THE MONTHLY EXPENSES YOU’RE PROBABLY PAYING TOO MUCH FOR
If only we didn’t have to worry about those mounting monthly expenses. If only we had more money to spend on the fun things in life. If only we could be one step closer to financial freedom.
If only…
Well, here’s the thing. You don’t need a magical money fairy to turn your life around. You can worry less about your expenses. You can have more money. And you can take one step closer towards financial freedom.
How?
By taking a long hard look at your monthly expenses, and asking yourself one important question.
Am I paying too much?
In some cases, you could be wasting money each month, as there are often ways to make cutbacks. We have a few examples here. Read them, heed them, and then do whatever it takes to reduce them.
1. Your Mortgage
Could you be paying too much on your mortgage? When you first took out this home loan, your financial situation may have been very different from what it is today.
If you were a first time home buyer, or if you have had problems with your credit score, then you might have been hit with high-interest rates by the lender. But that was then. You might now be eligible for a fairer rate of interest on your mortgage, so consider refinancing it.
Talk to your bank or other home loan brokers and try to negotiate a better deal. With less to pay each month, you will then have more money to spend or put away in your savings, and you will be one step closer towards financial freedom.
2. Your Food Shopping
How much money do you spend on food each month? We imagine quite a bit, especially if you have a family to feed as well. But are you paying too much? Answer yes if you are always buying branded products, as these are often more expensive than the generic offerings supermarkets hide away on their shelves.
However, the only noticeable difference between the two is often the packaging and not the food inside. According to savethestudent.org, you could save up to £520 a year if you downshifted to unbranded products, so consider making the switch the next time you’re at the supermarket.
You should also use a price comparison service to check the supermarket prices on the foods you usually buy. After all, if you can pay less elsewhere, you may as well as take advantage of the better offers available to you.
3. Your Broadband
You probably compare your gas and electricity prices on a regular basis in order to secure a fairer deal, but what about your broadband? If you don’t bother to use a price comparison service when your contract is almost up, you will end up paying the same (or even more) with your current broadband provider for another 12-18 months! Thankfully, Ofcom has now instructed broadband providers to let customers know in good time when their contracts are ending, so there should be no chance of you forgetting your end dates.
When you know your contract is almost up, use a broadband comparison service and make the switch if you can get a cheaper deal. Alternatively, make a note of the lower prices you find and use them as a bargaining tool with your current provider.
So, are you paying too much on these monthly expenses? You might be, so consider what we have said, and try to find a better deal. With more money in your pocket, you will have fewer worries, more to spend, and more money to put into your savings. Result!
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