Homeowners dream of financial freedom, yet are restricted by their monthly outgoings. To help you boost your savings pot, we are providing some top tips to decrease your expenditure. Find out how to reduce your monthly bills.
The Best Broadband Deal
Many people often seek escapism in the form of TV shows, movies, the internet and phone calls to loved ones. Yet, our favorite pastimes can amount to a big monthly expense if a person fails to choose wisely. It’s therefore essential to select the best broadband providers and plans for your budget, such as Sky, Virgin Media, TalkTalk, PlusNet and more. Don’t rush into the most popular option on the market, and instead compare broadband packages to find the best solution for your budget.
Clear Credit Card Debt
Most credit cards come with high-interest rates, which could lead to a significant amount of debt each month. Of course, the golden rule of financial security is to clear the most expensive debts as soon as possible. For this reason, it would be wise to pay-off credit card debt as soon as possible. You could even opt for a low-interest loan to repay the debt as soon as possible, which will prevent high-interest repayments, too.
Make a Shopping List
Did you know the average household throws away £500 worth of food every year? That’s because people often buy more food than they need, which can lead to a considerable amount of waste each week. Stop throwing away fruit, vegetables, meat and dairy products, and create a meal plan every week. Write a shopping list of ingredients, and avoid throwing items into the supermarket trolley that you don’t really want or need. This could save a substantial amount of money each year and can eliminate waste.
Take a DIY Course
Many homeowners lack the DIY skills to improve their homes, so they often turn to the professionals for painting, decorating or plumbing projects. However, spending as little as £100 on a DIY course could save you hundreds – if not thousands – of pounds. So, an affordable course could boost your knowledge, skills and bank balance.
Sell Your Clutter
Almost everyone has items throughout the home they’re no longer using, such as an unwanted sweater hanging in the wardrobe to an old musical instrument that is gathering dust. Don’t allow the items to go to waste and put them up for sale on an auction website, such as eBay. One person’s junk is another’s treasure, so sell your belongings for an affordable price to increase your savings while eliminating clutter from your home.
Overpay Your Mortgage
Do you have a little financial wiggle room to overpay on your mortgage each month? If so, you could clear the mortgage earlier, which can reduce your home’s high-interest rates. As a result, you’ll pay less for the property than anticipated, which can result in a significant financial return on your investment. So, you could enjoy greater financial freedom much sooner than you thought.