Bee Money Savvy’s Money Makeover is a free course designed to help you reduce your bills, improve your bank balance and make your money stretch further.
Your monthly bills are will likely be the cause of the majority of your spending. Complete this module to cut how much you spend on your household bills each year.
Module 2 aims:
- Learn about some of the ways you can reduce your monthly bills
- Consider switching energy, broadband or mobile provider to save money
- Find out if you’re eligible to claim financial support to help you pay your bills
2.1 RENT/MORTGAGE PAYMENTS
Rent or mortgage payments are often one of our biggest monthly expenses. And paying for your home isn’t something that you can avoid.
If you pay rent you’ll need to keep up with your payments and you may even want to save up to eventually buy your own home.
If you’re a homeowner, mortgage payments are likely to be a priority for you, and paying off your mortgage may be your financial goal.
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2.2 YOUR CAR(S)
Cars are expensive. I’ve avoided needing a car so that I can avoid the cost of insurance, road tax and petrol. But for many the use of a car is essential. There are ways to reduce the cost of running your vehicle including getting a better insurance deal, investing in a more energy efficient car and driving better.
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2.3 YOUR ENERGY PROVIDER
You should aim to review your energy provider every year. This will prevent you from paying above the odds and allow you to take advantage of cheap introductory offers and sign up bonuses. I set myself a reminder to look for a better quote every 12 months.
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2.4 YOUR BROADBAND & TV
A TV licence in the UK costs £157.50 a year. You can get a free TV licence if you’re 75 or over and a discount if you’re blind or in residential care. When you buy your TV licence, you’re essentially paying for he privilege of watching live TV and BBC iPlayer. If you only watch on demand TV through Netflix, Prime or other streaming services you don’t need a TV Licence. You can use a TV Licensing Payment Card to spread the cost of your TV Licence by making weekly or monthly payments. Apply for a payment card by calling 0300 555 0286.
In terms of broadband it’s worth looking to see if you can find a cheaper deal. I also recommend purchasing your broadband deal through a cashback website.
If you regularly subscribe to entertainment packages you should review your use of them regularly. When you stop getting your moneys worth from a subscription service it’s time to unsubscribe.
2.5 YOUR WATER BILL
The average water bill in the UK is costs around £385 a year and there’s no simple way to get around this cost. You can’t simply switch water providers like you can with your energy provider. But if you’d like to reduce this bill there are some options available depending on your circumstances.
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2.6 COUNCIL TAX
The council tax we pay goes towards local services such as transport, the police and fire service, libraries, leisure and rubbish collection.
The amount of Council Tax you pay depends on the value of your home and where you live. You can find out how much you need to pay by visiting your local council’s website.
You might be able to get a reduction on your Council Tax if:
- you’re on a low income
- you’re a student or you live with students
- you are the only adult in your home (Single Person Discount)
- you receive certain benefits (e.g. Universal Credit)
- someone in your household has a disability
- someone in your household is severely mentally impaired
- you live in certain counties in England and Wales and are a care leaver
- you’re a member of the armed forces
- you’ve moved into a care home or hospital
- you’re serving a prison sentence
Find out more about Council Tax reductions
2.7 MOBILE PHONE
Mobile phone bills in the UK cost, on average, £439 per year. But by being money savvy you can save money when buying a new phone and reduce the cost of your monthly phone bill.
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Next Steps
Join our Money Masterclass Support Group on Facebook for ongoing tips and discussions. We will also be selecting a monthly Masterclass graduate to receive a small gift hamper full of goodies.
