Cutting Down On Annual Expenses

Car Insurance

Car Hire Insurance

Whilst everyone focuses on monthly income and outgoings, annual costs are just as important. To this end, here’s a quick run through of some costs and how you may cut them down or avoid them.

Whether it’s sorting out your rent and mortgages or better assessing your transport options, you may be surprised at where you can effectively cut costs. More importantly, many of these options don’t ask for you to make any personal sacrifices or detrimental changes to your life style, which always helps.

Rent and Mortgages

Accommodation is always expensive, but you have to live somewhere. If you rent somewhere, you generally have very little control over this expense. That being said, if there are spare rooms going, flat or house mates are a great way to share the costs and cut expenses. This of course depends on how your landlord operates. Some might charge per tenant, as opposed to charging for the property over all, although this is rare.

As for the mortgage, this is something that can often be a drain on resources. Yet if you have the spare money, it’s always worth looking to see if your bank will let you pay off more or pay early. Some banks offer incentives for this, but it’s not always an option.

Car Insurance

Do you have a car? How often do you drive? For many people, they have a car that they don’t really use. Sometimes public transport is cheaper, although the car still has many uses.

Yet, there are plenty of times where it might be better to rent a vehicle. If you only use your car for long business trips, for instance, then this is definitely the case. A quick look will reveal that car rental insurance is usually much cheaper then insurance maintaining and owning a car all year around.

When renting a car, you don’t have to pay for its MOT’s or to maintain its engine. You’re also not taxed either. In addition to the cheaper insurance, this removes several costs all together.


When tax season comes around, it’s often easy to be caught unaware. Now, one can’t exactly remove taxes, but it always helps to be prepared. In this case, saving money throughout the year makes for a sensible financial strategy.

You generally have a rough idea of how much you’re going to have to pay, so don’t wait until April to pay this all off. Saving a little money each month to put towards this will make taxes, which are arguably one of the bigger annual expenses, a little easier to afford. Taking the money out in one go will be a heavy blow, as it eats a lot of a given month’s income, naturally.

In summary, this should be even easier if you save money through your rent or mortgage, in addition to readdressing your transport options. They might seem drastic, but they have the potential to save a lot of money.

How to reduce Teen’s Car Insurance premium in UK

Teen Car Insurance Premium

Teen’s Car Insurance Premium

If you think teaching a teenager how to drive is challenging, it is not until you start searching for affordable teen’s car insurance that you realize how dreading and daunting this task cab be. Actually, auto insurance rates for teen drivers in UK are notoriously very high. They cut very deep into the family budget as teens are categorized as some of the most risky drivers in the nation. Thankfully, there are a few steps that can help lower your Teen’s car insurance rates in UK. On top of trimming down insurance premiums for your teen driver, these tricks will also help teen drivers learn how to drive well and safer very fast.

Consider driver’s educational class for the teen

Teen drivers are inexperienced on road driving and enrolling the teen driver in a driver’s education class is a great way of improving their skills on the road. Many auto insurance firms in UK provided discounted rates for young drivers who have enrolled and qualified for national approved driving courses.

Good grade discounts

There are some insurers who provide good grade insurance discounts to teen drivers. These good student discounts are a good saving platform for teens as they lower premiums significantly. Since this form of discount is not offered by all companies in UK, it is essential you search for a company with such provisions so that you can benefit more.

Buy a practical car

Just like other kinds of insurance, teen’s car insurance largely depends with the type, make and model of car being driven. As a teen driver, it is important that you also have a practical car that does not attract high insurance rates. This being the case, you should not buy sporty models or very expensive cars as their rates will nevertheless be high. Older cars actually attract low interest rate which is also the same case with cars with built in safety and security features.

Add your teen driver to your existing auto coverage policy

Making the decision of including your young teen driver into your current auto policy qualifies you for multiple coverage discounts. It is also needless to point out that such combination is far much cheaper than buying a separate cover for your teen driver. In any case, you can also decide to have the teen included as part time driver unlike being listed as the primary driver.

Train your teen driver on good driving habits

Having a clean driving record is one of the most effective strategies of lowering your teen’s car insurance rates in UK. Due to their bad driving habits, teen drivers will get more tickets on the road than other road users as they lack driving skills and at the same time make poor driving decisions. Teaching your young driver to obey traffic rules will go a long way in reducing insurance rates on the coverage.

The above points will help you save a few pennies on your teen’s insurance policy. In addition, it is always advisable to compare rates online for better and more affordable teen insurance rates.