It’s safe to say that you learn a lot once you move out of your family home and have to live independently. Once you have to become the one responsible for paying for your rent, utilities and everything else that comes with living by your own means, only then do we truly realise how expensive everything really is and how managing your finances is vital to make sure you have enough money to the end of the month. In order for you to live comfortably and save money, we have come up with some useful tips that will really help you improve the way you manage your money.
- Unplug appliances
If you are not using an appliance, then it is great practice to always unplug it; this includes TVs, toasters and anything else that you usually leave plugged in. When left plugged in, they can use up to 50 watts of energy, which all adds up over time and, more importantly, adds to your energy bills!
- Heating and cooling the home
One area where we tend to spend the majority of our utility budget is in heating and cooling our homes. The following can really help you stop spending excessive amounts of money on either one:
- Conduct an energy audit, which will help you find practical and inexpensive ways to reduce your monthly energy outgoings
- Improve your home’s heat retention by using draft excluders and window coverings to keep your house warm in the winter and cool in the summer
- Use a fan to cool the room on hot days as opposed to using air conditioning
- Do your research – look into different energy companies to see if you have got the best deal. Make energy comparisons as you might find that switching your energy supplier could help you cut some costs.
- Consider installing a smart meter, with this you get real-time data, meaning you see the exact amount of gas or electricity, helping you become more energy-efficient and reducing your gas and electricity bill over time. Make sure there are no exit fees when switching provider.
- Set your water temperature
Typically you will find that a manufacturer setting on a water heater is set to 140F, however, if you change this to 120F you will be able to make between a 5% and 10% saving money on your bills.
- Replace light bulbs
If you are committed to not only saving money but also reducing your carbon footprint, it is a good idea to switch all of your bulbs to LED ones. LED light bulbs last more than 5 years and will save you a considerable sum of money if you consider how infrequently you will need to replace them.
- Limit your baths and showers
Of course, we aren’t suggesting that you should stop bathing, but consider the impact it would have on your bills if you limit your showers to 10 minutes?
- Fix leaks
If you notice any leaks in your home, it’s important that you have them seen to as soon as possible as you could find yourself literally watching money flow away down the drain! If you notice that your water bills are suddenly spiking this could also be an indicator that you have a leak in your home.
Should you find yourself in a situation where you are unable to make ends meet in the light of being faced with an emergency repair in your home, a payday loan could be an option for you. However, before you apply for any type of loan it’s important you understand you need to make repayments on time. Loans also come with interest, payday loans have high interest (you can find out more about payday loans on the Wizzcash Payday Loan Page). You may want to look at more economical alternatives, including borrowing from your parents if possible.
Generic advice is not a service regulated by the Financial Conduct Authority.