How to save when the price of oil goes up

Market fluctuations mean that the price of a barrel of oil changes daily, so you could see noticeable changes in the price of oil from one week to the next, unlike many other household expenses which stay relatively static for longer periods of time. Unfortunately, global forces are often the cause of higher oil prices, so making savings here can be out of your control. Fortunately, there are other areas in your household budget where you can save when the price of oil goes up. Here’s our advice for making savings in the most common areas of your household budget.

Car payments and petrol

If you rely on your car for work or taking the kids to and from school, then your car payments are a crucial part of your household expenses, and unlikely to change, but you can make more of your petrol with these simple tips:

  • Check your tyre pressure before you set out to reduce rolling resistance
  • Get your car serviced if it’s due
  • Cut down on the air conditioning use
  • Stick to the speed limit – according to the AA, driving at 70mph uses up to 9% more fuel than at 60mph

Food

Food is a necessary expense, but there are ways you could make your weekly shop more affordable, leaving you with some extra funds to put towards home heating oil:

  • Stick to your list so you don’t buy unnecessary items
  • Check online recipe guides to help you make more meals from leftovers and cut down on food waste
  • Take advantage of offers like buy one get one free whenever you can for items that you know you’ll use
  • Limit treats– those impulse snack purchases or takeaway coffees can quickly add up and often aren’t factored into a weekly budget

Electricity

There are lots of tips out there for cutting down on your electricity costs, and if you haven’t already you should check out how competitive your current supplier is and consider switching to a cheaper provider. In addition, you can:

  • Stop leaving electronics on standby
  • Switch your bulbs to energy efficient models
  • Stop leaving your phone on to charge overnight

Insurance

Many of us are guilty of letting the insurance run over into the next year without really checking if we’re getting the best deal. It really could be worth phoning around a couple of different providers for each of the following:

  • Car insurance
  • Life insurance
  • Home & contents insurance

Check that you have adequate levels of cover and if there are any cost savings to having more than one type of insurance with the same provider.

Entertaining 

Leisure and sport activities are nice to have but when belts are tightened and budgets reduced, you don’t have to sacrifice all the fun stuff.

  • Take advantage of free activities – like National Trust parks and heritage sites
  • Get outdoors to get active – a jog around the park will be just as effective as on the treadmill, and cheaper too
  • Save eating out for special occasions

Hopefully these tips will help you save on your household bills so that when you need to budget that little bit extra for home heating oil if there is a price increase, it won’t be too challenging. Remember, you can contact us any time for a super cheap and competitive quote for your home heating oil.

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