Millions of households are feeling the brunt of the cost-of-living crisis. From our energy, broadband, and water bills to food and fuel, price rises are being felt across the board.
One method to combat this is to devote some time to ensure that you are getting the best value for your money on all of your home expenditures.
That's why we have 3 quick ways to cut your bills…
Switch to an Intrest Free Credit Card
If you have bills on several credit cards, get a balance transfer credit card to consolidate your debts onto one low-interest card — ideally one that offers 0% interest for a set amount of time.
There are currently options available that give interest-free borrowing for more than two and a half years, allowing you to obtain some breathing room while paying off your debt. Use our eligibility checker to see if you're eligible for a 0% balance transfer card – checking this way will have no impact on your credit score. Keep in mind that you'll need a good credit history to qualify for the finest credit card offers.
Remember to account for any balance transfer fees, and pay off the loan before the interest-free period ends, or your expenditures could skyrocket once the usual rate of interest kicks in.
Make your Bank Account Work for You
Many of us are still with the bank we chose when we started university or took our first job. If this matches you, it may be time to start looking for a new bank account.
Because of the competition among banks, switching accounts sometimes comes with a slew of incentives, including privileges and even rewards.
But don't make a decision only on the basis of the incentives. Examine the fine print to see what the new bank has to offer in terms of overdraft rates and in-credit interest. You must ensure that the new account is appropriate for your requirements. If you're frequently overdrawn, for example, switching to an account with lower overdraft penalties could save you a lot of money.
Moving to a new bank is simple and should happen swiftly thanks to the Current Account Switch Guarantee. All direct debits and standing orders will be transferred to your new account, as well as all payments.
Save on your Insurance Policies
By paying a greater excess, you can save money on your insurance. This tells insurers that you are less likely to file a claim, resulting in a cheaper overall rate.
You can also increase your no-claims bonus. If you've gone several years without filing a claim, you'll usually qualify for a no-claims discount.
Another approach to save money is to remove any unnecessary covers. Accidental damage may be covered by some insurance by default.
It is also possible to save money by purchasing many covers. Insuring more than one car or phone with the same company might also lower your rate.
You can save up to £270 a year by comparing vehicle insurance quotes. However, you can save even more money by driving a less powerful automobile, accumulating a no-claims bonus, and even driving fewer miles per year.
Don't just buy home insurance from your mortgage provider or bank, you can buy it from any provider, regardless of who you got your mortgage from. Shop around for the greatest prices.
Consider taking up both buildings and contents insurance with the same insurer, as you may be able to get a better deal. To be sure you're receiving the greatest bargain, compare the costs of purchasing buildings and contents insurance individually.
Finally, pay annually: While paying in monthly installments may appear to be more convenient, it is nearly always more expensive because you will be charged an extra fee.
If you have any questions about your finances, feel free to get in touch today!