Having to stay indoors due to being on furlough or self-isolating as a result of COVID-19 could mean you see an increase in your household bills. In this article, we share 7 ways you can save money to help you try and keep costs down.
1 - Take Damien's Money MOT
Damien's Money MOT is a free financial health check tool that in just 2 minutes can help you understand your finances, improve your financial wellbeing, identify any gaps that exist, and provide a remedy to fix any financial shortcomings.
Damien's Money MOT is the only financial health check that gives a personalised grade based on the questions you answer along with the opportunity to improve your score with a free action plan. Take Damien's Money MOT today and be on your way to a better financial future.
2 - Switch energy supplier
Switching energy supplier is often on everyone's 'to-do' list, but is often neglected due to the assumption that it is a time-consuming task. Nowadays, however, there are a number of companies that take the stress out of switching provider by doing the hard work for you. We review the best auto-switching services in the UK in the following article. It is important to pay particular attention to the comparison table as it highlights which providers compare the whole market to genuinely give you the best deal.
3 - Budget
Budgeting efficiently can save you a surprising amount of money. Everyone tends to get caught up in life and can easily forget to keep an eye on their outgoings. By budgeting and tracking your daily spending using a budgeting app, you will be able to easily spot those little expenses that add up to a surprising amount each month. A budgeting app will also allow you to spot subscription services you may have signed up to and forgotten about. Check out our article "Best budgeting apps in the UK" for the best ones in the market right now.
4 - Check your credit score
Checking your credit score is important if you want to ensure you're getting the best deal when it comes to taking out credit. Regularly checking your credit score will also notify you if there is any incorrect information on your file or any fraudulent activity. Visit our article to find out how to improve your credit score quickly.
5 - Consider remortgaging
As the Bank of England has maintained interest rates at a record low of 0.1%, remortgaging may be a good idea as you could see a reduction in your monthly payments. You will need to check to see if you are near the end of your mortgage agreement first, however, as otherwise you may have to pay early repayment fees. Find out how much the rate cuts could save you.
6 - Switch current accounts
Switching your current account won't save you much money (if any), but it could get you free money. Some high-street banks are paying up to £175 just to switch over to them, and you don't even have to lift a finger, as most banks take advantage of the Current Account Switching Service (CASS). Find out what current account deals are available in our current account switching article.
7 - Start to save
Although you may not be thinking about saving your money if you're stuck at home, it may be a good time to squirrel away some of the money you are saving from not being out. If you have struggled to save in the past, then you should look into some of the handy savings apps that do it automatically for you. Check out our best savings app guide for more information.