A brand new year is the perfect time to get your finances in order. Perhaps you reached a few of your savings goals last year? That’s great- now it’s time to make a few more! With these four simple hacks you’ll soon be making some nice savings on your monthly household expenses.
#1: Financial Apps
When it comes to making savings, most of us are well aware of the power of the budget! Often though, merely writing down a budget isn’t quiet enough to stick to one. To start making some savings, it’s advisable to use a method that’s a little more robust. There are some excellent apps out there that can help you to make a saving or two on your household expenses.
Pocket Guard, for example, works by syncing together all of your accounts, loans, and expenditure, then tracking this against your income. From here, Pocket Guard helps you to arrive at a workable budget for each category. One category, for instance, might be groceries, another might be utilities, etc. Pocket Guard also allows you to search expenses using keywords, so it’s easy to calculate, for example, how much you spent on a certain trip or holiday.
The Good Budget app is useful for couples (as you can sync more than one budget together) and Mint is also a popular financial app for making some great savings.
#2: Review Your Mortgage Rate
When it’s time to renew the mortgage, most people tend to stick with the existing lender. Doing so does save time; however, it doesn’t necessarily save you money. The fact is, if you shop around a little, you could land yourself a better deal with a different lender. If you’re thinking of doing so, start looking early so that you’re not in a rush when renewal time comes around. If you get a lower rate, you could even keep your monthly payments the same (and pay off your mortgage sooner.) Yet, you might prefer to make lower payments, and increase your monthly cash flow. Companies like Altrua Financial can be of assistance for those looking for more information about renewing their mortgage.
#3: Switch to Renewable Energy
Switching to a green energy supplier can stand to save you hundreds on your yearly bills. Take a look at the green companies who serve your area and suss out a few quotes. When you’re shopping for deals, price comparison sites can sometimes be of use to gauge the best option. While your thinking green, consider upgrading your appliances to ensure that they are all energy star rated. Such appliances create the most energy efficient home and mean that you’ll waste less and reduce your bills too.
Saving money is all about mindful spending, think carefully about every item you buy from your homeware to your groceries and car insurance. Assess how long the item will last and how much use you will get out of it. Ask yourself if you need the item or if you could get a better deal elsewhere. When you think carefully about every purchase, you’ll be less likely to waste money.