Monday 17 October 2022

5 Essential Financial Tips For Money Stability

5 Essential Financial Tips For Money Stability

Keeping track of your expenses is almost as challenging as making money in the first place. Financial stability, especially in times of economic hardships, is crucial. But it can be hard to achieve without making the necessary changes. 

As the costs of living are increasing, many households are considering new options to keep their budget afloat. Creating a business can be a fantastic opportunity to design a stream of income, as a side hustle or a permanent business. In the long term, your side hustle could even replace your full-time job. A side hustle can also help make the most of your budget. 

But you don't need to unlock your inner entrepreneur to make every penny go further. Here are 5 ideas that can increase money stability. 

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#1. Don't be afraid to switch insurance provider

The insurance industry consists of many niche demographics that are targeted by different insurers. Depending on your situation, you might find that your usual insurer doesn't provide the best deal for your needs. It is worth keeping an eye on the insurance sector to understand the trends and switch insurers accordingly. 

#2. Be energy savvy

Switching energy providers is unlikely to save you money when energy costs are on the rise for everyone. However, the government has been working closely with a variety of organisations to design helpful energy deals. With £12 billion invested in Help to Heat schemes, the British Government is helping finance boiler upgrades, home upgrades for low-income households, and improvement tips and upgrades to reduce energy waste. These schemes can help you save money on your bills in 2022 and in the years to come. It is also worth researching solar panel funding options, as panels can reduce your bills by up to 70%. The ECO4 grant, currently allocating £4 billion budget to support UK homeowners for solar panel addition, can save up to 100% of the costs. 

#3. Streamline your entertainment options

Is it worth paying for SKY TV, Virgin TV and live-streaming services at the same time? The answer is no. It can be useful to focus your entertainment options on one service only, such as Amazon Prime or Netflix, which are both hard-working solutions. Memberships to multiple services can cost you over £1,000 at the end of the year. Sometimes, less is indeed more, and you may not even lose access to your favourite shows as many programmes are duplicated across many services. 

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#4. Reconsider takeaway food

It's hard to let go of one of your favourite Indian or fish and chip foods. However, regular takeaway meals can cost you a lot of money. During the pandemic, Britons spent as much as £1,248 a year on takeaway. While it is something you can maintain as an occasional treat, you might be able to save a lot more through savvy home cooking!

#5. The gym membership extras

Should you or should you not keep your gym membership? There are a lot of pros and cons. However, households often forget the underlying expenses that go with the gym membership, namely:

  • Fitness snacks

  • Fitness tracking

  • Gym outfits

Maintaining a healthy lifestyle is important. So, if the gym membership is part of your health focus, by all means, maintain it. But reduce all those extra costs that go with it. 

Are you ready to protect your budget against increasing costs? Little changes can go a long way in protecting your finances. Be savvy instead of being stingy.