Whilst the UK economy may seem to be on the road to recovery, setbacks can be suffered without warning. Past experiences have taught us that periods of financial recovery are often punctuated with small relapses and this means it’s not time to abandon our cost-cutting practices just yet.
We all know there are numerous ways in which we can lower our financial outlays – but are there any money saving exercises you haven’t tried?
1. The DIY approach
Keeping our finances in check has often meant switching one supplier for another. Whether it’s our electricity bill which has changed hands or our weekly food bill which has gone under the microscope, many of us have overlooked the DIY approach which is available.
For your food bill, consider growing your own vegetables. You don’t need to open your own plant nursery or cover every inch of available turf with veggies but a few seeds sown here and there will make a real difference.
DIY energy bills may seem a little trickier – until you consider solar power. Having panels fitted to your roof is a great way to generate your own electricity and you can even sell what you don’t use back to the grid using Feed-In Tariffs (FITs)!
2. Upgrade your home, downgrade the cost
Most of us abandon hopes for home renovations and upgrades as financial troubles begin – but is this the only option? Sticking with your home improvement plans (albeit in a money-conscious manner) could prove financially beneficial in the long run. The trick is to upgrade your home whilst downgrading the cost.
Invest in insulation which will improve heat retention and lower your energy consumption and keep on top of structural and cosmetic improvements. This will ensure your home remains safe to live in and puts you in a better position to sell your property (should you wish to once the market improves).
Other important changes, such as fitting stairlifts, shouldn’t be neglected either. The stairlift market recession may have seen high unemployment result in a decrease in health cover and disposable income – putting stairlifts in greater demand but with lower purchases – but this doesn’t have to be the case.
A Stannah Stairlift can be of vital assistance to older individuals and a number of companies offer cost-effective rental services which make the financial implications easier to handle. Recent figures have also shown the stairlift market is improving – making now a great time to invest.
3. Shrewd investments
One piece of money-saving advice which is often overlooked is the need to actually invest the money you save. There is no point cutting the cost of your regular expenditures if the extra money is left to gather dust, after all.
Invest your money shrewdly by making use of high interest savings accounts and ISAs. There are plenty of these currently available so always look for the most competitive rates to make the biggest returns on your investment.