Running a home and raising a family can be expensive, so if you can save money here and there, it makes sense to do so.
From reducing your household bills to decluttering your home, there are many great ways to make your finances stretch that little bit further. Here are 8 quick and easy ways to save money.
Remortgaging can save you thousands over the life of your mortgage, so if you haven’t already done so recently, it’s worth looking into. Due to the base rate being so low at the moment, there are many great deals out there, which could result in a substantial reduction in your monthly payments.
Most lenders will offer even better rates if your LTV (loan to value) ratios are low, so if you fit into this category, there could be even better deals available.
If you aren’t comfortable looking into remortgaging yourself, speak to an IFA (Independent Financial Advisor) who can search the market for deals that are best suited to your situation. Providing you have adequate income multipliers to satisfy lending criteria, the process is fairly simple and could save you a fortune.
Sell belongings you don’t need
If your home is filled to the brim with belongings that you don’t use or want, why not consider selling them? Not only will it help to declutter your home, but you could make a fair bit of money in the process. Garage and car boot sales are always popular, or if you prefer the idea of selling online, Facebook marketplace is very quick and easy to use.
If selling online, take good photographs from different angles, and try to keep your description concise and accurate. It’s a good idea to add measurements, color, brand, and price to any listings so that potential buyers don’t have to ask lots of questions.
Put your money in a savings account
Although savings interest rates aren’t particularly great at the moment, it’s still worthwhile keeping your savings in an interest-bearing savings account. Monthly savers tend to generate a higher interest rate than bog-standard savings accounts as will longer-term accounts where you lock your cash away for a fixed term.
If you regularly sell items online and have a decent level of cash in your Paypal account, you may be tempted to leave it there.
You will not generate any interest using this method, so you probably shouldn’t use Paypal as a savings account. By all means, keep a minimal amount in there if you regularly use Paypal to purchase goods, but as a general rule, it’s better to put your money in a savings account.
Keep track of what you already have
How many times have you unpacked your shopping only to discover that you have purchased things that you didn’t even need? Whether it be soap, washing powder, or teabags, try to keep a note of what you already have before purchasing more.
Beauty products are probably one of the biggest culprits when it comes to overbuying. Check your bathrooms and find out how many half-used bottles of shampoo you have on the go at once or moisturizers and body lotions that have been used once and never seen the light of day again.
Use what you have in full before buying anything else, and you might get a shock at how much money you save.
Meal planning is a great way to save money and get more organized. Instead of buying meals every day or every few days, plan ahead and work out an eating plan for the whole week. This will make it far easier for you when dinner time comes around and will also help to reduce food waste.
When planning your meals, consider how much may be leftover and use it for lunch or dinner the next day. Meal planning makes budgeting easier and will save you a lot of money in the long run.
Save money on energy bills
Heating and powering your home can cost a fair bit each month, but there are things you can do to reduce the amount of energy you are using. Switching sockets and lights off when not in use can save lots of energy, so you may notice a considerable difference next time your electricity bill arrives.
If your heating is constantly on, set a timer so that it only kicks in when the room temperature falls to a certain level. Keep rooms warmer by closing doors, and in the evenings keeping curtains closed will reduce any draughts coming in.
If your loft is not already insulated, it’s worthwhile having it done and could help to reduce your heating bills. The insulation forms a barrier that stops warm air from getting out and cold air from getting in. It’s fairly easy and quick to do and will help to heat your home for longer.
Buy second hand
Buying second hand no longer carries the stigma that it did a decade or two ago. It’s a very popular way to buy things for less and helps the environment too. Whether its clothes, toys, or furniture, there are some bargains to be found, so have a look in local charity shops, online or at your local car boot or garage sales.
With the aid of a sewing machine, many people love to turn old clothes into quilts or transform a pair of curtains into a dress or jacket. It’s a very cheap and effective way to play around with different styles and create a bespoke and fashionable wardrobe that shows off your personality.
Upcycling furniture is particularly popular these days. There is a wide array of paints available for many different surfaces in a range of colors that can help to turn an old piece of furniture into a stunning work of art. If you aren’t sure how to upcycle, have a look for some online tutorials.
There are lots of websites that will give step by step instructions on how to prepare, paint, and finish each piece.
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