As well as understanding your personal income and outgoings, and setting up pots for your financial security and future plans, you should also look to reduce your bills where possible.
This could mean your monthly essential outgoings reduce, allowing you to have extra money each month which you could add to your savings, or use as discretionary spending.
Firstly, check through your bank statement to see if there are any direct debits you no longer need to be paying. These might be for a subscription that you don’t enjoy any longer, or a gym membership you never use! Make sure you are not frittering your well-earned cash away.
You should make use of online comparison sites to get the best available deals for house and car insurances. Allowing your existing insurer to auto-renew you for another year usually comes with an increase in cost, so shop around to save yourself paying over the odds.
These sites can also be used to compare energy suppliers and tariffs. Money Saving Expert is also a good place to look; it offers clear recommendations and reasonings behind them, as well as direct comparisons.
If you are coming to the end of your TV, internet or phone provider’s contract, it’s always worth calling them to haggle a lower price for your next contract. If you go into the conversation armed with a comparable product’s lower cost and say you are thinking of leaving, many companies will lower their costs to keep your business.
When your mortgage is due to finish its fixed term period, don’t let it roll onto the lender’s standard variable rate, but use a mortgage broker to find the best options available to you. Standard variable rates are generally a lot higher than fixed rates and you may have the option to remortgage with the same lender, or another lender may have better alternatives. Armed with all information, you will be able to make the best choice for your personal circumstances.
Time consuming though it might be to search for better options, it is well-worthwhile to search around and save yourself money.
