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Cutting Fuel Costs
The cost of fuel is still considerably higher than it was just a couple of years ago despite recent falls in prices. It’s worth shopping around between different providers as this can result in some decent savings. Alternatively, obtaining your energy from a single source can save you money by agreeing a ‘bundled’ deal. Comparison websites are a great way of researching the various deals available and helping you to make a decision.
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Reducing Energy Use
Reducing your energy use can be the most effective way of cutting your energy costs. Making small changes such as reducing the thermostat settings of your central heating by one or two degrees and reducing the temperature of your hot water by five to ten degrees will produce instant savings. Other ways of reducing your energy consumption include:
- Turning off lights in rooms which are not occupied
- Turning timed water and heating on a little later and off a little earlier (although in some properties it might be almost as cheap to keep the heating on)
- Not leaving windows and doors (external and internal) open unnecessarily
- Turning electronic devices off at night rather than leaving them on standby
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Energy Saving Investments
Investing in energy saving can offer fast returns in terms of reduced energy bills such as using energy efficient low consumption light bulbs, draft proofing and installing loft insulation.
Larger and more sophisticated investments will take longer to provide economic benefit and require more consideration, changes such as switching to a condenser boiler, installing cavity wall insulation and solar panels.
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Keeping Within your Budget
Start your budget by working out the costs you can’t avoid and the ones you can. Once you’ve established your ‘avoidable’ costs you can assess how to control them. If there is anything you know you will need to buy within the next year it’s worth making that purchase now while prices are being slashed rather than waiting for the market to rebound.
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Cost Effective Shopping
Re-assessing your shopping habits can significantly help reduce costs. Looking out for offers such as BOGOF deals on goods you use frequently. Being aware of the different prices by different retailers can help save money but it’s also worth considering the any additional travel costs.
Buying on the Internet makes it easier to control what you spend and help stop impulse buying. Planning meals in advance and buying only what is needed for them is a very effective way to reduce waste and save money.
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Get the Most for your Money
Financial institutions have been cutting rates they pay to savers as interest rates continue to fall. It’s a good idea to review your savings and shop around for better rates of interest. Similarly, reviewing the costs of your financial products e.g. insurances and mortgages etc can result in further savings.
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Make a Will and a Lasting Power of Attorney
Having an up to date Will can prevent your estate incurring unnecessary costs and possibly avoid tax liabilities in the unfortunate event of your death. Creating a Lasting Power of Attorney (LPA) will beneficial in the event that you are unable to administer your own affairs and need someone else to look after them for you.
Most Wills and LPAs are relatively straightforward to arrange. For further details on making a Will and a Lasting Power of Attorney (LPA) contact Edward Rees (Lanyon Bowdler Solicitors Partner and Head of Department) on 01743 28028 or go to,
http://www.lblaw.co.uk/Practice%20areas/Individual/Wills%20Trusts%20Administration%20of%20Estates.aspx