Three Ways to Save Money on Your Monthly Expenses
Simple strategies to cut costs during challenging times
The recent cost-of-living crisis has significantly increased the price of almost all everyday essentials in the UK. With everything from groceries to utilities increasing and salaries remaining the same, you might be looking for ways to reduce your monthly expenses and adjust your budget to accommodate these changes. This blog will help you save hundreds of pounds by negotiating for better internet and car insurance and making a few changes around home.
📡Haggling for Better Broadband
Haggling for a better broadband deal can be a practical way to reduce your monthly expenses in today's digital age. Despite the enticing and cheap introductory offers advertised by broadband providers, it's essential to be aware that these rates often surge after the initial promotional period ends, leaving you with a higher monthly bill. I recently haggled with my internet provider; my monthly payment was due to increase by £32. It took me 17 minutes to negotiate with their cancellation department and save myself over £300 for the year.
The Game Plan:
- 1.Research your internet service options using comparison websites like Compare the Market. Any deals cheaper than your new monthly payment will be your leverage against your current internet provider.
- 2.Call your provider and express your dissatisfaction with the cost. (Note: It's essential to mention that you've found cheaper deals.)
- 3.If they don't offer you a deal that you are happy with, let them know you're considering leaving. This usually prompts them to transfer you to their cancellation department.
- 4.If you are still not satisfied, tell them that you would like to cancel. The retention team has access to the most competitive deals.
🚗Negotiating Your Car Insurance Down
Confused.com revealed a 20% increase in the cost of premiums between April 2022 to April 2023. From these stats, it is clear that, like your broadband, haggling with your car insurance provider is time well spent and easy money to save if you are prepared to do your homework and negotiate.
Beyond negotiating with your current car insurance provider, you could save some decent money by paying for your insurance upfront. For example, in November 2022, people who paid annually on average saved £302 over the year!
Additional Tips:
- •Renew your policy 15 to 29 days before your policy end date to get the best deal. Renewals on the last day tend to cost 17% more!
- •Opt-in for less mileage because your risk decreases. Less driving equals lower risk to insurers and cheaper cover.
- •Consider adding an older, experienced driver as a named driver to potentially reduce your premium.
💡Changing Your Light Bulbs for Lower Electricity Bills
The recent increasing cost of electricity has led to an increase in air fryers and LED bulbs to help reduce electricity bills. The easiest way to reduce lighting costs is to ditch your traditional bulbs in favour of energy-efficient models.
According to the Energy Saving Trust, you could save £13 per bulb per year if you replaced 100-watt incandescent bulbs with an LED alternative. While buying LED bulbs is more expensive upfront, you will save money in the long run because they use less electricity and last longer.
Use our free bulb calculator to see how much you could save!
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