How to Cut Your Monthly Bills in Five Easy Steps
It seems like most of our hard earned money is taken right out of our account each month before we even have time to know it was there. With so many bills, debts, charges and direct debits, there are few of us who wouldn’t benefit from finding ways to cut down on our expenses; leaving us with a little more cash to splash.
Debt
Paying the minimum amount each month towards your old debts will help keep your head above water but will also serve to drag out the length of time you are under financial pressure. If you find yourself with surplus cash, put it towards clearing your debt as soon as possible; the sooner you are no longer indebted to other people, the more money you will be able to keep for your own use.
Heating
Many thermostats have an ‘away’ setting for when your home will be unattended for any length of time; keeping the house warm enough to avoid frozen pipes and allow a comfortable return but low enough not to overspend on unnecessary heating bills. Also be sure to always shut doors and windows behind you, invest in double glazing if possible and block out any drafts to help retain heat.
In colder months, make the most of open fires if you have one and don’t be afraid to just wrap up warm with sweaters and blankets rather than leaving the heating on at full power all day, every day.
Electricity
The old, well-known tips really do work the best: Turn off lights when you leave a room and switch off appliances overnight or when not in use. Make the most of natural daylight whenever possible to reduce how often you use lamps and invest in energy efficient bulbs; they really can make a big difference. Dry laundry outside on warm days rather than use a machine and avoid lengthy showers as these are also a big drain on energy.
Banking
You might not think it but many of us spend a lot of money at the bank each month. The good news is that a lot of the expense can be avoided. Check through all your accounts and validate all your direct debits; you’d be amazed how often people forget to cancel old payments they no longer need to be making.
Also check any outstanding policies to make sure you aren’t paying more than you should or need to be. If for example you have been wrongly mis-sold Payment Protection Insurance on a loan, credit card or mortgage, you can get help to claim it back.
Entertainment
Television, internet and phones are all a huge part of modern life but they certainly do not come cheap. Taking out a multi-deal from a provider that offers all three will often get you the biggest saving but there are other ways to make cuts:
- Call your provider and threaten to leave as you cannot afford the bill; they will more than likely offer you a discount.
- Avoid phone contracts that offer you more than you actually need as the greater the amount of texts, minutes and data usage you get, the more expensive the bill. Also be aware that apps can be very costly.
- Cancel TV channels that you pay for but never watch.
- Make a deal with your neighbours to share Wi-Fi coverage; that way you can split the bill.
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