Cost of living crisis: how to save money from the moment you move in

You only need to turn on the TV to hear the phrase ‘cost of living crisis in the UK’ but if you’re just about to buy your first property then it may be even more important to you to make sure you’re not wasting money anywhere unnecessary.

Oftentimes people move in to their new home and the first thing they think about is decorating or buying some new furniture, but if you consider the cost of not setting up your finances correctly at the start you will soon realise that now is the best time to get savvy and save yourself some cash.

As a mortgage broker I am here to answer queries for my clients both before they move in and occasionally after, and the following tips I give you come from conversations I’ve had with my clients once they have moved in, so read on to save yourself some money.

1.     If you’re living alone see if you are eligible for a single person’s discount on your council tax and water bills – if you don’t check this straight away you could be paying more than you need to, so make this a priority

2.     Contact all of the existing energy suppliers for the property and ensure they have transferred registration over to you from the date you moved in or bought the property. Once you have done this you can decide whether to shop around for new suppliers or see if the current one will offer you a good deal. If you don’t do this straight away you may just receive a large and unexpected bill when the time comes, and no one wants that landing on their doormat.

3.     If this is your first time living alone you may be used to someone else doing these things, but with the current cost of energy so high, it makes sense to make sure you turn off the lights and appliances in rooms you’re not using, and turn the heating off when you’re not there. This may sound obvious, but if it’s the first time the responsibility lies with you, you may not be as vigilant as someone who has already seen the effect of a forgotten lamp on an energy meter.

4.     Get a Smart meter if you’re eligible and see just how much each appliance is using. If you have to buy new appliances for the property try to go for ones which will save you money in the long-run by being energy efficient and your future self will thank you.

5.     Be choosy with your subscriptions – just because you can sign up to all of the entertainment subscriptions you like, doesn’t mean you need to. Can you share the cost of some with a friend who also lives alone? Keeping your monthly outgoings to a minimum from the start will save you having to reassess and make a cull after 6 months.

There you have my top tips for savings money when you first move in to your new home, if you have any more to share please leave a comment.