competition. Research your competition and see what you can offer to entice their customers into becoming your customers.

Figures representing customers being attracted by magnets

3. Make the most of current customers and clients

Having regular and loyal customers can help to future-proof your business, but how do you keep existing customers coming back time after time?

One of the best ways to retain customers is by focusing on good customer service. It might also be worth looking into customer loyalty programmes, which help to incentivise customers to stick with you and even refer their friends. While these programmes are often associated with larger businesses there’s no reason SMEs can’t launch their own.

Illustration of woman walking a tightrope towards a gold coin

4. Insurance is key

There’s one thing that every business has in common: they’re all susceptible to a wide range of risks that could impact their business operations, whether it’s theft, damage and injury to employees or other liability claims.

Luckily, though, there are specialist insurance policies for almost every type of risk a business faces. If you own a workshop, for instance, you can get a workshop insurance policy that can protect you from a wide range of different commercial risks.

While there’s nothing that will guarantee that your business remains watertight in the event of a recession, it’s possible to take steps that will greatly increase the odds of your remaining afloat during turbulent times.

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Home bills causing havoc – here’s how to fix it!

Home bills causing havoc - here's how to fix it! | H is for Home

A new boiler or heating system?

Are your home bills ridiculously high? If so, this suggests an issue with your central heating system. The problem could be anything from a leak inside the tank to a problem with rupturing.

Changing your electricity provider can also help you tackle the problem. For instance, If you look for cheap light companies, you’ll find many great options that offer a high-quality service. Just make sure to select one that suits both your needs and your wallet.

This is why it’s important to ensure that you’re getting your boiler checked regularly – ideally at least once per year. Some people get their boiler serviced every six months to stay on top of issues like this.

Many will put off checking their boiler because they’re worried an expensive replacement would be required. However, that’s exactly why you should check it. If you do need a repair or replacement it’s always best to know. It may be expensive and you may need support from a company like New Horizons online loan broker to pay. But it will ensure that you can save in the long term.

LED spotlight

Lights out

One of the issues we’ve already discussed is that through winter and its shorter days, you’re going to need to have the lights on for longer.

Keeping the lighting going will drive up the costs, particularly if they’re fitted with the wrong bulbs. If you haven’t already, now is a good time to make sure that you’re switching to LEDs. They use a fraction of the energy of incandescent bulbs so are well worth investing in. It’s not that expensive to make this change gradually – as bulbs blow – throughout your entire home.

Smart home tech

Home tech

Unless you’re heading out to the Christmas markets, you’re likely to be spending more time indoors during the winter season. You want to keep out of the cold while watching the snowfall from your window.

This does mean that you are going to be relying more on home tech. If that’s the case, it’s important that the tech you have in your home is green. The best way to check this is to use your smart meter. Switching off tech devices and plugging them back in one by one will tell you which ones are contributing the most to your home energy bill.

Christmas is a great time to replace some of your tech too. You’ll be able to find great discounted options in the sales and you might be due for an upgrade anyway.

Grey drawn curtains

Insulation

This is another point where energy can leave your home… literally. If your house has poor insulation, you’ll struggle to keep the energy trapped inside. That means that you’re going to need to turn the heating up to a higher point to keep your home warm. You can avoid this issue if you make sure that you’re fixing the insulation. There are a few ways to approach this problem.

Arguably, one of the cheapest is to upgrade your curtains. This is a lot less expensive than switching windows that are blown and it will still provide big benefits. Particularly if you choose the right type of curtains with a thick lining that excludes draught.

We hope these ideas help you keep your home bills under tighter control this winter season.

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The beginner’s guide to life insurance

The beginner's guide to life insurance | H is for Home

When taking out a life insurance policy, you’ll rely on the cover to offer stable financial protection to your family after your death. Needless to say, it’s best to do some research before choosing and committing to an insurance policy. This will ensure you’re receiving the best coverage possible at the best value. This post offers a guide to life insurance options, as well as throws in some tips on how to manage it.

