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

Get those finances back in shape

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.

kitchen area with pink wall and grey kitchen units and round table and chair and tiles flooring

(Image credit: Future PLC/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.

living area with white wall and blue television and green chest adn television and painting

(Image credit: Future PLC/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.

house exterior with blue door and brick wall and white window

(Image credit: Future PLC/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?

Rebecca Knight
Deputy Editor, Digital

Rebecca Knight has been the Deputy Editor on the Ideal Home Website since 2022. She graduated with a Masters degree in magazine journalism from City, University of London in 2018, before starting her journalism career as a staff writer on women's weekly magazines. She fell into the world of homes and interiors after joining the Ideal Home website team in 2019 as a Digital Writer. In 2020 she moved into position of Homes News Editor working across Homes & Gardens, LivingEtc, Real Homes, Gardeningetc and Ideal Home covering everything from the latest viral cleaning hack to the next big interior trend.