2020 has left many people financially buried under the impact of the coronavirus, leaving a large proportion questioning how they can lower monthly living costs in the new year.
Whether you want an extra family vacation this year or you want to re-do the kitchen, lowering the cost of household necessities could make all the difference!
1. Invest in solar panels
Solar panels use particles of light called photons to generate a stream of energy, which is then converted into electricity.
Using solar panels to power a home or business is a sensible choice as it has a completely renewable source, it’s storable and free of pollutants. Despite the initial high investment, the reward for seeing the bigger picture is low to non-existent maintenance and running costs.
Based on the average American home’s usage of energy, the introduction of solar panels will pay for itself in as little as eight years. You can learn more about the benefits of installing solar panels on your home here.
2. Purchase a heat pump
Heat pumps are air circulating systems that provide heat and cooling. Pumping the heat uses less electricity than conversion and has superior efficiency as an alternative to fuel and oil. On average, a heat pump can transfer approximately 300% more energy than it consumes.
Owning a heat pump provides additional benefits such as its long-life span (+50 years), low maintenance needs, safety, and of course, low running costs. Also, during the summer months, the system’s cooling feature makes air conditioning cheap and easy.
Make purchasing a heat pump system easy, with interest-free payments on top-quality heating and cooling systems. With a range of products to choose from and a low-price guarantee, it’s the year to go green!
3. Cancel memberships
Memberships and subscription fees can have a huge impact on monthly outgoings – even if going unused! Gym membership, online subscriptions, and unused utilities are all services worth evaluating.
Certain software will help you find subscriptions and assist in changing to a less expensive plan or even eliminating them.
4. Buy in bulk
Non-perishable favorites could be purchased through a wholesaler to save extra cash and cut monthly spending. Try trusted wholesalers who supply everything from groceries to DIY tools to ensure you don’t pay multiple shipping fees for your bulk buying.
This has the added advantage of reducing the shopper’s carbon footprint, as well as the weekly grocery bill.
5. Pay upfront
Upfront payment on purchases like vehicles and property isn’t within most people’s budget. So, they spread the cost across several manageable payments, which, in the end, costs a little extra.
This ‘little extra’ is called interest and can quickly add up with the security that manageable installments provide. Paying upfront for items where possible can cut monthly outgoings and improve credit rating. It’s not right for everyone, but if you are in a position to take the plunge, the reward is huge!
For a more affordable 2021, follow these top tips, reduce monthly living costs, and save for what’s truly important.