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Tops tips on reviewing household expenses

Starting 2017 with great aspirations to focus on financial matters is the perfect time to prompt you to review all your domestic bills, expenses and general spending to ensure that your financial house is in order for the year ahead.

There is nothing better than an impending deadline to spur you into action. Although, the tax deadline is three months away and it’s a good idea to start preparing for the 5th April to ease the stress closer to the time. Gathering the necessary paperwork and putting some order to it can be more time consuming than you had envisaged.

Try to discipline yourself to review the following areas of expenditure, to make sure that you are well versed in current deals thereby making you as financially savvy as possible.

There are several areas where you will need to pay special attention to:

  • Credit Cards/ loans: Do you have the best deal on the market for your circumstances? It is a fiercely competitive market place. Check cost comparison websites for example and consider a 0% balance transfer if you were thinking of clearing off your debts within a set period of time.
  • Utilities: Check that you are on the most appropriate ‘rate’ or ‘package’ and compare costs of other providers. You may find that a new player has come to the market since you signed up. This area is constantly changing.
  • Insurance Policies: Avoid falling into the trap of simply ‘renewing’ your annual home, health or travel insurance and research whether you could achieve savings by switching providers. Armed with this information, approach your existing provider with the rates you have found and challenge them. They may well match these rates.
  • Motoring: Ensure that your policies relating to your vehicle are up-to-date and meet your and your family needs. Do take some time to shop around and remember that there are also gender specific websites that may also play in your favour.
  • Food shopping: Review the way in which you shop. Did you admittedly waste a bit of food this year? Why was this? Did you plan your menu out for the week and do a weekly shop accordingly for example? Do you have a loyalty card? If not, ensure you get one!

Good luck reviewing your household expenses and why not put the savings you make toward something tangible that you will help to incentivise you even further?