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Tips to reduce the expenses you can’t fully avoid

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If you are trying to get your personal finances sorted out and your spending reduced then you have probably complied a monthly budget to organize how you can go about it. The mistake that many make when they do this is that they think that the only areas where they can reduce their spending is to change the way that they spend money day-to-day, and that the monthly bills are something which cannot be changed. You may not be able to completely eradicate your internet, insurance, energy, rent/mortgage costs, but you can most certainly find ways in which to reduce those costs, and here is how.

Switching and Saving

Many of your monthly bills can be reduced if you switch providers when it comes to your internet, energy and insurance provider. Let’s use home insurance as an example, the first step to reduce these fees is to research what prices are out there so that you can understand whether or not there is scope to save. Let’s say that you currently have your home insurance with the bank and it is up for renewal, you should always compare home insurance quotes before going with your bank’s offer because you may very well be able to save big each month. The same goes for broadband providers and energy companies, there is often a better deal out there, find it and switch to that provider to save money.

Energy Saving

Saving energy around the home is about much more than just being environmentally conscious, it is also about saving you money. There are hundreds of ways in which you can save money on energy around the house from installing a thermostat and timer, ensuring that windows are properly sealed, closing doors, switching off appliances and re-insulating the loft and cavity walls. These are jut a handful of examples but there are many more which will guarantee that you save some cash on your water, gas and electric bills each month or quarter. Don’t pay for energy that you aren’t reaping the benefit from, be energy conscious and save cash.

Mortgage

If you are in a rental property then you are unlikely to be able to get a better rate than what you are already paying as these are generally steadfast, you may be able to sub-let a spare room out however which could help with the rental cost. If you have a mortgage however then this may be an area where you can save some money. Interest rates change all the time, so too do people’s individual circumstances. If you are looking too squeeze some extra money out of your pay packet each month then make an appointment with your bank and see what options you have around your mortgage deal. You may find that you can extend the mortgage or opt for a different mortgage which will give you more cash on the hip going forward.

You can’t full avoid paying these bills, but there are steps which you can take to reduce how much you are paying.


So, what do you think ?