I have been writing a lot of posts lately that look at saving money. These have been ways to cut down on your bills through reducing and consolidating your payments with low interest rate credit cards like the kind offered by Golden State Partners, which cut your repayments and help you to consolidate lots of bills in one easier payment, cutting down on your shopping bills, and changing your energy suppliers on a regular basis in order to make savings.
Today I want to look at some of those bills that you have that are unavoidable, and are probably amongst the largest outgoings in your life. I am talking about your mortgage payments, and the bills associated with your home, including any insurances that you might be paying. Where people do seem to look at the smaller household bills and make changes, things like your mobile phone, television service provider, gas and electric etc, when it comes to your large house related bills, people seem to leave these alone. The reality is that this can be a mistake, as you could be saving a lot of money, particular if you are currently on variable interest packages.
Why not change that mortgage?
I genuinely believe that the reason so many people stay locked into a mortgage far longer than they need to be is the paperwork and the endless jargon that can literally put people off from changing. Many people start with a mortgage from their bank that may seem like an easy option, but is not necessarily the best in terms of your payments and finances.
One way to get around this is by using a financial adviser or a financial service. A service like this can do the hard work for you, looking for the right deals that will suit you, will cut your payments and basically be able to explain all this to you. In addition, if you have any spare equity, either in terms of savings that you may have, or in terms of new savings that you may be making, they can look at investing this for you as a nest egg for when you retire, giving you a portfolio that you didn’t have before.
Home insurance. Contents insurance. Mortgage life insurance. The one thing that is certain is that you definitely need them all. But that is the only certain thing, because depending on the company you use for these services, you may be paying an excessive amount for something that could be so much cheaper elsewhere.
Again, these are services that many organise at the time of starting a mortgage, and then forget to look at or change for a better deal. I was guilty of this myself with my home and content, but now use price comparison sites to check out new deals each year before I renew. This is something to remember, most deals are only locked in for a year, and after the year, if you see a better deal, you can change.
If time is a struggle, you can once again seek advice from a financial adviser (I did this when I changed initially, until I felt confident to do this for myself) and you can also look at companies who maybe provide other insurance for you – does your car insurance firm offer home insurance and could you make a saving if you had both through them?
One thing is certain though.You will not save anything if you don’t even look at changing.