Meeting your monthly financial obligations can become difficult when money is tight. For that reason, most people would like to reduce their outgoings as much as possible. Depending on your age, the best solutions to your problem will vary. So, we’ve tried to include tips and suggestions on this page that should be suitable for everyone. Regardless of your personal situation, there are always ways to decrease your spending and get things back to normal. Sometimes you just have to use some common sense and find the right level of motivation. Follow the advice on this page, and your circumstances will improve.
Use price comparison websites to lower utility bills
Your electric and gas bills probably make a decent dent in your wages each month. So, you need to work hard to find reduced rates and better deals. Luckily, there are many price comparison websites you can use for free these days. Just enter your details, and let other people do the hard work. Experts say it’s possible to save as much as 50% if you’re smart. Those websites will highlight the best offers on the market right now, and you just need to click the right button. Switching your energy provider is not complicated, and it shouldn't take longer than a couple of hours.
Become a one car family
Travel costs are also a major issue for many people. You might have to pay somewhere in the region of £300 to £800 per year for car insurance. On top of that, you'll also have to spend a fortune on petrol or diesel. So, perhaps it makes sense to become a one car family? It might mean you have to leave the house a little earlier each day, but many people manage just fine. So long as you can still get your kids to school in the morning, you could save a lot of cash. Remember, there are always public transport solutions you could use if you get stuck. Tickets for buses and trains are much cheaper than the annual vehicle running costs.
Release equity from your property
As we said only a moment ago, the best solutions will depend on your age. People who are nearing retirement are in the best position before there are more options on the table. You can use an equity release calculator to work out how much money you can raise using this idea. In most instances, it would be more than enough to cover your last few mortgage payments. Indeed, you might find yourself with enough cash to retire early and travel the world. It all comes down to your ambitions and what you would like to achieve. An equity release also means you get to stay on the property. So, the only difference is that you’ll have enough funds in the bank to cover all your outgoings.
Those three suggestions should make a great start for your research. However, you still need to look at all the other possibilities before making your decision. In truth, everyone should perform the first two tips listed on this page. There is no point paying more for your power than is necessary, and becoming a one car family will help the environment.
Whatever you decide to do, we hope you get your finances sorted soon!