Saving Money .. Around the Home

June, 11, 2008

Frugality and thrift are hip in 2008, even for the wealthy (who don’t want to be left out of anything new, do they?). For the majority of us facing spiralling costs and decreasing disposable incomes, any way to save money is A Good Thing.

So roll up your sleeves, pull on your hair shirt and join us in cutting household outgoings.

Loft Insulation

Did you know up to a third of your home’s heat can escape through the loft (this seems similar to humans, with mum always telling you to keep a hat on). Well, according to the Building Research Establishment (yes, there is one and I bet they have a swinging Xmas office party) if you put down 250mm of insulation in an empty loft you could save between £70 and £270 a year. Even better, there are various grants available to help with the cost. These days, this is the sort of fact you can impress the opposite sex with at cocktail parties.

Simply turning room thermostats down by just one degree can also apparently cut up to ten percent off your fuel bill. And with the cost of energy nowadays, you can put that towards the pile of gold you’ll need to fill your hatchback up with diesel.

Saving for your children?

Compare Costs

You could save money on everything from your utility bills to your car insurance. Price Comparison websites are a booming business as we all seek to get the best deal we can.

Pay Annually

If you pay your insurance premiums monthly, check how much you are being charged as some companies might be charging you between 15% and 20% for the privilege. If you can save up to pay the whole lot in one go you could save money. And as that supermarket says, every little helps!

Lighten the Load

Replace your light bulbs with energy saving ones. Estimates suggest that in most homes lighting accounts for more than 10% of the electricity bill.

Save 20% with Budget Insurance

Watch the Water

Install a Meter - The water industry regulator Ofwat suggests that customers install a meter to save money. These can be installed for free (doesn’t get cheaper than that, does it?) and if people see their bills rise they are able to switch back to their old charges within a year.  A person living on their own with an average bill could save around £100 by having a meter.  If you want to see if it will save you money there is a water meter calculator on the Consumer Council for Water website (how the hours flew by!).

Water saving experts (I bet they go to the Building Research Establishment Xmas party too) also advise us to fix dripping taps, install water saving devices in our toilets and to take a shower rather than a bath.

Free the Fridge

Most people never move their fridge and might get a bit of a fright if they do, but cleaning all the dust off the coils at the back of fridge freezer will make it work much more efficiently. Combine this with some insulation facts (above) and you’ll definitely pull at that cocktail party.

Compare popular mortgages

Clear out the Clutter

Most of us have a bit of a hoarding gene; our houses are filled to the brim with things we don’t use (I have a friend with unworn shoes still in the original box, handbags with the price label on etc). Clear out the attic, cupboards or cellar and sell anything you haven’t used for 18 months. I remember watching a TV lifestyle guru (I find that we all need one in these troubled times) saying that if you haven’t used it in that time you never will. Try Ebay or a Car Boot sale (I’m about to lose by car boot virginity next weekend, I’ll let you know what happens).

Groceries

We’ve said it before, check out Aldi and Lidl for your basics and buy own brand goods. You won’t be alone... profits for the German-owned budget supermarkets are on the rise. And trust me: if it’s good enough for wise German hausfraus then it’s probably good enough for us! 

Do a ruthless food audit. If you throw food away ask yourself why. Don’t buy what you don’t need, in the UK we throw out a staggering £10 billion worth of potentially edible food each year.

Saving for Retirement?

I now do more, smaller shops and as a result waste less (and save about forty quid a month). I buy bulk basics at budget supermarkets (stuff like olive oil and loo roll) and only occasionally treat myself with a trip to the golden Shangri-La that is Waitrose (not very often though).

Garden

Go all Ray Mears and collect rainwater for use in the garden, or use the water from the kid’s paddling pool to water the plants (I know Ray Mears doesn’t have a paddling pool, but you get the drift).

Why spend money on compost when you can use your fruit and vegetable peelings, grass clippings and garden trimmings and make it for free?  Hey, go a step further and grow you own to save cash.

Energy

Energy costs continue to spiral. There are things we can do to save money... I finally realise why my parents nagged me to turn the lights off! Make sure appliances aren’t perpetually on standby mode. Unplug that charged mobile telephone. Power down that computer when it’s not in use. Dish washers are great, but why put it on when there’s only two mugs and a plate in there? Why use a tumble dryer on a sunny day? This will save money.

And Finally

So were all in this together. It’s The War on Overdrafts and we will fight them at the cash points, the supermarkets and on the price comparison sites! We’ve had some great emails from you all on this subject, so let’s keep it going and work out how we can spend, wisely, what we save. (Email us).

Britain awash with abandoned appliances

House Prices - A Snapshot of Britain

   SaveBorrowSpend                      Philippa Adam