Slash your household bills with these simple money-saving tips for 2020

Get those finances back in shape
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  • If you’re wallet is still feeling the festive pinch now is the perfect time for organising your finances for 2020.

    Related: Martin Lewis top tip for saving money on the dreaded winter heating bill

    Getting your finances under control in 2020 doesn’t have to involve a huge overhaul of your lifestyle. Just a few simple tips and tricks can help trim your household bills and keep your finances looking healthy until the next festive blowout.

    If you’re planning a New Year, new house or even new kitchen, grab a pen and paper and start working on this tick list to start organising your finances for 2020.

    Organising your finances for 2020

    1. Make a monthly household budget

    Simple but effective. This is the first step to organising your finances in the New Year. Work out exactly how much money you have coming in and what is going out, and what you’re spending it on.

    You might find a few sneaky areas in the food shop or your weekly splurges at The Range were you could save a few pennies.

    organising your finances

    Image credit: Colin Poole

    2. Switch energy supplier

    If you have been with the same energy supplier for a while, the chances are you are overpaying on your household bills.

    MoneySuperMarket advises that by switching to a new tariff with a Big Six you could reduce your annual energy bill by £283 or more.

    3. Cancel any unused subscriptions or memberships

    A Netflix account, Amazon Prime, Spotify premium, even your gym membership, all of those subscriptions add up. Think about whether you actually need them.

    You could save almost £20 a month by swapping your Netflix account for BBC Iplayer and downgrading from Spotify Premium.

    organising your finances

    Image credit: Fiona Walker-Arnott

    4. Change your bank account

    Banks are constantly competing with each to lure new customers with £100 cash incentives. If you haven’t switched bank accounts in awhile, check out some of the new deals available.

    5. Consider remortgaging

    If your current mortgage deal is coming to an end, look into remortgaging to a deal with a better rate. The Moneysupermarket remortgage tool can help you to explore what other deals are out there.

    organising your finances

    Image credit: David Giles

    ‘We tend to go above and beyond to spoil our loved ones at Christmas, often stretching ourselves financially as a result,’ says Sally Francis-Miles, money spokesperson at MoneySuperMarket.

    ‘If you’ve gone over budget, try not to panic,’ she adds. ‘Review all your outgoing payments and direct debits, your earnings and your transactions over the last few months. This should allow you to pinpoint simple ways you can cut costs – for example, by switching household bills to cheaper alternatives and cutting down on eating out. Any cash saved can then be put towards paying off costly debts and eventually, into savings.’

    Related: Martin Lewis explains why now is the time to switch bank accounts

    Are you ready to make savings in 2020?

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