UK Bill Help

With the COVID-19 pandemic going on, many people have found themselves facing redundancy or the threat of reduced hours. There are several ways to reduce your bills during the Coronavirus. As during this pandemic, worries about how to pay the bills are at the forefront of many people’s mind, and it’s crucial now, more than ever, that existing finances are reviewed and cut backs are made. Purse strings will no doubt be drawn in this uncertain time, but here are some starting points when trying to cut costs in the home.

Create a List of Outgoings (Budget)

It sounds so basic, but as a starting point create a list to see exactly what is going where. This is the expense side of a budget. Include everything, no matter how small (even coffee, tea, Netflix, etc.), and go back a few months to capture any quarterly payments. There may be some payments that have been overlooked, subscriptions unused and uncancelled or things that don’t even look familiar. It is critical to know where every pound has been spent, as until you know where your income was spent on what bills, you can’t cut back. Query every transaction that doesn’t look right and cancel those never used subscriptions. While the savings will not help you with the current months bills, they will with future costs as the Coronavirus will probably be here a while.

Utility, Utility, Utility Bills

There is no avoiding them, and everyone needs their standard gas, electric, broadband bills. Is everything on the best tariff plan or price? There are numerous price comparison sites out there (including www.ofgem.gov.uk and simplyswitch.com), so it is easy to check this. Some may find a surprise at how much they are paying on their electric or light bills compared to what is on offer. Not only can savings be made, but some companies also offer vouchers and/or cash for switching.

Most energy supplies are also not disconnecting power during the Coronavirus pandemic as well. The central government put this rule into place. Or they are offer payment plans or other schemes.

Free Food During Coronavirus

Many food banks have closed during the Coronavirus pandemic, but there may still be centers open. Trussell Trust as well as independent food banks are trying to stay open if they have staff/volunteers or items to give out. They can be turned to for emergency parcels when open, and find free food banks. Or when it comes to other grocery shopping, always look for savings on what you are buying, use coupons, and determine how else you can reduce food bills.

The homebound, sick and elderly can sign up for Meals on Wheels. This is a free volunteer service. The meals delivered can help them save on food. Or limit the times they leave the home during the COVID-19 outbreak. While many Meals on Wheels are not operating, there are still some running in the UK.  Find Meals on Wheels.

Council Tax

It’s one of those bills that there is no avoiding, or there can be severe consequences, but many council tax offices are open to helping constituents during the COVID-19 pandemic. Council tax is scheduled to be paid over ten months but many local offices allow a 12-month option, which could reduce monthly outgoings by a fraction. Due to the Coronavirus COVID-19 council tax payments are also mostly being put off.

There are also several categories that people may fall into that allow a reduction on their council tax. Things like single occupancy, low-income household or being a student can allow for a significant discount, so check with the local authority to see if your home qualifies.

Shop Smarter At Open Stores

While many stores are closed during the Coronavirus, there are numerous ways to shop smarter both at stores that are open or online, but not everyone embraces the idea. With large shops such as Home Bargains and B&M carrying brand name products for a much smaller cost, there doesn’t need to be a negotiation with the quality of products. Cleaning items, goods like bleach for cleaning the Coronavirus, masks and foodstuff can be snapped up for a bargain in these discount stores. But of course right now supplies are low.

When buying online, before paying, check if there are any discount codes available using sites like retailmenot.com. Simply google the words discount and the company name and many sites will pop up offering voucher codes. There may be a little time spent finding one that works, but it is well worth spending the time to save the cash. Even find free vouchers schemes from charities or the government.

Existing Loan Products

Many people think that an overdraft is a flexible way of borrowing, but it can be one of the most expensive ways to borrow from the banks. Check the rates of any existing products. Are there better offers out there? Moving finance to a 0% offer or even a lower rate loan can save thousands in the long run. This option should only be considered for those who can afford to keep up with monthly payments. Any money from a loan should be short term to help you make it through the Coronavirus pandemic.

Insurance a Liability?

It’s a very well known fact that some insurance companies, including auto, renew annual policies with higher premiums each year, even without any claims being made or previous policies. Some have reported saving hundreds of pounds by switching their cover to one that works either the same or better than their existing one. Loyalty doesn’t always mean the best deal. Find more ways to save on auto insurance rates.

It is a very stressful time during this Coronavirus pandemic for most in the UK and the world, and finances have such a significant impact on our daily lives. From forgotten bills to money-saving ideas, any way to cut down the costs when income has been reduced is a step in the right direction. Invest that time in analysing finances to make some clear cut savings.