Saving money and looking after your personal finances

June 29 2017, 0 Comments

So the election was a let down, whichever way you voted the result wasn’t expected. We as individuals, couples, families will carry on, the earth keeps turning, the sun shines, the rain pours and there are still bills to pay. These are absolutes. So regardless of the election results one thing is certain, life for the most part will continue.

There are a few things that we can do, we can try our hardest to reduce debt, to save money for the future to provide security for whatever may come. You’ve more than likely read the obvious ways to save money but how many of you have actually followed through on them.

1. Check you are not overpaying on energy bills by switching supplier. If switching online doesn’t appeal, then ring the company that comes out cheapest and see what they can do.

2. Same goes for insurances. Don’t auto-renew with the same car, life, pet, home & building insurance companies. Check you’re paying the best price with online comparison sites. Do a check and switch. Be aware of making sure you are getting a like for like quote and that it matches your existing policy.

3. Look at ways to make your home energy efficient by putting up a curtain across your front/back doors, making sure your radiators are clear from obstructions, checking there's no air in each radiator and put on a jumper before turning the heating up. Buy energy saving bulbs that last longer than the traditional ones.

4. Check to see if your local water company has free water saving devices: http://www.water.org.uk/consumers/find-your-supplier

5. Each week create a meal plan for the week and only buy what you need. Use up those tins at the back of your cupboard. The less trips to the supermarket the less likely you are to overspend.

6. If you have credit cards and/or loans, look for deals that will save you money. Again, switch to a provider that offers 0% interest free periods on transfers. Loyalty doesn’t always pay.

7. Check your entitlements. If you’re on a low income can you get help with your energy bills in the form of the Warm Home Discount. Call your provider and check. BT offer a low income option for calls and landline. Look on the Entitled to website to see if you are missing out: http://www.entitledto.co.uk/benefits-calculator/startcalc.aspx

8. Could you save money on your mortgage? Maybe downsizing isn’t an option but interest rates are very low at the moment. Check to see if you can save money by remortgaging. Speak to a broker or even your existing provider.

9. Create a budget. Add your income up and then take away any expenses (Mortgage/Rent, council tax, water, gas/electric, tv licence, childcare, petrol, credit cards/loans, phone). Whatever you have left is what you have to spend or save.

    If you would like further information on how Home Accountz can help you with your finances or would like to have a go, we have a 14 day free trial available so you can have a go to see where you're spending your money and start budgeting for the future. You can always email support@accountz.com with any questions along the way!