Tag: budgeting

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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7 ways you can spend less money on your home

7 ways you can spend less money on your home

Trying to spend less money on your home might seem unrealistic to you right now, but there are probably a few things you can do to cut down your monthly bills and make things much more manageable. Below, you’ll find 7 suggestions that could seriously improve your budget – take a look.

Invoice on a smart phone

  1. Change utility bill suppliers

Don’t stay with the same utility suppliers without looking elsewhere to see if you could be getting a better deal. Chances are, you could be! Suppliers often offer new customers better rates, so it could be worth comparing different deals that you find and then speaking with your current supplier to see if they will match it. If not, tell them you want to cancel. They might offer you a better deal there and then, or you may have to switch. Either way, you’ll get a better deal.

Toilet rolls

  1. Buy in bulk

When it comes to buying essential items such as toilet paper, kitchen roll and tinned foods, consider buying in bulk. This can be much cheaper than buying every time you go to the supermarket, and it could even help you to cut down the number of trips to the store you take, further helping you to save money in terms of petrol. If you can buy food items in bulk, you could potentially cook large batches of food, freeze them, and have meals set for weeks.

Plumber fixing a kitchen sink

  1. Have regular maintenance checks

Knowing what to look for in your home in order to identify issues will help you to keep things running smoothly – you don’t want a simple repair to get worse and end up costing you more money in the long run. It could be a good idea to have a professional company come out and every so often and make sure you aren’t in need of a repair. Boiler checks are a must, for example, and it’s a good idea to know what to look for in blocked drains. You’ll save yourself a lot of money and hassle if you keep a close eye on these things or hire somebody else to do it for you.

Grey sofa and side table

  1. Avoid home décor trends

Home décor trends come and go so quickly that if you try to follow them, you’ll want to redecorate more regularly. Go for something that’s timeless, or completely your own; this way, you’ll likely keep the same décor for a long time.

Man buttening up a white shirt

  1. Live minimally

Get used to living a minimal life. A capsule wardrobe, minimal accessories, and really think about purchases before you make them. Do you really need that? Will you use it?

Energy-saving bulb

  1. Live with the environment in mind

Living a more eco-friendly lifestyle, such as cutting back on meat and making sure you don’t waste energy can be a huge help to both your wallet and the world.

Board game house on a pocket calculator

  1. Have regular money meetings

Have a household budget and hold regular money meetings to make sure everything is as it should be. You’ll teach your kids a thing or two early on, too.

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Don’t let your home cost you too much

Don’t let your home cost you too much | H is for Home

Most of us would say that the one place where we would want to feel the most comfortable and relaxed is our home. Our homes act as little sanctuaries away from the stress of modern life and everything that comes with it. However, it’s also pretty common for that stress to get into your home and disrupt your life as well. The most common way that this can happen is through the biggest source of stress in many of our lives: money. If your home is draining your finances then that not only breaks the spell of comfort that it’s supposed to create but it also can be a source of serious tension and anxiety in your life. With that in mind, here are some things that you can do to stop your home from costing too much.

Illustration of a house with leaves for a chimney

Use less energy

The most common and frustrating expense that a lot of us have to deal with in our homes is our energy bill. From gas to electricity to water, the utilities in your home are essential and that means that a lot of people feel like their bills are just something with which they have to deal. And sure, that is the case to a certain extent but that doesn’t mean you can’t bring your bills down. Simple things like turning lights off whenever you’re not in a room, not wasting hot water, and only using the heating in your home when you really need to are going to make a huge dent in your energy bills.

Many people are spending too much on their energy bills simply because there is some problem with their electric or gas supply. You might therefore be able to save some money by calling out some electricians to come and check over your electrics. You might find that they’re able to fix up something which helps you to save money in the long run. It’s definitely worth the call-out for lower prices in the long term.

Cartoon of a frowning man looking at a bill and scratching his head

Check the rates of your bills

Of course, sometimes the issue with the expenses in your home isn’t that you’re costing yourself too much, it’s that you’re being overcharged. It’s always a good idea to look around and see if you can find a better deal wherever possible. The same even goes for something like rent. If you’re really struggling, it may be worth talking to your landlord and trying to work something out.

