One of the biggest challenges that we all face today is figuring out how we can spend less, and save more. One of the best ways to accomplish this goal is to reduce your monthly expenses. Although your standard monthly bills might seem like something you simply have to deal with, the truth is that you can pay a lot less on many of those “must have” items, just with a little bit of work.
By cutting down your monthly expenses, you give yourself more money to play with, without getting yourself into a position where you can no longer have fun with your cash. Here are the best places to get started.
Be More Energy Efficient
Being more energy efficient is a great way to save money and do your part for the planet at the same time. To cut down the amount you spend on gas and electricity, all you need to do is think carefully about how you’re using your daily supply of power. Do you leave lights on when you’re not in a room? Do you leave your computer running all day?
Simple actions like turning your heating down a notch or two and using a blanket to keep warm instead can save you a lot of money in the long-run. It’s also worth making sure that you wash your dishes by hand when you can too, as running a dishwasher can be very expensive.
Get Rid of your Home Phone
When’s the last time you actually made a phone call using your home phone? Today, many families are still paying for packages that include costs for home phone expenses, broadband, and television channels at the same time, but they haven’t picked their phone up in months.
Get rid of line rental if you can or switch to another provider who allows you to get broadband and television access without having to pay for line rental. It’s worth thinking about whether you need those extra television channels while you’re at it. These days, most of us use Netflix, instead of relying on our television subscriptions for entertainment.
Change your Car Insurance Provider
One of the biggest mistakes that we all make with our money is signing up to a service and then simply allowing it to renew year after year, without ever checking if we can get a better deal elsewhere. This is a common issue with car insurance. Simply checking online when you’re due for a renewal and looking for a better deal from a different provider could save you hundreds of pounds every month.
Just make sure that when you start comparing, you make sure that you’re looking at providers who can give you the same level of coverage that you’re already getting now.
Refinance your Big Loans
Plenty of us have loans that we have to deal with on a monthly basis, and those extra expenses can really drain our cash reserves. The good news is that you can save a lot of money by merely refinancing your loan and getting support from someone new. Check online to see whether you can get a cheaper interest rate, even on bad credit agreements and APR by switching to someone else.
While you’re at it, it’s worth checking out your mortgage situation too. You might find that you can save a lot of money by remortgaging your house and getting a better deal elsewhere. Speak to a mortgage broker if you need extra help with this.
Get Rid of Subscriptions
Sit down with a bank statement and highlight anything that you pay for on a monthly basis. Some of the expenses will be obvious, like your rent, your mortgage, gas, and electricity payments. On the other hand, there may also be expenses that pop up from subscriptions that you didn’t realise you were still signed up for. Plenty of us agree to join a gym, for instance, and then forget all about our membership a few months later.
Unfortunately, forgetting about your account doesn’t mean that you don’t stop paying for it. Cancel any subscriptions that you’re not currently using.
Pay with Cash
Finally, with anything that doesn’t come directly out of your bank as a direct debit, try to pay with cash. This will give you a self-imposed budget to work with whenever you go shopping. For instance, if you’re going to buy food and you only have £50 in your wallet, you won’t be able to over-spend if you see something you don’t really need at the checkout.