There are more ways to save money than simply using a savings account.
Spending money wisely and investing it into home improvements can help you to make substantial savings over your lifetime. Especially if you then put the money you save as a result of the improvements you’ve made into a pension or an ISA; meaning that over your adult life you can potentially save tens of thousands of pounds (we reckon a maximum of £50,000) that you can then use to pay off your debts or spend on more enjoyable things, if you’re already debt free.
Insulate your exposed piping
By simply insulating any exposed hot and cold water pipes, with foam and tape, you can save around a tenner a year (or £632 over your adult lifetime – based on doing this at 20 and an average UK lifetime of 84 years).
This will simply keep your hot water hot for longer and prevents cold water from freezing – so, you’ll spend less on heating it back up or repairing any damage caused by freezing.
Insulate your hot water tank
Insulating your hot water tank can save you between £8 and £125 a year, meaning a lifetime saving of £506 to £7,907.
Upgrading the insulation on your hot water tank from 25mm to 80mm will save you c.£20 a year (£1,625 in your lifetime), and your saving will be even higher if you have no insulation on your tank as things stand.
Adjust the timing and high temperature of your hot water heating
It’s hard to judge the level of savings possible from this one, but by ensuring that your hot water is only heating when you need it to, you can save a lot of money of the course of your lifetime. For example, if you wake and shower at 7am, set your hot water to start heating at 6am and stop at 7.30am.
You can do the same with your heating too to save further money.
Add extra insulation to your loft
Adding additional loft insulation can save you between £10 and £215 per year. A lifetime saving of £630-£13,600.
Again, it’s a simple case of increasing the thickness of the insulation in your loft. 270mm is the recommended thickness, and although it will cost you from c.£350 up to c. £1,800 (depending how big your house is) to do the work, it will save you money once it’s been done.
Improve the efficacy of your radiators by fitting reflectors
Fitting reflectors to your radiators helps to reflect the heat back into your house instead of allowing it to be absorbed by the walls your radiators are on. The amount you’ll save varies depending on the type of exterior wall insulation you have, and it’s estimated that doing this can save you between £5 & £20 a year, giving you a saving of between £316 & £1,265 during your adult life.
Only heat the rooms you’re using
Using either smart radiators (if you have them already, these aren’t cheap to install) or by turning your unused radiators off yourself, and only turning them on if you are using the rooms they’re in, you can cut up to 40% off your energy use.
This can potentially save you c.£180 a year, or £14,626 over your lifetime.
Consider solar powered hot water
This can cost up to £4,000 for the initial investment, but has the potential to not only save you up to £70 a year and £4,428 during your lifetime, but to allow you to access the Government’s Renewable Heat Incentive and receive payments of £200-£525 a year as well.
Over a lifetime, that’s a potential saving of up to £33,000!
Change energy providers from the ‘Big 6’ to renewable energy providers
This will not only help you to play your part in helping the environment, but it will also potentially save you a shed load of money. It’s difficult to quantify how much, as they vary drastically by post code, but the chances are it will be well worth doing.