Managing money isn’t easy, particularly when you are on a budget. With bills to pay and families to provide for it can result in stress and worry. There are changes you can make that can help alleviate your concerns. Here are 10 ways to keep your bills and spending to a minimum.
Don’t auto-renew insurances
Granted it is probably far quicker to stick with the provider you already use in terms of car or home insurances. They send a renewal notice and you don’t need to do a thing. This, however, is more than likely a bad decision. If you want to be sure you are getting the best deal, shop around. You could save hundreds just by taking half an hour to do some research.
Establish if you can get a better mortgage deal
There are a host of mortgage products available depending on your financial circumstances. If you already have a mortgage, you may be able to get more competitive repayment rates by switching lenders and/or products. Go online and check what options may be available to you. You could save thousands over the lifetime of your mortgage.
Plan for birthdays and Christmas in advance
Whilst birthdays and Christmas are an exciting time for children, they can be very stressful for many parents. It’s a financial burden that many could do without. Try and put a little aside each month so the financial impact is split over a longer period. Many people, regardless of whether they have a tight budget, are buying second-hand items. You can effectively get the same products for a fraction of the price. It’s better for the environment too! In terms of buying for adults, suggest that instead of buying for everyone, you do a secret Santa instead. Set a budget limit and buy for one person instead of several.
Reduce your supermarket spend
Meal planning is a great way to reduce your food bills. It will not only save you money, it will save you time and create less food waste. Batch cooking is another great idea. Make batches of your favourite meals and freeze into portions. Great for those days when you can’t be bothered cooking or are in a hurry. Shopping online can prove cost saving too. It decreases the chance of putting items in your trolley that you don’t need. Many supermarkets now do click and collect so if you don’t want to pay for a delivery you can collect instead.
Reduce your energy bills
Energy costs can mount up, particularly in winter. Reduce these by switching off lights in unoccupied rooms. Make sure TVs, washing machines, microwaves, etc are switched off when not being used. Thermal lined curtains will keep heat in and hot water bottles in bed are always a welcomed addition. A smart meter will allow you to track where you use the most energy. This could save you hundreds in the long run and is something that the whole family can get involved with.