Saturday, September 24, 2022
HomeProperty InsuranceMaking the most of your finances

Making the most of your finances

A Parliamentary report on the 29th of March 2022 acknowledged that the cost of living in the UK has followed a steep upward curve since the beginning of 2021 and inflation – at 6.2% over the past 12 months – has reached its highest recorded level in three decades.

Meanwhile, the Guardian newspaper on the 11th of April pointed to many everyday items that are currently costing more than 8% than they did a year ago, with average gas and electricity bills going up by almost double to hit £2,000 a year.

It is a time when any householder will want to make the very most of available finances – so, here we will suggest some of the ways you might do just that:

Gas bills

  • if you have gas-fired central heating reduce the amount of energy consumed simply by turning down the thermostat a degree or two – and preserve the heat you have used in warming up a room by closing the curtains and blocking draughts, suggests the government-backed Money Helper;
  • make still further savings by ensuring that the thermostat you use is a smart thermostat;
  • no one is suggesting that you invest in a whole new range of appliances, but when it comes time to replace any nearing the end of their useful life, remember to look out for the most energy-efficient models – especially if you are installing a new boiler;

Electricity bills

  • saving on your electricity bills will involve similar care to preserve the benefits of any energy you are consuming – through efficient insulation and the use of smart meters and thermostats;
  • when you are buying new electrical appliances, make sure to check the energy efficiency ratings of comparable products and choose the most efficient – namely, appliances rated A+++;
  • when setting the cycle on your washing machine, bear in mind that clothes are likely to come out just as clean if you wash them at 30º instead of 40º – and that switch will save valuable electricity consumption;
  • don’t keep electrical appliances on standby but make sure they are completely switched off by disconnecting them at the plug – a story in the Mirror newspaper on the 13th of February 2022 estimated that pulling the plug on the television alone could save households as much as £25 a year;

Water bills

  • water consumption is probably one of the most overlooked utilities when it comes to economising on its use – that is largely because of the conventional way of charging a fixed rate assessed based on the property’s rateable value;
  • this is changing and around 50% of homes now have water meters installed – so that you pay directly for what you use – and, according to a story in the Independent newspaper on the 19th of February 2022, a further six million homes might be forced to have meters fitted in order to prevent water shortages;
  • if you are paying metered water charges, therefore, you will be interested to review the ten tips on saving water suggested by the Eden Project – these include water-saving flush cisterns, shorter showers, turning off the tap between rinses, and the installation of water-efficient devices and appliances.

As inflation in the UK continues to drive up the cost of living, you might want to pay closer attention to these energy-saving tips and suggestions to help you make the most of your finances.

This entry was posted in Landlord Advice. Bookmark the permalink.



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments