5 Easy Ways To Lower Your Household Bills
Tired of expensive household bills? There are many ways in which you can reduce your bills. Not all of these methods are very simple of course – while you can buy new energy efficient appliances to reduce your electricity bills or insulate your loft to reduce heating bills, these are major investments from which you may not see the financial benefits for a few years. Fortunately, there are a lot of much simpler ways to reduce bills. You can find a few examples below.
1. Choose A New Provider
A simple solution could be to switch provider. Many bill providers including insurers and energy suppliers offer exclusive deals to new customers. It can often be worth switching every few years to take advantage of these deals. There are sites that can help you shop around for deals such as these; for energy and price comparison of broadband. Only a few providers offer rewards for loyalty (mainly insurers offering no claims discounts) and often these aren’t even worth sticking it out for. Just be wary that some suppliers may charge early exit fees if you leave before your policy is due to be renewed.
2. Switch Up Your Plan
It’s possible that you may be able to save money by sticking with the same provider but simply altering your plan. For instance, with a satellite TV plan you may be able to save money by going without certain channels. You meanwhile may be able to lower your phone contract by reducing your data allowance. Switching your plan without switching provider could reduce the hassle of having to get set up again with a new provider. Calling up your provider directly is the best way to do this.
3. Cut Down Your Usage
When it comes to energy bills on a smart meter, you may be able to reduce your bills simply by cutting down your usage. This could include unplugging devices that aren’t in use, cooking more meals on the hobs rather than in the oven or using heating less often. In other cases, you may be able to reduce your plan based on your usage. For instance, an car insurance company may be able to offer a better deal if you claim to drive less often or an internet provider may charge a better deal if you claim to be an infrequent internet user.
4. Consider Paying Annually
With some bills like insurance, it’s possible to make huge savings by paying annually. An annual car insurance payment is usually equivalent to eleven monthly car insurance payments – so you’re almost getting a month free. Of course, this means paying in larger installments, so you may want to save up money throughout the year into a savings account as if you were paying monthly insurance.
5. Refinance Debts
Debts can make up a large chunk of many people’s monthly bills. This could include credit card bills, personal loans, mortgages and arrears with late payment charges. Consider whether you may be able to reduce your interest payments by refinancing your debts. This involves taking out a loan with lower interest rates to pay off a loan with higher interest rates. Consolidating debt could also be a good option if you have lots of different debts that are hard to keep track of – this involves paying off multiple debts with one big loan so that you only have to focus on one monthly debt payment.
Photos by Tima Miroshnichenko – CCO Licence