The Biggest Challenge in Personal Financing

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The biggest challenge in personal financing is figuring out how to take care of your monthly expenses. While most bills seem insignificant, their cumulative effect can drain on your monthly check. Our discussion deliberates on how to save money on your monthly bills.

Reduce Your Electricity Bills

Energy bills take up a substantial part of our monthly expenses, especially if your home has lots of smart devices. There are myriads of ways to reduce electricity bills in a home:

• Unplug the devices you barely use. Gadgets such as the television and other stereo equipment still consume energy when plugged in but turned off. Homeowners should disconnect the devices to reduce the additional power consumed.

• Turn off bulbs that are not in use

• Instal a smart thermostat and HVAC control system. After the EPA disregarded the use of programmable thermostats in 2009, consumers turned to the use of smart thermostats. They are more energy efficient as they allow users to make programming changes remotely.

• Run the dryer, dishwasher or washer when there’s a full load to ensure operational efficiency

• Install energy efficient bulbs like fluorescents with an energy star certification. CFLs, also known as LEDs, are 4 times more energy efficient than the conventional incandescent bulbs and last longer. Given that the average electrical rates are £0.12 kW per hour, replacing a sixty-watt incandescent bulb with a fourteen-watt LED gets you saving £ 0.66 every month.

• Installing a switch to enabled power strip blocks the phantom charge on electrical devices while a timer turns off the charge going to the power strip (or other device plugged into it) automatically at a particular time each night. Smart power strips are designed to regulate the flow of electricity based on the control device. For example, a DVD player only receives power if the TV is switched on. It makes an excellent way to rid of phantom charges on electronic equipment during the night or when they are not in use.

• Install a water heater blanket and insulate exposed hot water pipes to reduce the temperature on the water heater

• Air sealing a home reduces ordinary energy efficiency loopholes. The loss of warm air during winter and the loss of cold air in summer results in increased utility bills.

Use Public Transportation

Vehicles are more of a liability than a luxury. They require routine maintenance, insurance, gas, not to mention the monthly loan payments. As such, folks who can access a public means of transport should exploit the chance as it slashes the cost by more than half. However, if you are the kind that enjoys the luxury of riding an expensive vehicle, consider hiring a ride to the occasion. Various rideshare services like Uber have made it easier for individuals travel in lavish cars for a fraction of the price.

Rid of the cable

While there are lots of cable suppliers, the cost of cable TV is only rising by the day. There are cheaper ways of watching your favourite shows, but most folks prefer spending cash on premium cables. If you are looking to save money on your monthly bills, downgrade to a cheaper supplier or eliminate the cable bill entirely.

Reduce the Cost of Wireless Service

Homeowners who are not bound to any wireless service provider may reduce their monthly bill by switching to a smaller supplier. They often offer more competitive prices than major carriers, though they provide limited coverage. However, individuals who prefer the luxury of dealing with major suppliers can lower their monthly bills by checking their statements to verify of they use all the data they are paying for.

Ditch the Landline

In the wake of smart living in most households, relying on landline telephone devices is old school. Installing a landline only adds to your monthly bills for no valid reason.

Reduce the Monthly Mortgage Payment through Refinancing

If your home’s value has appreciated over the years and the interest rates have reduced, it is a good time to lower the monthly mortgage payments by refinancing. Locking in a lower rate of interest saves you money over the life of the loan, increases your monthly cash flow and reduces the monthly expenses.

Reduce your Auto Insurance

Today, there are plenty of car insurance providers offering competitive prices. Get a few quotes and compare since you may save a considerable amount and maintain the current level of coverage. Many insurance companies offer great discounts to individuals who take a home and auto insurance together.

Check if you have the Best Broadband Deal

Home phones and broadband bills also account for a large part your monthly bills, especially when you stick to one supplier. As such, homeowners ought to check if their supplier provides the best deal for broadband services. If not, they should switch to another contractor as soon as their contract ends. Changing to another supplier could save you hundreds of pounds on monthly bills.

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