The cost of living is increasing, so if it’s hitting your household hard, then it might be time to tighten the reins a little and see if there are ways to save money here and there.
Even small changes should positively impact your financial situation, so it is worth giving it a go. Here are 5 ways to reduce your monthly outgoings.
Stop subscribing to things you don’t need
Whether it’s a new magazine or an additional TV package, we are all very good at subscribing to things on a whim – and technology has made it even easier. With one swipe of a fingerprint, we can tie ourselves into an annual subscription we may only use for a few weeks and then completely forget about.
If this sounds familiar, go through all your subscriptions, cancel anything you don’t need, and don’t sign up for anything else.
Socialize at home
Going out for dinner, a night at the theatre, or a few drinks at the local bar may be enjoyable, but you might get a shock at the end of the night when you realize how much you have spent. