How to Save Money at Home

Top tips for tenants for keeping more, rather than less of your hard-earned cash in your bank account

Our latest blog, “How to Save Money at Home” is, we hope, an easily actionable guide to lowering your essential domestic costs.  

It’s hardly provocative to say that life used to be a lot cheaper than it is now. Quite a lot cheaper, in fact. We are in a cost-of-living crisis for various reasons too complicated or controversial to touch on here. And it’s hitting us all hard.

There’s good news and less good news:

Small Economic Diversion Here

According to the Office of National Statistics (ONS), as of mid-July 2023, the UK’s inflation rate is at its lowest for more than a year. At a more encouraging 7.9% in the year to June, price rises have slowed more than those financial folks in the know were expecting.

However.

Rents in the private sector are still rising; in fact, they’re on the up at their fastest rate since records began in 2016. Nevertheless, don’t despair. Lower inflation costs may possibly offset these rises, as the financial markets have reacted positively, which could reduce the funding costs of mortgages.

Your landlord could see their mortgage rates drop, and be less keen to hoik up your rent.

It’s all a bit action-reaction.

So, given the current price hikes, how do you save money if you’re a tenant? Brighton is, without a doubt, an expensive place to live. Let’s talk about energy first:

1. Heating Rooms and Your Home Generally

As of April 2020, landlords can only rent out properties with an EPC (Energy Performance Certificate) if they are below rating band E – unless they have a legitimate exemption. This means that your home has to meet certain energy-saving efficiency standards, which will hopefully reassure you.

In the meantime, central heating remains the best, and most cost-effective way to keep your home warm and toasty – when the time comes. Again, we can offer you cost-saving encouragement here: It’s your landlord’s responsibility to ensure that your gas boiler is safe and working properly, with yearly inspections.

• Put your heating on a timer so that you only use it when you’re at home.
• Lower your thermostat: just ONE degree lower could save around £100 per year.

Heating just one room? You may be surprised at how affordable many modern portable heaters are to run. For a short blast, try a fan or halogen heater; oil-filled and oil-free radiators are a good choice for longer-term warmth.

2. Insulation

Keeping costs down is about keeping energy in, rather than letting it escape.

As a tenant, you won’t be able to lay down insulation in the loft, or insulate hot water pipes and tanks, or fit secondary glazing.

But, your landlord may do this for you. Here, we’re highlighting the energy performance obligations that they must meet, and, most landlords are reasonable, fair people; they want to make their properties as appealing and “rentable” as possible.

Try these quick tips:

• You can use an acrylic sheet that you fix over the window with a hair dryer as a form of secondary glazing, even if you can’t install double-glazing.
• Heat is lost through drafty windows. Think: £20 notes just floating out into the night. So, installing blackout curtains, especially over old rattly windows, can reduce this problem. Don’t forget to close your curtains as soon as it gets dark, which helps keep the room warm.
• Move your furniture! It sounds obvious, but make sure that sofas etc do NOT sit in front of radiators. You deserve to be cosy. Your inanimate soft furnishings, not so much.
• LED lightbulbs are a fabulous idea. Not only do they last longer than the old-fashioned ones, they also use less power.

3. Cooking

Although it may seem surprising, modern-day electric ovens are cheaper to run than gas ones.

Equally, electric induction hobs supply heat just to the pan rather than generally outwards to the kitchen, as with gas.

Have you become a part of the air fryer revolution? These are really good and more economical to run: they cook cleanly, efficiently and much, much faster than an oven. Also, it may be time to fall back in love with your economical microwave.

4. Energy Suppliers

Generally, you will be responsible for paying for energy directly to your supplier. Therefore, it is up to you to source the company that’s right for you and your home. Is it still worth shopping around for great deals? It’s worth mentioning that many of the more “affordable” energy companies have gone bust, as their low prices weren’t sustainable.

So, right now it’s probably not worth doing an energy supplier trawl.

What we mean is, cheap deals aren’t around at the moment. Mostly, energy just costs what it costs – but this may change in the future, as we’ve noticed that gas and electricity pricing is gradually decreasing. 

Most of us are on variable, or out-of-contract tariffs. If you’ve been on fixed payments, once your contract ends you’ll be on a variable one with no option to tie down pricing. Nevertheless, again – keep an eye on the news, and check out www.moneysavingexpert.com for the latest advice.

Tips:

• Your direct debits are NOT your actual energy bills. They’re a fixed amount that your provider divides into twelve and takes from your account to cover your annual usage. So, make sure that you give regular meter readings and/or ask your landlord if you can install a smart meter.
• Direct debit gone up? Bills can look confusing, and sometimes we’re convinced that this is done on purpose, but don’t quote us on this. Contact your supplier and ask them to take you through it. You may be paying too much and/or you may be able to negotiate an easier payment plan with them.

5. Problems with Paying Your Rent?

We devoted a previous blog to this issue – have a look here.

Everyday living costs have skyrocketed and yes, rents in and around Brighton and throughout the South East are, shall we say, on the high side. Always, always prioritise your rent and your bills above everything else.

But, if you’re struggling, we hear you.

Above all, don’t ignore the problem. It will not go away and will get worse if you turn away.

Get in touch with Clarity. Although you must act, we’ll offer you a safe, non-judgmental space as well as sound advice. We’re people first and letting agents second.

Slowly, slowly, things are improving. Whilst this time next year we won’t “all be millionaires”, there are better times to come.