Managing a household budget can be daunting with a wide range of costs and bills for essentials as well as other items and services you and your family enjoy.
The outline below summarises the main costs relating to households and also offers tips for reducing some bills. The Money Advice Service has useful online calculators to help understand and plan for household bills. If you are struggling to cover your household bills, get in touch with Orbit and an expert adviser will get back to you.
Essential household bills
When budgeting you should prioritise the following bills and costs over others.
- Rent or mortgage payments or other loans secured against your home. If you need to check your rent account with Orbit, you can do this anytime by using My Account.
- Council tax and other statutory charges related to your home.
- Utility bills such as gas, water and electricity.
- Home insurance (if you live in a rented property you only need to pay for contents insurance, if you are a home owner you need to pay both buildings and content insurance).
The easiest way of paying your regular bills is through a bank account by Direct Debit or Standing Order.
Direct Debits give a company permission to take money from your bank account on an agreed date. The company has to tell you in advance how much they will take and also inform you in advance of any changes to this amount.
Standing Orders are instructions from you to pay an exact amount to another organisation or company on a regular basis. It is then your responsibility to make changes to the payment amount if your bills increase.
Reducing the costs of household bills
The good news is that is often possible to save a significant amount by reviewing and changing suppliers of some essential services and other regular bills.
- Check your benefits eligibility.
- Reduce the costs of utility bills - find out more in the Energy Clinic.
- Contents insurance: see if you can save through Aviva's offer for Orbit customers.
- Reduce the costs of telephone and broadband.
- Find lower cost household appliances.