Illustration of a plumber saluting wearing dungaries, tool belt and a hard hat

Hire the right people

Sometimes things are going to go wrong in your home. There really isn’t anything you can do to avoid this fact. However, by connecting with the right people you can make sure that when you hire someone to deal with a problem, you’re not going to get ripped off. A company like GBS Electrics is going to be able to help deal with electrical issues in your home without costing you an arm and a leg. The same goes for plumbers, carpenters or anyone else you might need to call.

Of course, the truth is that your home is always going to cost you money and there isn’t really anything you can do to change that fact. However, there are plenty of ways that you can make sure that you’re being more careful with your finances in general so that if you do have to spend money on your home, you’re not just going to end up in a position where you’re stuck with an empty bank account. Saving your money and avoiding luxury spending where you can are both incredibly simple things that can give you a fantastic financial safety net.

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Organising your financial paperwork

Organising your financial paperwork | H is for Home

You’ve no doubt heard your parents say, ‘not another bill!’ when the postman makes his morning delivery. At the moment, these documents probably won’t mean much to you if you still live at home, but it’s important to know about the different types of financial paperwork you could come into contact with in the future. If you don’t understand them, you won’t be able to incorporate them into your budget, and this is where money problems arise. So, let’s take a further look…

Woman calculating paper invoices

Understanding different documents

It’s important to know how to read the most important financial documents that you’ll receive. We’ve outlined some of the most common ones you may be sent below:

  • Utility bills – Utility bills include invoices for the likes of water, gas and electricity. More often than not, you’ll receive a bill at the start of the financial year, which will outline how much you owe for the year ahead. You then have the option to pay the amount upfront or you can separate it into equal monthly payments.
  • Loan statements – If you’ve taken out a mortgage to buy a home, you’ll need to make monthly payments. You can use a home loan calculator to figure out the sort of payments you could be looking at.
  • Direct debit statements – You’ll usually only receive one direct debit statement after it’s been set up. A direct debit is a regular payment. For example, you could set up a direct debit for your electricity bill, and thus ‘x’ amount will automatically be taken from your account every month on a particular day. Once you set this up, you’ll sometimes receive a statement outlining this agreement.
  • Bank statements – Nowadays, most bank statements are accessed online; however, you can choose to have paper statements posted to you. This will show you how much money you have left in the bank, as well as your recent transactions. Most people keep on top of this with online banking as opposed to waiting for a monthly statement. Nevertheless, you may need these statements in the future, if you apply for a mortgage or rental accommodation, for example.
  • Credit statements – You’ll receive a credit statement every month if you have a credit card or if you use some other type of credit. For example, you may have an account with a catalogue company that you pay off on a monthly basis. Your credit statement will tell you how much you owe, as well as the minimum amount you need to pay off and by when. Let’s say you owe £150, yet the minimum payment is only £5. You’re advised to pay off the full £150 by the date stated; otherwise, you’ll be charged interest on the remaining £145 if you opt for the minimum payment option.
  • Pay slips – If you’re employed, you’ll receive a payslip. You’ll get this every month, fortnight or week, depending on how often you’re paid. Your payslip will reveal how much you’ve received for that period, and it will also state any deductions. These are usually PAYE tax (income tax) and National Insurance. At the bottom, it will state the ‘net pay’, which is the amount of money you’ll take home.
  • Agreements – A Letter of Agreement is a document that confirms you’re ready to enter into an agreement with someone or something. For example, if you join a gym, you may have to sign one of these. This will state that you are going to pay ‘x’ amount for gym membership, and it will state how for long you agree to do so. This is where you need to be careful. If the agreement says the membership is 12 months long, without cancellation, it means you have to pay ‘x’ amount each month, for the full 12 months – even if you want to cancel early or can no longer afford it.

Pair of red box files

Organising your financial paperwork

If your paperwork starts to pile up, you should get yourself organised, otherwise you could end up missing a bill payment or something else important. Split your paperwork up into categories and have a folder for each. Categories can include the likes of: credit cards, contracts, bills due, bank accounts, car, employment, loans, insurance and utilities. Each file needs to have four sections: bills to be paid, to do, file and shred. This will help you to keep on top of everything while also making sure you don’t accidentally get rid of any important documents.

Paying invoice online using smart phone

Summary

‘Don’t understand it, bin it’ is the wrong approach! You never know what you could be throwing away, and overdue bills can lead to further charges, which is the last thing you want. Instead, handle every piece of financial paperwork with care and have a filing system in place to keep on top of everything.

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