How much of your household income is spent on heating?
How good are you at budgeting? We all know that we need to pay the important bills first – mortgage or rent, heating, electricity, car and for most of us broadband is also essential. When you break it down, do you know how much of your household income is spent on heating? And how much of it should be? We take a look at this essential household expense, and offer a few tips to help you budget better, as well as some tips on ordering home heating oil that could help save you even more money.
Sit down with your bank statements, bills, reminder notices and your calculator, or better yet – use this online version which will do all the hard work for you. Take into account your incoming salary and the outgoings – they quickly add up. From household bills, to insurance, childcare, transport and socialising – once you sit down and figure out where your money is going it really helps you identify where the biggest drains are and thus where you can start to make some savings. Our tips for budgeting include:
- Only buy what you need and what you can afford. Make a shopping list and stick to it so you don’t buy unnecessary items.
- Consolidate your debts into one manageable monthly payment instead of several payments
- Plan ahead for things you know are coming – car insurance, MOT, school trips, new school uniforms
- Take advantage of high street stores offers including reward schemes, loyalty cards and vouchers, and if you like to shop online check out money saving sites like Fatcheese or Cashback Ireland.
Generally speaking, it is recommended that you shouldn’t spend over 30% of your income on rent or mortgage payments, which leaves 70% to divide up between your other essential payments. When it comes to paying for your home heating oil, budgeting is essential, as it’s not on a pay and go basis like some natural gas companies offer and generally the minimum order amount is 500 litres. If you order home heating oil on average twice a year, you should be saving smaller amounts in between ordering to help you cover the cost – and avoid any surprise bills.
To help you save even more when it comes to ordering home heating oil, here are a few of our expert tips:
- Order in advance to pick a delivery day with the smallest charge possible
- Pay by debit card to avoid credit card transaction fees
- Order the maximum volume you can afford to benefit from economy of scale savings
Get in touch with us today for a cheap quote on your home heating oil, and we’ll help you save money on your heating bills for you to enjoy or spend on something else.