7 tips to reduce your spending on bills

We know it can be difficult to focus on reducing spending when it comes to bills. It can be daunting to manage them and keep on top of renewal dates for all of your bills.

That’s why we’ve put together some helpful information on how you could save money on your bills.

   1. Put a note into your calendar when contracts are going to expire or increase in cost

When you enter into an agreement for broadband, utilities etc, there is an end date of the contract or for the offer that you may receive for choosing them. By adding a note in your calendar, you will receive a reminder to contact your supplier well in advance to make sure you aren’t paying a higher amount for the same service.

Of course, if you don’t receive the reduction in cost, you can then speak with other suppliers to see if they can beat your current providers cost.

If you can’t call them because you are deployed, make contact with the supplier using online chat features on their websites.

    2. Try to pay up front rather than spread monthly to save

When choosing your car insurance, home insurance or even TV licence you are often given the option to either pay up front or spread the cost over a year.

If you can afford to do so, paying up front could save you as much as 20% on your insurance premiums compared to spreading the cost. The cost of monthly payments could be higher depending on your credit report. Please be aware, when spreading lots of bills over a year, increases the number of credit agreements you have and searches on your credit file which could affect your credit score.

    3. Use price comparison sites to make sure you get the best deal

Gone are the days where you’d have to go to several different providers for a quote. The introduction of price comparison sites has simplified shopping around for the cheapest deal. Pop in your details and what you are looking for into the website, and your options will then land on the screen for you choose the best deal for you. Whether it’s car insurance, energy, broadband or travel insurance you can find the best deal with price comparison sites.

    4. Consolidate debts into one interest rate

If you have multiple loans and credit cards, a debt consolidation loan could save you money on your existing borrowing. You will be placed onto one payment and interest rate which simplifies your borrowing and could reduce your total interest you pay back. Although your debts won’t disappear, merging them into one loan could reduce your monthly outgoings and help you manage your money better.

Ask us if we can help you with consolidating your debts, with repayments straight from your pay. Terms & Conditions apply.

    4. Buy food shopping weekly to take advantage of deals

When it comes to shopping for food, the worst time to shop is when you’re hungry. You will pick up food items to eat right then and the chances of the shop being more expensive is very high. By planning your meals and shopping in advance, you will save money in the long run by taking advantage of discounted or multi-buy offers such as 2 for £5 or Buy one get one Free.

When you shop online you can also filter to only see products with offers on them which is a great way to save on your shopping.

    5. Cancel luxuries you don’t use

We’ve all been guilty of this one. Are you still paying for the gym membership that you aren’t using or Sky TV’s full package that you aren’t getting the most out of. Time to review if you are getting the most out of these subscriptions as they add up! By cancelling a subscription that’s £25 per month would save you £300 a year straight away. Completing and managing a budget will help you to keep on top of where your money is going.

    6. Don’t accept your renewal price from your current provider

When you come to the end of your car insurance for example, you will receive a renewal price from your current provider. This renewal price is often more expensive than what you paid in the previous year. Make sure you get on a price comparison site as you could save hundreds in some cases just for not accepting your renewal offer. You can of course ask your current provider to reduce the cost for your loyalty to them.

    7. Buy pre-owned or discounted items

If you’re looking to save on large cost items like cars, sofas or furniture, always buy discounted or pre-owned. A pre-owned car can save you thousands compared to a brand new model even if it’s just a few years old. With the likes of Facebook Marketplace and eBay, its easier than ever to grab a bargain on furniture and even electrical items like TVs. Shop around to find the best deal. Deals are common during the changing of seasons (Spring/Summer to Autumn/Winter), and celebrations like Christmas, New Year and Easter so look for big discounts at these times of the year.