Easy ways to save money each month
There are many ways to save money every month without having to cut back on the more fun areas of life. Many can be investigated online or by a quick phone call and within just a few hours you could find you’ve made a healthy saving on your monthly budget.
The main areas pain free savings cover are:
- Cutting household bills
- Cutting debt
- Reducing personal bills
- Checking if you’re entitled to extra cash
- Cutting insurance
Utilities can put a big hole in your bank account each month so this is the place to start. Check out using online comparison tools to find the cheapest provider but remember to read the tie-in details to the tariff chosen so you don’t get any nasty surprises in the future. Also look at comparing the cost of your water rates to having a water meter installed. Suppliers will fit one for free and for small households really can cut monthly outgoings.
Council Tax has been a part of our lives for over 20 years and over this time, many properties have been placed in the wrong band for a number of reasons. If this affects you, request a re-banding.
For your home phone and broadband, look at what you’re getting for your money. Deals are available which can slash the costs – even for existing customers. If you make more than a couple of international calls each month, look at using alternatives such as Skype or internet calls which can be as little as 1p per minute.
Look at moving existing credit cards to lower cost ones. Use the money you’re saving each month to reduce these and don’t add more debt to them.
If you have a mortgage, there are some fantastic deals available. It’s not hard to change provider, it just needs a little research.
If you’ve ever taken out insurance on financial products there’s every possibility you can reclaim it back. It’s called PPI, is straight forward to ask to be refunded and you can join the millions of others who have received hundreds or even thousands in the post.
Reduce personal bills
Haggle down your mobile phone bill; especially if your contract is up for renewal. Companies don’t want to lose customers so give them a call.
If you have regular medication, an annual certificate could save a fair amount over 12 months. If you don’t need prescriptions other than rare occasions, always ask the pharmacist for generic non-branded items when you need to buy an over the counter product. They are usually cheaper – and identical to the branded item.
Missing out on money
Millions goes unclaimed every year. This can be through a number of channels such as:
- Not claiming the full benefits entitlement
- Claiming a tax refund; there are many ways you could be owed money
- A tax rebate if you have to wear a uniform to work
- Passive income; lots of ways to earn small amounts with very little effort required
- Household grants; boilers, central heating, home insulation
- Recycling of old mobile phones
- Check to see if you can receive childcare tax credits
- Reclaim forgotten money; dormant bank accounts across the UK hold millions, it’s easy now to check
- Sell unwanted goods on eBay or at car boot sales; de-clutter your life as well as your finances
Don’t stay with the same insurance company year in, year out for your home, car, pet or travel insurance. It’s a competitive industry and using a few comparison tools will show you how much you could be saving. Arm yourself with a few figures and ask your current provider to match the cheapest. The majority will do this but if they won’t, check out any cancellation charges and then move to another insurer either immediately or when the policy is due for renewal.
Don’t give money away for the sake of a few hours of money saving organisation. You’ve worked hard for it so claim back what is yours or change to deals which are just as good but aren’t giving companies money you don’t need to. After just a couple of month you’ll really reap the rewards.