How to Save Money on Household Bills

If it seems like you don't have enough money to put into your savings account at the end of the month, then your budget is probably in trouble.

Evaluating your monthly budget and saving on things such as your household bills can be a great starting point for helping you to gain control of both your budget and help to increase your cash flow.

With the costs of living increasing across the UK, more and more people are looking for ways to cut back costs on those tiresome monthly utility bills. So you’re not alone in looking for ways to cut costs.

What do the stats say about household spending in the UK?

The Office for National Statistics reported that the average weekly household spending stood at a total of £585.60 at the end of last year, which has risen 9% since 2012. According to the research carried out, travel, housing and the costs of culture and recreation were the most significant contributors overall to household spending.

So how does your household fair with the national average? If you think that it sounds just about right and you’re not happy about it or if you’re spending a lot more each week, then how can you cut back on your spending as much as possible without making too many sacrifices?

If you feel that you’re definitely spending more than you want to be, then you’ll need help cutting back on household expenditure. Here are just a few tried and tested methods we love which will help to save money on your household bills:

1. Say no to paper and go digital

Some energy providers and banks reward their customers financially if they choose to go paperless, instead of having their bills and statements sent directly to their address. By making the switch to online to manage your bank accounts or bills online, you could help your household to save money on printing costs - going green in the process.

In the UK, many energy providers such as Npower, provide discounts for customers who manage their accounts online. So by making the simple switch over to online statements, you could make some tremendous monthly savings each year.

2. Internet calls - try Skype or WhatsApp instead

Today, most households have broadband internet access at home - so why not make the most of it? You could potentially drastically reduce the costs of your phone bills by using internet calling, using applications such as Skype or Whatsapp instead.

All you need to do to make calls is to download one of the apps to your smartphone or your PC and make calls via the app. If you’re worried about not having enough data or convincing your friends to make the switch, you can always use your phone regularly. However, by making just a few of your calls online, you’re still helping save on your phone bill by using Wifi.

3. Don’t pay for your cover twice

When you buy things such as mobile phones, laptops, electronics and appliances for your home, you’ll usually be offered insurance cover when you make your purchase.

In most cases where you’re offered insurance cover, it can be an entirely unnecessary extra cost. As if you already have household insurance, then your items should already be covered in your policy (you can check the terms and conditions of your policy to see what’s included).

If you do believe that you may have doubled up and been paying for more than you should be, then go through your paperwork and cancel any policies that you’re already paying double for.

4. Shop a bit smarter

We’re not uncovering any best-kept secret by saying that big-name brands generally cost more than own-brand items, however, in many cases, you are paying more for a product which is more or less exactly the same.

Take the time to have a look at your monthly food bill and see if you could afford to switch to own brands for a few items, or even make a price comparison to see if you could get a better money-saving deal elsewhere.

You may be surprised at how much you could save from making the switch, helping you to shop smarter each month.

5. Switch up your shower routine

Don’t worry; we’re not telling you to cut back on washing, we’re just suggesting that you make the small change to showering instead of bathing to save on your water bills.

Generally, baths have a higher water consumption than showers, although that can depend on how much water you bathe in and how long you shower for. But by switching to showering instead of bathing every day, you could notice a significant difference in your water consumption of around 35% per year if you have a water meter.

6. Turn down the thermostat

During those bleak winter months, your heating bill can get pretty hefty. As the weather changes, energy bills are what can affect the average UK household’s outgoings the most.

By just making the small sacrifice of only 1°C on your thermostat or by adding an extra layer, you could potentially make an energy saving of 10% a year, all the while by getting better energy efficiency in your home. Has that inspired you to put on an extra jumper to save on your gas and electricity yet?

7. Ensure you’re in the right council tax bracket

As it happens, it turns out that over 4,000 UK households are registered in the wrong council tax band, meaning that you could potentially be paying too much.

If you believe that you’re paying the wrong amount or simply just want to double-check that there hasn’t been a mistake, then you can read more about this on the Money Advice Service’s article.

If you are paying too much council tax, you’ll need to get in touch with your local council to change this.

8. Utilise price comparison and tariff switching services

We all love getting a good deal; no one wants a credit card with high interest or a high insurance premium, which is why it’s worth checking price comparison sites or joining an auto-switching service before you sign any contracts.

So before you renew with your car insurance provider, get a new tariff for your electricity bills, shop the market to ensure that you’re getting the best deal possible. You might even find that you’re paying more for some of your bills than you need to be.

If you’re looking to free up some of your time and effort spent looking for the cheapest energy deals then we’ve got the perfect solution for you. BillBuddy takes the hassle out of tirelessly searching the web for the best deals on your utility bills. Instead, all you need to do is sign up and add your details and if BillBuddy finds a cheaper tariff for you, they’ll do all the switching for you.

Find out more about BillBuddy or sign up for an account and get a cheaper tariff today.

9. Get a head start on your savings

If you’re not struggling with the financial burden of your monthly obligations, you may just be wanting to cut costs to save money.

Getting ahead and starting saving money each month for those all-important long-term goals and financial emergencies which could happen in the future, stands you in good stead - no one likes unexpected bills.

Figure out your monthly savings, put them away in your savings account and keep working on how to cut costs further now, and you won’t have to work so much in the future, preventing building debts in the future.

Why choose Fablious?

At Fablious, we have all manner of different, alternative financial solutions and products for those who are looking to save and spend money on things such as shopping, food and groceries, renting and utilities.

For more information on some of the types of products, we help source, such as buy now pay later, deposit-free renting and saving money services. Or for information on specialist support products such as debt management or credit repairing, you can visit our knowledge base.

Check back to our Fablious blog for more information and insights into how you can feel Fablious with alternative finance!

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