Pay off existing debts

Ideally, you will want to start your new money-saving project from scratch.

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Shop once a week

It can be tempting to go to the shops whenever you crave a chocolate bar, or packet of crisps.

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Open a savings account

There a number of ISA’s or other types of savings account which offer you a good rate of interest.

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Saving money as a household

Living with other people can be an expensive concept. Whether you choose to house-share with friends, start a family, or move in with other family members, there are tips that you can learn which will enable you to make savings. Take advantage of the fact that you are all living under one roof, by following some of our guidelines.

Pay off existing debts
Ideally, you will want to start your new money-saving project from scratch. Why not consolidate your existing debt with a loan (minimising your quantity of repayments each month), or make a decision to eliminate your existing debts immediately? Start with the debts that charge you the highest rates of interest and work your way down. In so doing, you will pay less interest over the course of the repayments and you can organise your household’s finances without the burden of existing debt arrangements.

Budget
As a household, make a list of all of the expenses that you will be paying together. For example, utility bills, food, household maintenance, etc. Having made that list, try to work out how much you are willing to spend on each of the items. Come to an agreement and add this on to the spreadsheet. Budgets need to be regularly reviewed as they are constantly subject to change. However, by budgeting as a household, you will be able to make savings where appropriate. It might only make sense to share a budget for bread and milk, but even so, every saving you make adds up. Monitor your spending against your budget, and you will be able to evaluate your progress.

Shop once a week
It can be tempting to go to the shops whenever you crave a chocolate bar, or packet of crisps. However, when you do this, you are creating a bad habit for yourself and spending more than is necessary. Having someone do the weekly shop begins the habit that you are only to eat what is in the house, and gets you into the routine of adding things to a shopping list each week. This means that only one outgoing amount appears on your budget, enabling you to track your shopping budget against what you actually spend. In addition, you will save money (e.g. on petrol) and time, by only going to the shops once a week.

Open a savings account
There a number of ISA’s or other types of savings account which offer you a good rate of interest. When discussing your long-term plans with your household, why not commit to doing something about them by setting up a standing order which transfers money from your bank account into a savings account each month? It can be exciting to watch the balance in your savings account grow (added to by the interest you receive), as you consider that you are taking steps each month towards your long-term goals. Although these goals might change, it is likely that you will still need money to achieve them!

 

 

Utilities 

With many price comparison websites now operating, it is incredibly easy to save money on a range of utilities including energy, car insurance and home insurance. Use the free resources available to you online, and you can begin to save money for your household immediately. Also consider how much you are being charged for water. Would it be cheaper if you were on a water meter? In terms of gas and electricity, have you been too busy to send through readings of late? Are your bills worked out on an estimate? If so, send some readings through to your supplier. They might owe you some money back.

Be environmentally aware

By making using of these 3 actions, you could be certain to locate a premium home monitoring agency which will certainly both regard and also succeed your assets. t takes a lot of energy to bring water from rivers, groundwater, or whatever your local water source is into your home. Water must be pumped to a treatment plant, filtered and treated with chemicals to clean it, then pumped into your neighborhood so you can use it home. Saving as much water as possible reduces the stress this whole process puts on natural bodies of water in the environment.

Quit bad habits

Linked to your usage of utilities, it is worth considering how much energy you waste as a household. Does the heating really need to be on all night? Could you save heat by shutting the doors more often or by adding layers of clothes? Are lightbulbs frequently left on? Save money by making small steps to conserve energy. In addition, consider the environment when you are out driving. Could you be walking from A to B rather than driving? Not only would this help the environment, but you will save money on petrol and other car expenses by walking (not to mention the physical benefits to you).

Pack lunch

Buying lunch in a canteen can be an extremely easy option. You don’t have the hassle of having to prepare sandwiches before you leave, and you can eat with your work colleagues without having to cook a meal. However, if you consider the price you pay against how much it would cost to prepare your own lunch, you will soon see an improvement to your (and / or your family’s) bank account, should you decide to change.

Living in a household brings with it its own set of problems, as well as benefits. Take some of the stress away by following the above guidelines and you will immediately begin to reap the rewards. Though they might not all be achievable, we hope you find the solutions that work for you.

 

10 Money-Saving LIFE HACKS To Try At Home

 

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