Guest Post
A large number of households in the UK would agree that family finances are under more strain than ever before, which is why it is important to look at as many measures as possible in order keep costs as low as possible.
Here is a look at how you can protect your family finances by searching out the best deals and adopting some money-saving strategies.
Spend less without cutting back
One of the primary costs that all households have to deal with is food shopping. Feeding the family has never been so expensive but there are ways that you can spend less money without noticeably cutting back on what you eat.
The average cost of a weekly shop is around £100 and as that equates to an annual spend of over £5,000.00 there is an opportunity to compare prices and see if you can get the same products that you regularly buy, for less.
The best way to do this is online using a service like mysupermarket to compare the prices of most of the major supermarket chains so that you can order what you want from the cheapest source. You could potentially identify savings in the region of £15 every time you do your weekly shop, allowing you to spend less without having to cut back on the items you want.
Switch energy supplier
Another area where costs are continuing to rise for family finances is energy bills and you should take action to try and get a better deal by checking if it would be cheaper to switch from your current energy supplier.
The quickest and easiest way to compare gas and electricity tariffs is to use a comparison website and enter the details required using a recent energy bill or your annual energy statement.
If you have been with the same gas and electricity supplier for at least 12 months there is a good chance that there may be a better deal available for you now and any savings that you can make to reduce the impact of recent price hikes will certainly make a difference to your family finances.
Review your borrowing costs
The simple point to remember is the less money you pay in interest the more capital you will have in order to clear your debts, which you could do in a quicker time period.
Credit card rates vary quite dramatically and you may be paying off a loan taken out a while ago that has a higher interest rate attached to it than you would have to pay for borrowing the money at today’s rates.
Review your borrowing costs and see if you can get a better deal on your credit cards and also check if you can either clear off your existing loans with some spare cash or negotiate a better rate with a new loan without adding to your debt or extending the time that you have to pay back in.
The key word that most consumers need to remember is choice; you almost always have the option of exploring the possibility of finding a better deal, which will help you to keep control of the family finances.
Scott Byrom is passionate about helping families make the most of their money and reduce their bills and outgoings wherever possible.
