I’m sure most of you know that one of the best ways to build wealth is to save more of your income than you spend, consistently, year over year – and to grow the money that you save. Sometimes, when our kids are starting out with life on their own, we forget to remind them of the times we scrimped and saved to start building our own wealth. The guest post below reminds us all of some of the simple things we can do to shave some bucks off our recurring bills. – Marie
Every now and then, you can come into a bit of money – when an investment pays off or if you win a bit on the lottery for instance. However, with the economy as it is, trying to keep your head above water by relying on windfalls like these is getting more and more hazardous. A more sustainable way of coming into cash is by saving on the money you spend at home. There are lots of simple lifestyle changes that you can make that could really make a big difference over the year. These small changes can help to improve your finances, by helping you save on things like water and your mortgage rates.
Save on Electricity
Electricity prices are going up, there’s no denying it. However, with some careful changes to your routine, you could actually end up saving on your yearly electricity bill. One great way to save is to make sure that you’re cutting out any unnecessary costs. One thing that you need to do is to make sure that all your appliances are properly turned off when they’re not in use, rather than being left on or left on standby. You should make sure that all the lights are turned off if they’re not required and that you only boil the amount of water that you require. It’s also important to close the fridge door immediately after you’ve taken out whatever you needed.
Save on Water
If you waste water, then you are literally pouring money down the drain. It’s easy to fall into the traps whereby you waste water, however, the good news, is it’s even easier to get out of them. Make sure you put up a water butt in your garden to catch any rainwater; you can use this to water your plants. Instead of using a hosepipe to wash your car, use a bucket of water. Make sure that the tap is turned off while you’re brushing your teeth and that you take a shower instead of a bath. Rather than letting the water go do the plug while you’re waiting for it to turn hot, collect it in a container; you can fill the kettle up with it when you want a cup of tea.
Save on your Mortgage
It is easy to assume that your mortgage rates now are as good as when you first got them, however, mortgage rates fluctuate like any other long term loan. You can check whether you could be saving money on your mortgage by having a look on mortgage comparison sites. These will give you all the information you need to decide whether you could be getting a better deal elsewhere. It can also be useful to employ the help of a mortgage broker, who can talk you through all the different options available to you.