The cost of living is going up and up and there are multiple ways your house is costing you extra funds without you knowing. Chartered Financial Expert Makala Green (@thewealthcheck) spoke to HELLO! exclusively to share the key ways your home is costing you money – and revealed what you can do about it…
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You're not using energy-saving lightbulbs
Non-energy-saving lightbulbs such as incandescent bulbs use a lot of energy to produce light and therefore cost more. Switching to energy-saving bulbs such as LED light bulbs can save you lots of money over time. They also produce the same level of light while using less energy. On average, they can reduce your carbon emissions by up to 40kg a year.
Makala is sharing her money saving tips / Image: Amanda Akokhia Owner of Greenstudioslondon
You're paying over the odds-on household bills
A great way to see if you are overspending on household bills is to take the time to assess your current spending. You will likely find you are spending too much on your broadband, phone bill, or even your mortgage. Firstly, call your providers to see if they can offer you a better deal or package. If not, it's worth shopping around and switching providers for a cheaper deal to save money.
You're cutting corners on home repairs
If you don't have building, DIY or house maintenance skills, it's worth hiring professionals as you may cost yourself more money in the long run with mistakes. Sometimes, you need to spend money to save.
You're not using energy efficiently
Energy bills have rocketed in recent months, and we expect further increases. It is easy to forget to turn off the lights or an appliance when not in use. However, you consistently cost yourself huge sums of money when you do this. It's worth setting timers on your heating, opening windows for fresh air instead of fans, using washing lines instead of dryers and avoiding long hot steamy showers. You can also invest in home automated systems to keep your energy under complete control.
READ: Don't Pay UK: What happens if you don't pay your energy bills?
REVEALED: 5 most expensive home appliances that could cost you thousands each year
You haven't fixed a mortgage deal
Homeowners who fail to fix a mortgage deal could pay thousands of pounds more in interest every year. According to recent research by Citizens Advice, 2/5 of mortgage owners failed to remortgage at the end of their fixed term, resulting in considerably higher bills. With inflation high and continually increasing, we can expect mortgage rates to be higher. It's worth fixing early to avoid paying additional costs, normally done via the existing provider or remortgaging with another provider. Especially those with deals coming to an end or those on variable or tracker rate mortgages (which normally rise or fall in line with changes to the Bank of England base rate).
Keep a shopping list to save waste
You don't keep an active shopping list
Food shopping is a household essential but accounts for one of the biggest money wasters. With prices consistently increasing with inflation it's well worth keeping tabs on your trolley. Keeping a list will help you keep track of expenses and help you stick to the necessities rather than impulsive or tempting purchases.
It's also worth shopping around for the best supermarket deals to avoid overspending. Apps such as Trolley are great for tracking the latest deals.
You buy a wide range of cleaning products
There are so many products on the market made to clean anything and everything, however, they can cost a considerable amount of cash if you don't know where to draw the line. Going back to basics with cleaning products can be much simpler and save lots of money.
A grandmother's golden recipe back in the day mainly consisted of lemon, baking soda and vinegar as a base for good cleaning; they did the trick. So why not give it a go at safely making your own cleaning products for a cheaper climate-friendly option?
You haven't taken out adequate home insurance
If you don't have adequate home insurance in place and suffer any loss through fire, theft, or accidental damage, you would be unable to make a claim. This could cost you thousands to replace household items, not to mention the treasured or sentimental items. This type of insurance is inexpensive, will provide peace of mind, and could save you lots of money in worst-case scenarios.
More money advice from Makala can be found in her book, The Money Edit.
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