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How to Save Money on Your Household Bills

With household bills, utilities, rates and living costs rising fast, more and more homeowners are keen to find ways to help lower their monthly outgoings and save themselves money.

The home finance specialists at Bower have come up with their top tips for how you can reduce your household bills, to help you free up that much needed cash to spend on the things you really want!

Equity Release

Equity release is the name given to a range of products which lets homeowners over the age of 55, access the equity (cash) tied up in their home without having to move. For those who are looking for a way to enjoy their retirement, travel, renovate the house or simply live more comfortably, equity release can be a great way to release tax-free cash that can be received either in one lump sum, in several smaller amounts or a combination of the two.

As with all big financial decisions it is important to seek independent advice from an equity release specialist before going ahead but if suitable, this could be a great way to significantly reduce your monthly payments and give you cash to do with as you please!

Energy Bills

There are a few different ways you can potentially save money on your home energy bills – comparing and switching suppliers or making your home more energy efficient.

Changing Energy Providers

With the current energy crisis seeing a steep increase in wholesale energy prices, a lot of companies have been unable to continue trading, meaning that there is limited opportunity at this point in time to switch and save money. However, this is something that is hopefully going to change in the future and when it does could be well worth looking into in order to secure a lower, more competitive rate.

Be More Energy Efficient

Some of these changes may seem small but you’ll be surprised just how quickly they can make a difference;

  • Get a smart energy meter
  • Swap your lightbulbs for energy saving alternatives
  • Set your washing machine to 30 degrees
  • Turn electrical items off properly, don’t leave them on standby
  • Close your curtains once the sun sets
  • Use hot water bottles or extra layers rather than keep boosting the heating
  • Check windows and door seals and reinforce or fix if necessary

Phones, Broadband and TV

Phones

Make sure you are staying within your monthly minutes or data allowance and that you aren’t going over. If your mobile phone contract is coming to an end, then make sure you shop around and use comparison sites to find the very best and cheapest deal that suits your needs.

Internet

Check your current contract, the price you are paying and its end date. Compare with others and contact your existing provider to haggle for a lower price, if not then switch to one that’s cheaper.

TV and Streaming

For a lot of people nowadays, having at least one or more TV or streaming service is considered standard. But monthly subscriptions for SKY, Netflix, Disney+, Amazon Prime, Apple TV, Britbox etc can soon add up to a lot of money. Take a look at what you are paying for and decide where maybe you would be happy to cut down your subscription for example like on SKY, cutting out Sports or movies or calling them and negotiating a better deal can be a great way to save.

Water Bill

People will be surprised just how much changing their daily habits to reduce the amount of water they use can soon add up to big savings, such as;

  • Choose showers over baths
  • Turn off the tap whilst washing your face or brushing your teeth
  • Check for leaking or dripping taps and fix straight away
  • Ensure the dishwasher is full before using
  • Cut down the shower time or lower the water pressure on the dial
  • Use a water butt in the garden for collecting rainwater to use on plants rather than fresh water from a hose
  • Where possible, invest in modern toilets that have a dual flush, one of which uses significantly less water