How do you manage household finances like a pro?

One in five adults admit they are not financially resilient, with a quarter saying they have no disposable income to fall back on*.

If the pandemic has left your finances off balance, it’s time to rethink how you manage your household money. Our money expert, Kalpana Fitzpatrick, shows you how to avoid debt, save more and get a grip on that household budget.

DITCH THE LOYALTY

Switching service providers can slash hundreds of pounds off your bills, yet one in six adults never review household expenses, according to budgeting app Yolt – that’s 8.6 million who are ‘bill blind’. If you haven’t switched energy, broadband, phone or insurance policies for over a year, then you could save hundreds by comparing deals. Moving energy providers alone could slash over £200 off your annual bill. Use the Citizens Advice comparison tool at energycompare.citizensadvice. org.uk. Compare other services using uswitch or moneysupermarket.

REMORTGAGE YOUR PROPERTY

Switching service providers may save you hundreds, but remortgaging could save you thousands. You may want to remortgage if your fixed rate deal has come to end, and you’re on your lender’s standard variable rate, which will be costing you more, or it could be that you just want a better rate than your current fixed rate. If the value of your property has gone up, remortgaging could also allow you to borrow more against your property, which can then be used to pay off expensive debts.

KICK SUBSCRIPTIONS ADDICTION

It’s official: we are a nation of super subscribers, with the average household signed up to seven services, according to Barclaycard. Whether it’s Disney+ or Freddie’s Flowers, ask yourself if you are still getting good value. The average person wastes around £100 in unused subscriptions**, so take time to review each one and cull the ones you no longer want.

TAKE THE ‘COUCH TO 5K’

Get financially fit with the Moneyhelper’s

Couch to Financial Fitness programme at couchtofinancialfitness.moneyhelper.org.uk.

Use the tools to cut costs and strengthen savings to help with buying a home, for example. Run by the government, the free online service aims to improve your finances and wellbeing.

Speak to a mortgage adviser to get the right advice for you. Find one at unbiased.co.uk