After another harsh winter of high energy costs, it’s now time for a good financial spring clean. Our homes have become harder to heat, causing our bank balances to go down and our stress levels to rise.
With the most expensive heating bill hopefully now behind us and the promise of warmer weather on its way, it’s the perfect time to pause and take stock of our household spending.
In the following article, we’ll share ideas on how to declutter our wallets, streamline our outgoings and buff up our mental wellbeing in the process.
Spring Clean by Reviewing Your Household Bills
It’s essential to go through all your regular expenses. Some of these are unavoidable costs such as:
- Energy bills (gas, electricity, water)
- Broadband and mobile contracts
- TV subscriptions (Netflix, Sky, Amazon Prime, etc.)
- Insurance policies (home, car, life, health)
- Council tax and other household expenses
First, make a list of everything you pay each month, then check to see if you’re still on the best deals where appropriate. If you’re not – see the tip below!
Switch to Cheaper Providers
Many people have been loyal to the same energy, broadband, or mobile provider for years on end. Even when they know there are cheaper options out there! Comparison websites such as Uswitch, Compare the Market, or MoneySuperMarket can help you find better deals on:
- Energy Bills – If your fixed-rate plan has ended and you’ve moved onto a variable rate, you could be paying more for your gas and electricity than you need to. Switching tariffs can save hundreds of pounds per year!
- Broadband & Mobile: Many companies offer discounts to new customers, so switching could lower your costs. If you’re already a loyal customer, don’t worry, you could still shave off pounds through negotiating a better deal with your current provider!
- Insurance: Loyalty isn’t always rewarded; make sure you shop around when your policy is up for renewal!
Spring Clean by Cancelling Unused Subscriptions
Check your bank statements and spring clean for unused gym memberships or long-forgotten subscriptions you no longer use. If you’re subscribed to multiple streaming services, do you really need them all? Downloading apps such as Emma and Snoop can help you to track and cancel all those unwanted payments you might have.
Check for Overpayments & Refunds
- Council Tax: Did you know that you could be due a refund if your property is registered in the wrong council tax band? Use the government website to check if your information is correct.
- Water Bills: If you have a water meter, you may be entitled to a refund if you have built up credit. Each water supplier has a different protocol to how they deal with this. So, if you’ve checked your bill and you are in credit, ring them directly. Your supplier should either reduce your monthly payments or refund you the amount that you’ve overpaid.
- Bank Fees: Check if you have any overdraft fees or charges on your accounts. If you do, you might be able to switch to a better banking option.
Set Up an Automatic Savings Account
Now that you’ve cut your costs, why not put some of these savings aside? By setting up a direct debit to a savings account, you can ensure that this extra cash isn’t wasted and put towards future goals instead. It could also be used to build up an emergency fund or for expenses such as holidays or home improvements.
Use Cashback & Discounts
There are many ways you can make your money work for you when purchasing goods or services online or instore. Look out for:
- Cashback sites like Quidco and TopCashback allow customers to earn a percentage of their purchase back when shopping online.
- Loyalty schemes from supermarkets and retailers offer customers opportunities to earn points that can be exchanged for money-off vouchers.
- Discount codes – Before making purchases, particularly any large ones, make sure to check if there are any discount codes available and ‘apply before you buy!’
A Spring Clean Keeps You in the Green!
Spring cleaning your bills isn’t just about saving money, it’s about taking back control of your finances. This can also lead to better mental health.
Switching to better deals and cancelling unused subscriptions can free up extra cash for the things that truly matter to you and your household!
At Energy Advice Helpline, we know that soaring energy bills can mean it’s a struggle for many people to maintain a healthy bank balance and mindset.
Did you know households that live in low EPC-rated properties can save money on their energy bills through Government schemes which provide free energy efficiency upgrades including solar panels, heat pumps amend insulation? Click below to see if you qualify!
