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The pandemic has caused widespread disruption to the way we live our lives and it has also put a hole in the finances of many families. If you are on a budget, it’s hugely beneficial to look for ways to save money by reducing household costs. In this guide, we’ll discuss some very simple ways to lower outgoings.
One of the golden rules of reducing spending is to shop around. Before you automatically renew an existing insurance policy or buy a product, use the Internet to compare prices and find the best deals. Thanks to comparison sites and search engines, you can now save on everything from bulk-buy pet food and electrical appliances to branded clothing, auto insurance and cell phone contracts.
It takes a few seconds to enter your details to get customized offers for energy, insurance and broadband and cell phone contracts, and you can find offers on products for your home in a matter of seconds via search engine shopping features.
For many of us, utility bills account for a substantial portion of our monthly outgoings. If you are spending too much on keeping your home warm or running appliances, or you’d like to lower your water bills, there are solutions. Use a smart meter to keep an eye on your energy consumption, get quotes to replace old appliances and heating systems with smart versions and collect rainwater.
You can use slimline water tanks to collect water to use for the garden or cleaning the car if you’re short on space. Swap conventional bulbs for energy-efficient lighting, turn appliances off at the socket and improve insulation. You can look into cost-effective solutions, such as double glazing and loft insulation, or use inexpensive, simple tricks like plugging gaps in walls, sealing door frames and using draft excluders to retain warm air.
Budgets are designed to help you to monitor spending and make your money stretch further. If you don’t have a budget each month, it’s a great idea to start drawing up a budget to save you money. Add regular outgoings, income and one-off expenses and use your budget to calculate disposable income.
Set limits for each week or a budget for different expenses, for example, food or going out. Adjust your budget as you go and try to save or clear debts as a priority.
Many of us spend more than we think we do because we lose track of where our money goes. When you can tap to pay, place an order at the touch of a button and set up direct debits to come straight from your account every month, it’s easy to forget about outgoings and expenses. Check your balances frequently and analyze your accounts.
Go through your statements and make sure that you know how much you’re spending each month and what you’re spending your money on. There may be areas where you could make savings or even cut out expenses altogether. Examples include subscriptions and memberships you don’t use or want anymore.
Are you on a budget? If so, use these simple tips to save more and spend less.
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