Getting your finances in order can be liberating for many people across the UK. Having a household budget for what you’re going to spend each month on groceries, utility bills and other essentials can help you save money. This money can then be put aside for a rainy day, a family vacation, a new car or anything else you’ve got your heart set on. Some may even use their savings to help them pay off previous debts that have accumulated over the past few years.
So how do you actually get your finances straight and reduce your monthly costs? There are a number of ways you can do this which we will outline below. However, one of the smartest ways that a lot of consumers achieve this is by using an online price comparison website such as Utility Saving Expert. Their free to use tools can instantly help you compare a range of everyday essentials such as gas and electricity bills, home insurance, car insurance and much more. By simply entering a few details, you can compare leading providers across the industry in a matter of minutes, helping you find the best deal.
Some of the steps listed below will be time-sensitive, meaning you can only take action when a current contract is due for renewal, whilst others can be actioned straight away. Let’s get started.
Reduce your weekly grocery spend
You don’t necessarily have to buy less food, but shopping at certain supermarkets can help you save money at the till. Fortunately, in the UK there is healthy competition between supermarket chains. We’ve got Asda, Tesco, Sainsbury’s, Morrisons, Lidl, Aldi, Waitrose and a few others to choose from. It can be convenient to simply visit the nearest store to where you live, but sometimes going the extra mile could save you as much as 20% on your food shopping.
It’s worth visiting a few different stores to get a feel on how they set their pricing for different goods. For example, fruit and vegetables may be cheaper in one store, while frozen food may cost less in another. We’re not saying that you need to visit five stores or more in a single week to save the maximum amount, but visiting more than one and keeping your options open can certainly be beneficial. As for what you buy, it may be worth considering cutting back on certain luxuries and buying what you really need.
Switch your energy supplier
Did you know that by switching energy suppliers you could actually save more than £400 per year? It’s important to get the best deal on gas and electricity tariffs at the time of renewal. Once your current energy deal expires, your existing supplier will normally move you over to their standard variable-rate deal, this is often the most expensive tariff. You can use an energy comparison site such as Utility Saving Expert to help you find the most competitive deal.
There are also other ways to lower your energy bills such as turning off electrical appliances when not in use, using a smart meter to monitor energy consumption, installing energy-efficient light bulbs or simply turning down the home temperature by one to two degrees. Combining all these could help you save a significant amount annually.
If you have accumulated debt in the past for whatever reason, it can be daunting to figure out how best to tackle it head-on. Many financial advisors will recommend that you concentrate on clearing those debts that have the highest interest rate first. This is because these are charging you the most amount of money on top of what you already owe.
If you have multiple debts such as personal loans, credit cards, store cards and overdrafts etc. It may be worth looking into what wider financial solutions are available to you. A qualified debt advisor can go through a range of options with you, highlighting the advantages and disadvantages of each solution. They will then be able to make a recommendation on the most suitable option based on your current circumstances, to help you consolidate any money you owe into one manageable monthly repayment plan.
Mobiles, Internet, TV packages
Saving money on your mobile phone bill, internet and landline provider and any TV packages you have subscribed to will normally only be possible once your current contract expires.
Consumers are holding on to their existing mobile phone for longer periods these days, as there isn’t enough of a difference between each new iPhone or Android smartphone to warrant an upgrade. Once your contract runs out, look for a Sim Only deal as this will save you a lot of money. Most internet and landline packages are similarly priced but it’s still worth comparing these. As for TV packages, think about what you really need. Do you really need to subscribe to every sports, kids, movies and other entertainment channels? Many consumers are switching to online streaming services such as Netflix and Disney Plus as these can provide more entertainment value through a much lower monthly cost.
In summary, comparing different products and services to help you find the most competitive deal can help you save a great deal of money each year. It’s also worth reassessing what you actually need and what you’re paying for unnecessarily regularly.