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.
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.
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!
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.
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.
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.
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.
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.
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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