Do you dread opening your mail at the end of every month? You are not alone. No one likes to see all their hard-earned money disappear in front of the very eyes every single month. Therefore, here are some tips to help you save on your monthly outgoings.
The world is running out of fossil fuels. Petroleum is very expensive, and as a result, driving costs a great deal more than it used to. Cycling or walking to work can save hundreds of dollars every month.
Insure Your Property Wisely
Most people spend far too much money on their insurance policies. This is partially because of aggressive marketing practices employed by insurance firms. Getting insured is so darn complicated that it can become hard to tell what is a good deal and what is not. Insuring your house with a transparent and helpful company like KBD Insurance can save you a great deal of money. Don’t rush into re-insuring your home. Shop around and make sure to get a detailed explanation of what your new policy covers.
On average, Canadians spend around 370 dollars per year on household water. Reducing your water usage can help shave some money off your monthly expenses. Dual flush toilets, economic washing up practices, and short showers can all save significant amounts of water – and therefore save significant amounts of money at the same time.
Electricity is another major monthly expense. Being environmentally friendly can save you a great deal of cash. Turning off lights when you don’t need to use them, switching appliances off properly, and limiting your use of electrical devices can all drive your electricity bills down. If you really want to save money in the long term, installing solar panels could help cut your dependence on the energy network you pay the bills to. There is usually an upfront cost for solar panels, but this can sometimes be alleviated using government grants.
Don’t Buy Anything Using Credit or Payment Plans
Companies are keen to promote credit and long-term payment plans for expensive cars, furniture, and appliances. The deals they offer can seem great. They take a small amount of money each month, and you get to pay off the previously unaffordable item that you have always wanted without spending lots of money upfront.
These deals are too good to be true. Long-term payment plans have put many people in hot water. Signing an agreement to pay items off in installments may mean that you get to have an item that you have always dreamed of, but it does not mean that you get to own that item entirely. That only happens when you pay all of the money you owe off. That can take years, and you might find that interest accumulates – making your monthly payments increase exponentially the longer it takes for you to make the final payment. Don’t get suckered into buying something on credit or using a long-term payment plan. If you can not afford it, don’t set yourself up with long-term debts.