In this article, we present you with 4 key money-saving tips to help you save big $$$ on your major household bills.
Financial Wellness
Worrying about money is a major cause of stress around the world. Financial wellness is all about the daily money management lifestyle habits that we put in place in order to relieve that stress. When we are living in a state of financial wellness, we are able to enjoy a sense of security, which enables us to live in the moment and appreciate the little things in life.Achieving financial wellness starts with financial education, something which is sorely lacking in our education system. We encourage you to read financial wellness articles to get up to speed on the subject.
Financial wellness involves planning ahead for unexpected expenses, sticking to a budget, setting up an automatic payment to save a portion of your income each week and rewarding yourself when you hit savings targets with things that don’t cost money, like going for a Saturday afternoon hike in the woods.
Money-Saving Tip #1: Cut Up Your Credit Card
Living off your credit card is not a smart financial move. If you have got some other money sitting in a bank account while also maintaining a credit card balance, you are not doing yourself any favours. The interest on your card will probably be as much as 4-5 times what you are earning on your savings. Make it your aim to pay off your credit card and then put a pair of scissors through it.Money-Saving Tip #2: Leverage Your Household Bill Providers
There is fierce competition in the utility, cable TV and internet provider markets. You can use that to your advantage if you are willing to leverage your ability to walk away from your current provider. Simply contact the opposition. Tell them you are thinking of switching and ask what can they do to beat your current provider. Then ring your provider and tell them you want to cancel. They will ask you what they can do to keep you as a customer. That is when you tell them about the other offer and explain the only way you’ll stay is if they can beat the opposition’s deal. This will take less than an hour all up on the phone but can save you hundreds, maybe even thousands of dollars over the course of a year.Money-Saving Tip #3: Ask For a Better Deal?
Whether you are buying something at the mall, over the internet or over the phone, there is one simple line that can potentially save you a whole lot of money. It is this. . .What’s the best deal you can give me on this?
It’s simple, really; if you don’t ask for a better deal, you won’t get one. In line with this, do not be afraid to complain if you are not happy with the product or service you are receiving. When you complain, go directly to the top. Be polite and reasonable, but let them know in no uncertain terms that you expect financial compensation - and that you have the ability to make your complaint public through social media. If that doesn’t work, then consider buying things second-hand.
Money-Saving Tip #4: Research Online
The internet has provided us with information we could never have dreamed of just a few years ago. As a consumer, that is great news. It allows you to compare and contrast deals from different providers so that you can get the deal. Take electricity providers, for example. You will be able to find a website that tells you what the cheapest electricity deals are, ranked in price order for you. You can check the market and switch your home over to the cheapest deal around in under ten minutes.Summary
In this article, we have identified four practical things that you can do today to help you save money on your household bills. Use them to help achieve financial wellness, relieve stress and enjoy a better quality of life despite the challenges that 2020 has presented us with.
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