Want to spend less each month on household expenses? Here are just seven ways to lower your monthly bills.
Cancel unwanted subscriptions
Many of us sign up to streaming services, gyms and clubs without getting the most of these subscriptions. This can result in wasted money each month. Be honest about which services you actively use. If you pay for a gym membership but only visit the gym once per month, consider whether it’s really worth the money. You should also check your bank account to ensure that you’re not paying for any services without knowing (Amazon Prime is a common culprit that catches a lot of people out).
Cancel unwanted warranties
A lot of us can also get caught out by extended warranties on the products we’ve bought. Weigh up the risk of whether these warranties are worth the money – cancelling them may be able to save you a little bit of money each month. A warranty on a phone may be useful if you’re forever dropping your phone, but a warranty on a refrigerator may not be so practical.
When it comes to energy bills, living a greener lifestyle can save you a lot of money. Consider small ways of cutting back on energy usage such as putting the heating on less, turning lights off in rooms you’re not using and unplugging electronic appliances that aren’t in use. You can also conserve money spent on your water bill by having more showers and fewer baths, washing full loads of laundry and recycling rainwater for garden use. You could even consider making investments such as installing solar panels.
Bundle your insurance
Insurance is a cost that can often be lowered by bundling it. For instance, some insurers offer home and car insurance together under one policy – this is often much cheaper than taking the two out separately and makes it easier to keep track of your insurers. There may also be ways of insuring multiple people on one scheme such as multiple drivers on one car.
Consolidate your debts
Got lots of debts with high-interest rates? Consolidating debts can be a way of reducing costs. By taking out one scheme to pay off all your existing loans, you can switch to one single payment per month rather than multiple payments. Many of the best consolidation loans have low-interest rates that could help you to refinance high-interest loans, allowing you to pay less in the long run. You may also have the option to pay over a long period – which could allow you to reduce your monthly repayments.
Shop around and switch regularly
By constantly comparing deals that are out there, you can keep switching providers for your bills in order to get the cheapest rates. You can do this by using comparison sites and collecting quotes over the phone. Online calculators can also be useful for helping you to calculate how much you could save on expenses such as insurance. Make sure that your term or policy is ending before taking the decision to switch – certain providers may have early exit fees.
Negotiate with providers
You can often negotiate costs with providers over the phone. Providing you’ve been a good customer and haven’t missed too many payments (or made any claims in the case of insurers), you’ll usually be able to get exclusive deals simply by ringing up and asking.