You may think that you can't possibly reduce your household expenses any further than you have already. Money saving expert Alvin Hall says you can, and offers some excellent advice.
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Household expenses are an easy place to start saving. Why? Because it won't feel as if you're depriving yourself; instead it will make you feel smart.
And you can also feel virtuous because some of these tips, in addition to helping you keep more of your money in your pocket, also help contribute to a better environment.
Top money saving tips:
- Buy everyday household and laundry products only when they are on special offer or on sale and buy in bulk.
- Review the service plans for land lines, mobile phones, and internet services to make sure that your provider is giving you the best deal for you and your family's needs.
- Lower your gas and electric costs by visiting one of the web sites that enable you to compare your provider's rates with those of competitors in your postal code and switch to the cheapest or a cheaper provider.
- Switch from incandescent bulbs to energy-efficient compact florescent lighting to lower your utility bills. Given that the colour of the energy-efficient bulb can vary widely, make sure you test it first to ensure it is suitable for the room.
- Turn down your thermostat by 1%. According to the Energy Saving Trust, this small adjustment can save you 10 per cent on your heating bills.
- Wash more of your laundry using cold water instead of hot water. This will help to lower your utility bills. Many of the new, biodegradable detergents work just as well in cold water as in hot.
- Look for top-quality energy-efficient appliances (with the energy efficient logo and rating) when you replace your old ones. The new appliance should last a long time, thus extending the savings on your utility bills.
- Determine how much a home improvement will realistically add to the value and saleability of your property before you do it. Avoid those renovations or changes that are too personalized and add no value.
- Periodically review your mortgage to see if the one you currently have can be improved upon. Also review your bank accounts to see if you can get a better rate of interest on your savings. It is just as important to make sure your money is earning a top rate of interest as it is to pay as little interest as you can on your mortgage. If you can do both, then it's a win-win for you.
- If you are responsible and prudent in how you handle money and credit cards get a card that offers a rewards program that benefits your family's lifestyle. There are lots of initiatives out there, from air miles to free hotel stays, package holidays and discounts on electronic equipment. This makes your money work twice for you - first when you spend it prudently on an item or items you need, and second when you take advantage of the free or lower-cost perk you've earned.
