We spend money on things all of the time and it can seem like our money all disappears really quickly without us really noticing where it has gone. This can feel unfair and it can almost seem like we are working and just paying that money out to all sorts of people without really seeing much as a result of it. However, there are ways that we can cut down our spending. In fact we might be able to do something every day of the year that will help us to cut back how much we spend and lead to massive reductions.
Utilities, Loans Repayments and Insurance
It can be good to start with the big things. Look at your bank statement and find those big expensive things you pay for each month such as insurance, loans repayments and utilities and take on a these a day to deal with. You should be able to find somewhere that you can compare the prices between different providers of these services. This will allow you to see whether it is worth you switching to a different company to save money. This easy process could lead to you spending a lot less. You could also think about how much you use with regards to utilities and you might be able reduce your usage as well, by thinking of one change you could make at a time. You may also be able to reduce your insurance cover (if you are happy with doing this) or increase your excess to save money. You could switch your loan providers as well and perhaps consider overpaying them so that, although you spend a bit more in the short term, spend less in the long term as you will no longer need to pay for them anymore.
Food is something that we need to buy, but we may be able to cut down how much we spend in lots of ways. Eating out can be more expensive than cooking ourselves as can buying pre made food, such as take away meals, ready meals, sandwiches coffees etc. Choosing a cheaper supermarket, buying cheaper brands and buying food products that are cheaper can help as well. We may also be able to buy less food if we cut back on the food that we do not need, things like snacks, alcohol, fizzy drinks, cake, biscuits, puddings etc are all lovely foods but they are not necessary and if we can cut back even in a few of these, we could save money.
Transport, Holidays and Travel
We tend to use transport to go to work as well as to travel for leisure such as visiting family and going on holiday. These items all cost money and it is worth checking to see whether you can cut down. If you own a vehicle then see if you can pay less for insurance, fuel, repairs, breakdown cover etc. If you use public transport then see whether there are any discounts you can take advantage of or whether you can walk or cycle instead to save some money. With holidays, investigate whether there are cheaper options to the ones you normally take that will help you to save money.
Entertainment and Phones
We spend a lot of money on our phones and entertainment like going out to the cinema, clubs, theatre and concerts, tv packages, online films and things like this. Take a look at what you are paying for and thing about whether you can cut down in any areas in order to save money. Even just reducing going out by one night a month could make a difference.