Running a household can be an expensive endeavour. Costs come in from all directions, be they utility bills, unexpected repairs, new renovations, or the inevitability of your monthly mortgage repayments. At a time where the cost of living remains unreasonably high for millions of households, any one of these costs can be make-or-break.
Keeping a handle on your household finances doesn’t need to be difficult, though; indeed, just one day a year can be enough to save you a significant amount of money – provided you give it to the task of auditing your household expenditure. An annual audit of your outgoings can give you just the control you need to manage your money a little better, for a life that feels a little comfier.
Streaming, Apps And Subscriptions
Your first port of call should be your non-essential monthly regulars. Anything subscription-based, or which incurs a monthly fee for you to utilise, should be scrutinised under this umbrella. Are there any streaming subscriptions you’ve forgotten about, for instance?
Even if you don’t have a secret subscription flying under the radar, now can be a good time to re-evaluate what it is you actually need. Can you justify the money spent on Amazon Primeif you only watch around three films a month on that platform? Likewise, is your gym subscription actually benefiting you, or could you stand to spend a few less pounds in favour of running or cycling more often?
Utility Bills And Home Services
Your utility bills form a primary aspect of your monthly household outgoings, and should be renegotiated accordingly. Once upon a time, it was possible to switch energy providers regularly to stay abreast of the cheapest tariffs; today, though, and with most tariffs reaching Ofgem’s energy price cap, the savings aren’t as sweet for switching. Auditing your home energy usage could yield better savings than switching energy providers.
This isn’t the case, though, for other core home services – like your internet. Switching broadband providers could get you a cheaper plan and better performance in one, just as renegotiating your TV plan could get you back onto a new-customer monthly rate.
Setting Up A Yearly Routine
A few calls and comparisons in one day can save you up to hundreds of pounds in a year – but it’s not something to only do once. Prices are always on the rise, and new, cheaper tariffs or rates always available elsewhere.
This is why the operative part of your new annual household audit is the ‘annual’ part. A yearly routine makes it so you never miss an opportunity to cut unnecessary costs, and always stay on the keen side of your own household expenditure. Even if there’s not much to change, checking in with your household habits is always an excellent habit to keep. Expanding it to cover things like groceries and hobby expenditure can also pay dividends over time!
