Tips to Help you Manage the Household Budget

Managing the costs of running a house can be challenging, but there are ways to make small changes that can both help reduce the amount we spend on our household bills and on living expenses.

Image courtesy of jscreationzs/FreeDigitalPhotos.net
Image courtesy of jscreationzs/FreeDigitalPhotos.net

If you find it difficult to juggle the household payments and the costs of living, here are some tips that might help you make your money go further each month, and help you budget more effectively.

Organise your bills to come at different times

Do you ever feel like all your bills come at once? This doesn’t necessarily have to be the case. Some providers – such as electricity and gas suppliers, car insurance companies or private health insurance firms – will allow you to elect how often your bills come, whether that be quarterly, monthly or yearly. One example of a company who allows you to chose the date of your payment is One Sure Insurance. By strategically choosing when those bills arrive, you can avoid the pressure of having to pay them all in one go, and plan for their arrival.

Pay bills immediately after payday

It’s also a good idea to pay your bills immediately after you get paid, so that you know how much money you have to work with for the rest of the month. The sooner you pay bills, the less you have them hanging over your head and risk having to pay late payment fees. If possible, schedule your more regular bills and expenses – such as rent and mobile phone fees – to be automatically deducted from your account after payday.

Change your habits

There are a number of household habits that while small can add up when it comes to your energy bills. For example, if you use a drying machine every time you do laundry, you will significantly add to the cost of your energy. Turning off lights when you leave a room will also cut down your energy costs, as will turning off all computers and TVs at the wall. Did you know that appliances left of standby account for 10% of your energy bill? By making these small changes you can shave the price that you pay to run your house each month.

Review your energy retailer

In Australia, consumers can choose from a number of energy retailers that service their area. Each energy retailer has different deals with energy distributors, making it important to do your research to find out which retailer offers the best energy prices for your area. If you are looking to cut down the cost of your energy, research what other rates are available from different retailers. Switching your energy retailer is relatively simple, and can save you significant money in the longer term. This theory can also be applied to other areas of spending too. If your car insurance needs to be updated, don’t just continue with your current insurance provider, compare car insurance quotes to make sure you’re getting a good deal. The same process can be used for home insurance, phone bills, and any other long term policies you may have.

If you find managing a household budget difficult, then try these simple changes to help make your money go further.

Author bio: David Goadby from Australian Power & Gas offers simple tips to help Australians choose the right energy retailer and plan for their needs. Australian Power and & Gas is a home energy retailer committed to giving Victoria, New South Wales and Queensland residents a Better Deal than the big incumbent retailers – the Big Guys – and ensuring customers get award-winning customer service from a 100% Australian-based team.