How to reduce your household expenses

Christmas is less than 2 months away, and with the world still in the throes of the pandemic many people are worrying about their finances and how they will cope with the cost of the festive season.

With additional costs on the horizon, now may be a good time to review your normal household bills to see if you can reduce your monthly outgoings. Here are some great suggestions of where to start.

Balance transfer

If you have a balance on an existing credit card and you’re not paying it off every month, you may be being charged interest at a rate of about 19% – some cards have even higher interest rates. Moving your debt to another credit card company who offer a 0% balance transfer option will help you reduce your balance quicker as you won’t be paying interest and could also help reduce your monthly outgoings.

Car raised on car lift in for service.

Car Service

As we head into winter it’s a good time to make sure your car is in tip top condition to face the changing elements. Make sure your car has the correct tyre pressure as flat tyres can increase your fuel bills and can also reduce the life of your tyres. Other simple checks you can carry out are to check your oil levels and check your windscreen wiper fluid is full. What we wouldn’t recommend is skimping on getting your car serviced. Missing a routine service could cost you dearly in the future especially if you have a new car or a luxury car like a Mercedes where servicing should be carried out by an approved dealer.

Insurance renewals

For both your home and car insurance policies don’t automatically accept your annual renewal quote. Before renewing, make sure you do your research. There are plenty of price comparison sites where you can compare prices and your existing cover to ensure you are getting the best deal. The Money Saving Expert site will compare a whole range of insurance covers including car, home, travel and credit cards. Visit their site for more details: https://www.moneysavingexpert.com/

 Meal Plan On Notebook  A

Weekly Groceries

Many of us have swapped to online shopping recently but with lock down restrictions eased you can easily shop around to make sure you bag more bargains. Make sure you don’t impulse buy and end up paying through the nose for staple items at your local convenience store. You will find prices will be higher which can soon add £’s to your shopping bill. Instead plan your weekly shop by setting out meals for the week and stick to your shopping list. It’s easy to get swayed by deals and money saving schemes but if it’s not on your list then you probably don’t need the item that is on offer!

If you’d like help in creating a monthly budget planner for your household expenses follow this link to the Money Advice Service website. They have lots of help and advice to help you get control of your household spending: https://www.moneyadviceservice.org.uk/en/tools/budget-planner