How to reduce household running costs

How to reduce household running costs

Whether you own your property or are renting, running a household can be expensive. Recent data suggests that over half of family income is spent on household costs, and monthly running costs for a three-bedroom home can be up to £1600.

However, don’t panic as we’ve created a list of ways in which you can reduce your household bills.

1. Mortgage and rental payments

   Whether you’re renting or own a property, it’s likely that you’ll have monthly payments to keep on top off. While you cannot escape mortgage or rent payments, the best way to cut your bill is by switching to a cheaper tariff. If you’re renting, why not search for a cheaper property? If you’ve got a mortgage, get in touch with your provider and ask for a better deal. Alternatively, search competitors to see if you can find a better rate.

2. Energy bills

   Gas, electric and water all mount up and can have a huge impact on household spending. However, did you know that switching providers could save you hundreds of pounds a year? Many tenants also wrongly believe that they’re not entitled to switch utility providers because they don’t own their home but that’s wrong!

3. Council Tax

   Council Tax may be one of those annoying costs but there are discounts out there. If you’re in full-time education or live alone, you’re entitled to a reduction in council tax. It’s important to check the full list of exemptions because you could save lots of money.

4. Water Supply

   Are you conscious of how much water you use? Do you leave taps running while brushing your teeth or leave the shower on while not in the room? Having a water meter installed can open your eyes to water wastage and could save you money in the long run.

5. Insurance

   Household insurance is one of life’s necessities but can also be very expensive. Search for ways to reduce your monthly premiums such as improving your locks, installing a burglar alarm or joining a local neighbourhood watch scheme.

6. Maintenance and repairs

   Odd jobs around the home can soon spiral out of control so why not see if you can do a little DIY? Not only are there plenty of courses to help you learn the likes of decorating but the internet also provides you with handy tips and tricks.

7. Household appliances

   White goods and furniture can be expensive. However, being tactical with your spending will help you reduce your costs. Price comparison websites can be useful when shopping for new appliances and there’s also lots of second-hand shops and online sites to buy good as new pieces.

8. Phone, TV and Internet Bills

   If your monthly bills for landline, TV and internet are sky high, it’s easy to do something about it. Firstly, take a look at your contract and what it includes. Ask yourself whether you need everything? For example, there’s no point paying for sport or movies if you never watch them. Shop around to find the best deal and take advantage of benefits such as free evening and weekend calls. You should also get in touch with your current provider as they may be able to reduce your fee as a gesture of goodwill.

9. Supermarket own brands

   The cost of cleaning products and food can soon mount up but switching to a supermarket own brand will save you money straight away. Even making the odd switch instead of swapping your entire trolley should help you notice a cheaper shop.