How to Save Money Now: A few quick tips.

When life gives you lemons……. make lemonade as they say. And 2020 has brought all of us a TON of lemons. Despite all the changes and upheavals to people’s lifestyles in 2020, there are still some things that remain unchanged fiscal responsibility and BILLS!!

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If you are looking for ways to help save money and readjust your financial obligations and how you deal with money, this post will give you some ideas on how best to approach this to make sure you can still live comfortably but also make savings on household bills where possible.

Repair not Replace

When something breaks down, the first option is to replace it. Appliances around the home come with a typical lifespan. If your appliance breaks down and is over 50% of the way through its lifespan, you may be looking at considering replacing it altogether. However, choosing to repair it may be more cost-efficient, especially for newer models. Many retailers sell parts for major appliances such as Electrolux spare parts to enable you or a repair company to fix the issue easily.

If you require new furniture, have you considered upcycling? While not strictly repairing an item, breathing a new lease of life into old or unused furniture around the home can save you money on buying new and allow you to create a unique one-off item to compliment your home.

Check online for upcycling tutorials for the cost of the materials needed – often these can be sourced from donations of pre-loved items, you can create something original for your home. There are so many ways you can repurpose items around the home. Wooden headboards can make great shelving or feature art for walls. Repurpose an old wardrobe by removing the doors and any shelves and turn it into a completely new item for your home such as using the wood to make a side table or sideboard for your hallway or even a coat and shoe cabinet. Use your imagination and see what you can come up with!

Utility Bills

A go-to option for everyone looking to save money, but by making sure you aren’t paying over the odds on your household bills by switching suppliers if possible can save you some money you can use for other essentials. Apply this to your bills and insurance policy to make sure you are getting the best deal for the level of cover you need.

Car insurance, home insurance and life insurance premiums can all add up, but moving to a provider who matches the level of cover you need for a better price will help you to maximise your income.

With the average monthly cell phone bill being $67, making the switch to a different cell provider can help to save you money by switching plans to a more suitable one for your needs that costs less.

Protect Your Income

If you are worried that your income may be affected during the pandemic, it may be worth looking into redundancy insurance or income protection insurance. Check with your provider to see what type of cover you have on your policy and see if you are covered should the unexpected happen.

If not, it may be worth adding either of these insurances to make sure your income is protected. Redundancy cover will provide you with a payout in the event of involuntary redundancy, and income protection cover will pay out should you be unable to work due to an illness such as contracting coronavirus and being unable to work for long periods.

Losing money in such unprecedented times is a huge worry so while protecting your income is initially saving your money, you will reap the rewards should you fall into one of the categories that mean a loss of income. It may be that you need to add this to your policy as a premium cover but the extra expense each month can ease pressure and worry about your will to manage financially should your income be affected by the pandemic.

Debt Consolidation

Taking out a debt consolidation loan could mean you increase how much you owe, however, the monthly repayments could be lower than your combined payments and all you are left with is one more manageable payment each month. Check your eligibility before applying and make sure you have a good credit history to maximize your chances of getting accepted for a lower-rate loan. Take into account annual fees, fees charged, and the interest rate you are paying on your existing credit before deciding if a consolidation loan is best for you. Consolidating your debts is the act of taking on a loan to repay all of your outstanding credit in one lump sum and then be left with one more manageable monthly payment. If you are paying high levels of interest on the money you owe for loans, credit cards, car financing etc., then looking for a lower interest loan that can pay off your existing credit obligations can help you to improve your credit rating and avoid falling behind on repayments.

Remove Unwanted Subscriptions

It pays to be thorough when going through your bank statements. Revoking any subscriptions, you aren’t frequently using can help you to save some money each month. Gyms, magazine, charity donations, streaming services and more can all add up and if you aren’t using them as frequently as you should be, then consider cancelling and going without until you are in a better position financially.