Are your bills too high? Many of us could be paying less each month if we made a few changes. Here are just several ways in which you can reduce your bills.
Cancel unused subscriptions
Subscriptions that you rarely use should be the first thing to go. This could include subscriptions to streaming platforms like Netflix or Spotify that you may not use, unused gym memberships or memberships to discount clubs you don’t used. These may only be few dollars a month, but in the long run that could be big savings.
Switch providers regularly
It’s worth always shopping around for new deals from energy suppliers, insurers and TV/internet providers. Many providers will have new customer deals worth taking advantage of. It’s possible to use the help of brokers to shop around for the cheapest rates such as these auto insurance services. Be wary of early exit fees – it may be worth waiting until your contract comes to an end (usually at the end of each month).
Look into group bundles
There could be ways of combining bills to save money. TV, phone and internet packages are common and can save you money opposed to shopping individually. As for insurance, try looking into insurance bundles that may include car insurance, home insurance and possibly even life insurance. Bundles don’t just save costs but also cut down on hassle – it can be easier to keep up with bills if you have less provider to juggle.
Consolidate your debts
Debts can also be a bill that many people spend a huge amount on each month. This could include mortgages, student loans, car finance, other personal loans and credit card bills. If all these bills are becoming a headache, you could consider consolidating them all by paying them off with one loan. Fixed term consolidation loans can also be useful at reducing interest rates if your current interest keeps going up (usually after missed payments or as the result of variable rate loans). Refinancing individual loans could also be an option.
Reduce your energy usage
As for energy bills, the best way to cut down is to reduce your usage. This involves electricity, gas and water. There are lots of lifestyle changes that you can make to curb your energy usage including unplugging appliances when not in use, turning off lights when not in the room, bathing less and showering more, washing only full-loads of laundry and layering up in winter rather than reaching for the thermostat. You can also invest in more energy-efficient appliances and fixtures such as an eco-friendly oven or multi-flush toilet, as well as insulating your home. Make sure that you’re taking regular meter readings so that your provider knows exactly how much energy you’re using (you could also consider switching to a smart meter that automatically provides readings). There is of course the ultimate energy investment which could involve switching to solar energy or switching to rainwater harvesting
Keep a low credit score
A low credit score will allow you to access cheaper deals. This is largely based on your ability to pay bills on time. If you have a poor credit score, you may be able to boost it by taking advantage of credit builder schemes. There are also other factors that can boost your credit score such as registering to vote and making sure that all your bills, cards and accounts are registered to the same address.
Look out for billing errors
If you’ve had an unusually high bill one month and there’s no obvious cause, don’t hesitate to question it. Billing providers can make mistakes such as accidentally putting customers on the wrong tariff. Spikes in bill rates could also have other meanings. If you keep missing payments, some providers may respond by increasing your rates. Meanwhile, if it’s a high energy bill, there could be a chance of a leak. Water leaks, gas leaks and electrical leak (yes, they exist) can all result in extortionate bills and may also be dangerous in some cases, so you should get them seen to straight away.