Monthly bills can creep up on you. By the time you have finished paying for your shopping and household essentials, things add up and before you know it you have spent much more than you bargained for! If you are looking to free up some more disposable income to spend on family holidays or other treats, we have put some handy tips together to help you reduce those regular outgoings.
Use a Budget Calculator
There are lots of great budget calculators you can use online which will give you a good idea as to what you can afford to pay out every month. A lot of people are surprised to find out the results, and how much money they actually have left after everything comes out. This will give you an accurate budget to work from so you can be smarter when it comes to your spending choices.
Look at How you are Paying your Monthly Debt
The reality is you will have some debt, and it’s important to think about how you are paying that off. For example, if you have some outstanding credit card bills it could be that you are paying off the interest but not actually paying off the amount owed. There are lots of 0% interest balance transfer credit cards that you could take advantage of which means you won’t continue to accrue interest.
Speak to your Mobile Phone Provider
Mobile phones can be a fairly big outgoing, and it’s all too easy to just accept that monthly direct debit that comes out of your account every month. Do your research to see when you are out of the contract if you are on one and negotiate a better deal. Sometimes you can even do this a few months before the end of your contract. If you are on a Pay as You Go deal, research the best offers online to ensure you are getting value for money.
Have a Look at your TV Package
Most of us have some kind of TV package. Do you watch all of the channels you are paying for? It could be that you are paying for movies or sports but aren’t taking advantage of it, or that you only need it in certain seasons. Cut any subscriptions you don’t need, or else give your provider a call and see if there are any new packages on offer that may save you some money.
Rethink your Transport Options
Ongoing vehicles costs are a big outgoing. Could you downsize your car or van? Or are there other vehicle-related costs that you could reduce without trading in the vehicle itself? If you compare van insurance at Quotezone.co.uk, for example, you could discover that you’re able to find a cheaper insurance policy without having to downgrade to a smaller van.
If you get public transport for a work commute, then make sure you check out all available options. You could end up saving a lot of money by purchasing a monthly or weekly pass, for example, rather than buying individual tickets.
Make Savings on Grocery Shopping
The monthly or weekly food shop is a big expense. When you go food shopping make sure you take a look at all of the available brands, and the price associated with it. You should also check out the reduced section wherever possible, and maybe have a look online to see what deals they are offering beforehand. You can often get some great buy one get one free deals to save on. A top tip is also to write a shopping list before you go so you don’t overspend on things that you don’t need. If you are shopping online, then also be aware that some of the delivery slots can be more expensive than others – so it’s always a good idea to pick an off-peak time if you can.
Choose the Best Bank Account for your Needs
It’s very easy to simply stick with the same bank and not to explore other options. It could be that if you switched banks or had a meeting with your existing bank you could get an account that’s more suited to you or with higher interest rates. You can also get bank accounts that offer additional incentives such as money off gyms, restaurants etc. You will also find that certain banks also offer cash incentives for switching over.
If you are looking to make some savings so you have extra money to spend on enjoying life – then hopefully these handy tips will help you well on your way.