Just moved into your new home and looking to save money on your household bills? Good news – cutting costs is easier than you think!
As a homeowner there are many ways you can put some extra cash aside by reducing your monthly outgoings. Follow some of our money-saving tips below to ensure you’ve found the best deal and save hundreds of pounds on typical bills such as broadband, electricity and transport.
Think - do you really need that subscription service?
It’s tempting to sign up for a whole range of subscription services to keep us entertained whilst we're at home…but how many of them do we actually need?
Subscriptions for streaming services have soared more than ever in 2020 which inevitably means a rise in monthly outgoings. Instead of keeping Netflix, Amazon Prime and Disney Plus – weigh out the pros and cons and just keep one to save some spare change.
Negotiate with suppliers
The right haggling technique could halve your outgoing bills in an instant. With so many price comparison websites out there, firstly make sure to do your research and find the best deal for you. For example, use Compare the Market to source a great price and potentially save hundreds on household bills such as car, home and life insurance. After this, simply make a phone call to your supplier to discuss reducing costs.
Look after your health for less
The price for prescriptions are often costly and sometimes unexpected – leaving some of us with a hole in our pocket. If you need regular prescriptions, consider investing in an annual prepayment certificate which could save hundreds a year. For other medicine which can be found in shop aisles, try using supermarket brand medication which are often identical to branded options at a fraction of the cost.
Check your council tax band
Make sure you’re paying the right amount of council tax by filling out a quick questionnaire. Many people in the UK have been placed in the wrong council tax band which could be costing you more than you think!
Swap the gym for home workouts
How many people have paid for a monthly gym subscription but barely ever go? It’s a well-known fact that fitness centres can be costly and usually requires some form of transport to get to which means more money spent. With an abundance of free home tutorials for all ages and fitness levels, it’s never been easier to find an online workout to help you achieve your fitness goals for free.
However, if the gym really does have a special place in your heart, consider paying upfront for an annual subscription rather than monthly to save a considerable amount over the course of the year.
Cut the costs of your food bill
Does it sometimes feel like you’ve eaten up your monthly payslip? You’re not the only one. Use our top money-saving techniques to save your hard-earned cash and save on groceries! Some of our favourite tips include:
- Shopping at the right time of day
- Using supermarket cashback apps
- Purchasing seasonal foods
- Making the most of your freezer
To see the full list of our supermarket saving tips click here.
Simplify your phone bill
Review your current phone plan and consider whether you need as many add ons and features as you currently have. Do you use all of the data you’re paying for? Is your phone nearly due for an upgrade but still in good working condition? By trimming all the little extras, your household bill could be reduced by a rather healthy amount!
Reduce your broadband bill
Are you paying a fortune for TV channels you just never watch? Take a look at your current broadband package and highlight what’s worth keeping and what’s not. To compare different deals use online tools to find a package better suited for your lifestyle and avoid paying hefty amounts for additional channels you don’t need.
Look to the future!
Trying just a few of these strategies could help improve your financial situation and lower your expected monthly outgoings significantly, and after making these changes you should have more money to save or spend for the road ahead!
Let’s talk money
Have you heard of our Money Diaries series? We're talking to real Sovereign shared owners to find out exactly what it costs to own your home with shared ownership. For an insight into how other shared owners manage their finances click here.
FAQs
We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left. It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
You buy a share in your home that’s right for you. That could be from 25% up to 75% initially. You’ll pay a reduced rent to us on the share we own and a monthly service charge.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.