Are you juggling too many bills? Having lots of individual outgoing costs can make it hard to budget – you could find yourself regularly missing payments. Fortunately, there may be a way to trim these bills down and make them more manageable. Here are just a few ways to cut down the amount of outgoing expenses coming out each month so that you can have more control over your finances.
Cancel unused subscriptions
Many of us pay subscriptions to services that we rarely use. This could include club memberships, streaming platforms, software subscriptions and magazines. It’s possible that you could even be paying a subscription to something without even knowing. Make it your first step to cancel these subscriptions – not only will you have one less bill but you’ll have some extra disposable income each month to spend.
Consolidate your debts
If you’ve got multiple personal debts, arrears and credit card bills, you could find that you’re struggling to keep track of all your debt repayments. Debt consolidation loans are a great way of streamlining these expenses, turning all your debts into one single monthly debt payment. You can find bill consolidation loans for bad credit and consolidation loans with long payment periods allowing you to pay less each month. Just be wary that you could end up paying more in the long run due to the added interest (for some people, this is still worthwhile if it helps to make expenses more manageable from month to month.)
Consider supplier bundles
It’s possible to combine may bill payments by seeking out companies that offer bundles. There are many energy providers that can handle your electricity and gas, taking it out as one monthly payment. Similarly, you can have your internet and TV under the same supplier. On top of this there are general insurance bundles that can combine home insurance and motor insurance for multiple vehicles, saving you from having to keep track of multiple insurers. Some of the bundles won’t just make your payments easier to keep track of but could also save you money – for example you can often get huge discounts by combining your car insurance and home insurance.
Take your energy supply off-grid
For those willing to take more drastic action, it could be possible to get rid of your energy bills altogether by investing in self-sufficient energy generators. Many homeowners are now switching to solar power – whilst installing solar panels can be a big investment, it could prevent you from ever having to pay another electricity bill again. You can even run your heating off solar power, preventing you from having to pay heating bills. For the full off-grid experience, you may even be able to take your water off-grid. This isn’t always practical and could involve installing your own well or rainwater recycling system – it’s more common amongst rural homesteads.