I can’t think what possibly gave me the idea to look for ways to save money on my energy bills by looking for a lagging jacket or hot water tank jacket for my hot water tank this afternoon, but as I was looking out on the rain soaked garden from my home office window the thought just came to me. Funny that.

While I browsed the  Hot Water Tank Jackets At B&Q’s Website I began to wonder what else you could do to cut the costs of heating your hot water.  I clearly have too little to do this afternoon, because the ideas came to me very quickly!

First of all there is the pipes from the tank to the tap – put some whacking big insulation or  Pipe Wrap on them and then you can reduce the timer on the water heater to start saving money. Plus because the water is hotter you would need less of it for your bath as well.

Now you may think that the only other options are to start installing some major DIY projects like solar water heaters (largely a waste of money at the stupid prices being charged for what is essentially a very basic piece of technology) or upgrading to a better boiler or pump (yes, apparently the right hot water pump for your radiators will save you money too), but you’d be wrong.

Check out the web or pop into any DIY shop like B&Q, Focus, Homebase or Wickes and you’ll find Radiator foil that will reflect heat back into the room.  It doesn’t give you more hot water out of the tap for less, but if your central heating is on a thermostat you’ll end up warming up the room quicker and spend less gas or electricity heating the water in the radiators.

Although there may be other quick options available to you that for a modest expense of around £200-£250 can give you a much bigger energy saving.

I don’t know about where you live, but my house was until recently filled to the brim with perfectly usable stuff that for some reason did not attract my attention anymore. Well other than annoy me that it was taking up space. I mentioned this to a colleague of mine and he told me about this yahoo group he was a member of where you could give away your stuff to other people who would need what you had to give away. It’s free recycling, or freecycling and the best part is that all these products change hands for free.

You can even ask for stuff you need,  like if you’re doing a DIY project and run out of laminate flooring – Just ask.

You can find your local freecycle group on Their website

A week after I registered most of the stuff that I wanted to get rid of has gone. And best of all I have helped keep stuff out of the landfill.  And that just feels good. In return for my hard work my son and I can now play Monopoly, pictionary and Trivial Pursuit with the games that I was given from other freecyclers.

The Tip: Pay one mortgage payment extra every year to save money

Paying one additional mortgage payment each year, whether in a lump sum or monthly increments, can lower a 25-year loan down to 15 years.  If you pay more than one extra payment, the number of years will decrease even more.  Since this additional payment will be applied only to the principal and not the interest, you end up saving thousands and thousands of pounds on the Total Amount Repayable

This is a good idea if…

You have the spare money and a flexible rate mortgage. A mortgage is by far the biggest financial burden most people take on in their lifetime (apart from taxes!) and if you can reduce the time it takes to pay this down, you will be far better off in the long run. And if you are a long term planner with good financial discipline then this would be a good idea..

However…

In the current financial climate it might be a better idea to pay off any debt that carries a higher interest, like car loans, home improvement loans and credit cards and store cards. The store cards usually have the highest interest rate so you may want to pay those off first, then the credit cards and so on.

Paying off your credit cards also means that you would be able to use the money available on your credit card should the need arise, where as most mortgage products would not let you have your money back.  Having an available line of credit (lots of money available on your credit card) is also good should you suddenly find yourself jobless.

Don’t buy travel insurance from the travel agent.

It is the most expensive way to get travel cover. Do Travel Insurance comparisons instead online – or use the price comparison tables in the sunday papers.

But make sure that you get cover that suits your needs. If you travel a lot, you may even want to look at one of the premium current account deals that include travel insurance as one of their benefits

Check out the insurance comparison sites. We have found two which you can find on our insurance links page