When your budget is tight, you might find it hard to spread the little income available to pay your outstanding bills, so saving money on top of keeping up with bill payments might seem utterly impossible. Luckily, there are ways to pay all your bills on time and still have money left over to save. Right now many of us are needing financial help during the pandemic we are experiencing. Many workers are furloughed and others who are self employed have seen there business and income drop away. Whilst the government have made some money available there are still many experiencing cash flow issues right now.
Take a look at some of these ideas listed below.
Switch Energy Provider
Energy supplier Utility Point has today launched a tariff designed to support people during the coronavirus outbreak which is great news. Utility Point will credit customers with half the cost of their bills for the first three months. It is great to see that some companies are really looking to help their customers at this time. I know I will be remembering the companies that have done right by their customers and employees after this pandemic is over.
“In light of the current situation we thought it essential to help the wider community during this period of uncertainty. This ensures we give something back to people who find themselves currently worrying about their finances,” said Ben Bolt, Utility Point CEO and co-founder.
The tariff is available for everyone, especially those who may see their income reduced, but energy usage increase, while isolating or working from home.
“The main aim of the tariff is to provide customers with some financial breathing space. It also has the benefit of being fixed, which means that their prices will not increase through the next winter,” said Mr Bolt.
Thankfully the UP Support tariff is available now and open to both new customers and existing customers that wish to switch to this tariff. Full details can be found at: www.utilitypoint.co.uk so do have a look at how much money this could save you at this time.
Be Organised
Part of the reason you are not saving or paying all your bills could be because you are disorganised. By getting your bills on a spreadsheet or simply placing them in an accessible place until they are paid, you ensure that you don’t miss any of your outstanding payments. This change in the way you operate could result in savings by avoiding late fees or interest charges, and this can go into savings.
Manage Your Variable Expenses
Some expenses, such as your rent or mortgage, are fixed, but many others are variable, meaning you have control over how much you spend from month to month. You can cut back on your utilities by conserving water and electricity, save on meals by cooking at home, and even spend less on gas by taking public transportation once a week or carpooling. The money you save goes directly into savings.
Make More Money After Coronavirus
Of course, one sure-fire way to save money and still pay your bills is simply to make more money. Whilst right now is probably not the time after the pandemic and lockdown is lifted you can get a part-time job, work on getting promoted, or start a business on the side. There are lots of ways to make more money if you really want to. All you need is a little imagination and the determination to see your plan through to the end.
Get Rid of Debt
It is no secret that if you have high-interest debt, such as credit card payments, they can take a huge chunk out of your disposable income. This means that instead of using your money to pay regular bills and to save, you are stuck in a cycle of making payments on a credit card balance that never seems to go away. The reason your credit card balance is not decreasing is probably that you have not made a concerted effort to get rid of it once and for all. This could mean taking some drastic measures; you could stop using it until it is paid off in full, divert all your extra income to paying it down or ask the lender to reduce the interest rate or turn it into a fixed-rate loan. When you finally get rid of your debt, you can then focus on paying bills and having money left over to save.
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