Five Areas to Focus On When Pinching Pennies

When money is tight, we have three options; we can increase our income, reduce our outgoings, or change our lifestyles. If you are feeling the squeeze, but don’t want to give up anything, you might want to get smarter and make your money go further. If you are a homeowner with a family, there are some areas where you can save yourself pennies on a regular basis. Find out more below.

  1. Mortgage

Pinching Pennies

 

Just because you have been with your bank for a long time, it doesn’t mean you are sworn to loyalty. If you are not offered the rate you deserve, you should think about getting a quote from different providers, and reduce your monthly outgoings. Even half a percent reduction in your mortgage interest rate can save you hundreds or thousands of pounds each year. If you are not confident enough to compare the mortgage deals, you can get in touch with a financial advisor who will find the offers based on your personal circumstances.

  1. Home Insurance

We want to protect our most valuable asset; our home. When things go wrong, you might be faced with unexpected expenses, unless you have home insurance. However, if you haven’t made a claim for a long time, and still see your monthly payments rising, you should do something about it. Don’t accept the new premium automatically, like most people. Get a quote on the internet and save hundreds each year, getting the same or higher level of cover.

  1. Car Insurance

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Car insurance companies also have a tendency of taking customers for granted, and they keep on increasing your premium without giving you a reason or explanation. If you are not happy with your car insurance renewal quote, you can visit GoCompare to find better deals that suit your driving style, circumstances, and needs.

  1. Life Insurance

It is recommended to take out a life insurance at an early age, so you benefit from lower premiums. However, if you are older and cannot meet your commitments, it might be time to look for an alternative cover. In case you took out PPI with your mortgage, and are paying a lot of money, you might be better off with a separate policy that doesn’t only cover your mortgage, but pays some extra money to your relatives should anything happen to you, for less money.

  1. Utility Bills

Your utility bills can rise without you noticing it. A few pounds every couple of months here and there, and you are feeling the squeeze. While installing energy saving devices and keeping an eye on your consumption is a good idea, you should also compare the prices and switch if your deal is ending and you can save at least a hundred pounds a year.

 

When families feel the squeeze, they need to think smart. Looking through your monthly bills and spending a few hours to look for better deals will pay off long term. You will feel more comfortable about your budget, and have some money left over to spend on what really matters to you.

 

 

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