The cost of living is only going up, so if you are looking for ways to cut back on your spending and save money here and there, you’ve come to the right place! We’ve put together a list of 5 great ways to reduce your monthly outgoings.
Get organized with meal planning
Meal planning is a great way to get a bit more organized at mealtimes and save a bit of money in the process too, so if you don’t already do so, it’s worth having a go. Once a week, write down a list of meals you intend to make and then compile a list of groceries you need. It’s a great way to reduce food waste and could vastly decrease your grocery bills too.
If you aren’t sure where to start, you can find example templates and meal inspiration online.
Consider taking an extended warranty on your vehicle
If your manufacturer’s warranty has expired, you may find that you are shelling out a lot on repairs. If this is the case, an extended warranty might save you lots of time and money – although warranty cover may depend on the make and model of your vehicle, together with its age and mileage. For example, Land Rover extended warranty terms may vary substantially from those offered by Ford or Nissan, so it’s worth researching the options and cover available.
For most households, one of the biggest outlays each month is the mortgage payments, so if you fall into this category, you could save a lot just by switching to a different mortgage product or lender. If you are tied to an existing mortgage product, you may encounter redemption penalties, so it’s a good idea to speak to an Independent Mortgage Advisor. They can establish the best deals available based on your income multipliers and give you an idea of how much you could save over the lifetime of your mortgage.
Reduce your energy bills
Fuel prices are at an all-time high at present and so you may have noticed an increase in your energy bills. A few ways to reduce them are to switch off any appliances, lights, and electrical items you are not using and don’t turn your heating up unless essential (an extra sweater is far more cost-effective.)
It might also be worth checking if your loft is adequately insulated, as it’s a great way to keep warm air in and cold air out, which could help reduce your heating bills.
Cancel subscriptions you no longer use
It’s easy to continue paying for subscriptions you no longer use, so if you haven’t looked recently, go through your bank statements and check you aren’t paying for anything unnecessarily. For example, you may be paying insurance for a mobile phone you haven’t used for years, or perhaps you are paying for a TV or magazine subscription that you don’t even use or want. Take a little time to monitor your outgoings, and you could save yourself a fortune!