Illustration of a mother & child

Why should you take out life insurance?

Before choosing a life insurance policy, it’s recommended that you determine exactly why you need insurance coverage. Below are some examples:

#1: Buying a new home

Life insurance policy payouts can provide a partner or family assistance in paying off a property mortgage after your death.

#2: Having children

If you die before your children are adults, a life insurance policy payout can provide children with education and care while they are growing up.

#3: Leaving a legacy

Life insurance policies can offer any surviving relatives an inheritance upon your death. This is known as ‘leaving a legacy‘.

#4: The funeral costs

Some life insurance policies provide the remaining family members with a lump sum to pay for funeral costs.

Illustration of man and older man

How much coverage is suitable?

Typically, the more protection or coverage offered by the life insurance policy, the higher the premium rate. For instance, if you’re seeking to cover a mortgage, you should consider how much coverage you will need for this. Life insurance calculators can be used to clarify the amount.

If you’re looking to provide family members with a stable income after your death, it might be useful to determine the current expenses and consider any possible future costs. Weighing up these amounts can help you identify an accurate figure.

If you’re over the age of 50 and are interested in leaving a legacy for your family, or to help the family pay funeral costs, the policy coverage is dependent on what you can afford to pay regarding the insurance premiums.

Read more about the various types of life insurance policies.

Illustration of a pair of hands holding a house

How long should the insurance policy last?

When purchasing a life insurance policy, the coverage can last for a fixed length of time or for the rest of your life. Policies lasting a set period is known as a term. This is beneficial if, for example, you want to cover the house mortgage. Insurance policies to help with household expenses tend to last 25 years or less offering the family a financial safety net. Term insurance is often more appropriate than a long-lasing insurance policy.

If you plan on remaining healthy and outliving all of your relatives, then good for you! Unfortunately, term insurance has a disadvantage in that there is no payout if you live longer than the policy term. In this case, it may be worthwhile considering a different type of insurance policy. On the other hand, if you plan on taking out a policy with the aim of providing an inheritance, the whole-of-life insurance option could be a better choice.

Arm holding out a life-saving ring to another

Should the level of life insurance change with time?

If you choose to take an insurance policy out with the aim of covering a mortgage, the amount owed will fall as monthly repayments are made. So, it makes sense that the level of life insurance reduces with the loan amount. This is known as decreasing term insurance where premium rates are lower than the level term insurance. Level term insurance remains fixed through the policy term.

Illustration of a woman holding a question mark with a life insurance policy in the background

Should you obtain life insurance coverage for your partner?

In the majority of cases, the primary earner in a family would take out a life insurance policy. However, even if the individual’s partner earns less or is a stay-at-home parent, there can still be a serious financial impact if they die. If you have children, you may need to consider the costs of childcare and domestic work.

When taking out coverage for both partners, you could purchase a joint life insurance policy or use separate policies. The join insurance option will provide a payout on the first death but ends after this occurrence. Separate policies are more beneficial offering financial payouts when both partners die. This is considered an increased level of protection for people left behind. The second option can be more costly, but it’s worthwhile carefully comparing the different policy prices to see whether buying separate policies is the best alternative for your needs.

Illustration of a pair of hands holding a heart with a cardiogram output in the background

What are the other factors influencing the cost of life insurance?

In addition to the coverage of the insurance and how long it will last, there are several other factors to consider which can influence the size of the premiums. Below are the different factors to take into account.

• Your biological age
• Your level of physical health
• Your current lifestyle
• Your family’s medical history
• Hazardous hobbies and employment can influence the size of premiums. For instance, if you’re a mountain climber or pilot, the premium price can be inflated.

Illustration of hands signing a contract

How is life insurance premium calculated?

• Reducing any effort and saving on tax
• A trust

The factors above ensure that your remaining family members may receive payment with the reduced hassle and low tax charges. Moreover, writing a life insurance policy in trust refers to the coverage being ‘ring-fenced’ outside other assets, such as investments, property and savings.

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