Lifestyle Lookbook

5 Ways The Wealthy Lower Living Costs

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 it’s an extra family holiday this year or re-doing the kitchen, lowering the cost of household necessities could make all the difference!

Invest in solar panels

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 home’s usage of energy, the introduction of solar panels will pay for itself in as little as 8 years.

Purchase a heat pump

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 systems’ cooling features make air conditioning cheap and easy.

It’s time to go green with your heat!

Cancel memberships

3. Cancel unused memberships

Memberships and subscription fees can have a huge impact on monthly outgoings – even if going unused! Gym memberships, online subscriptions, and unused utilities are all services worth evaluating.

Software such as Truebill will find subscriptions and assist in changing to a less expensive plan, or even eliminating them.

Buy in bulk

4. Buy in bulk

Non-perishable favorites could be purchased through a wholesaler to save extra cash and cut monthly spending. Try trusted wholesaler Amazon who supply everything from groceries to DIY tools.

This has the added advantage of reducing the shopper’s carbon footprint, as well as the weekly grocery bill.

Pay upfront

5. Pay upfront

Upfront payment on purchases like vehicles and property isn’t within most people’s budget. So, they spread the cost across a number of 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. Although it’s not right for everyone if you’re in a position to take the plunge, the reward is huge!

Tips for a happier bank balance

For a more affordable 2021, follow these top tips, reduce monthly living costs, and save for what’s really important.

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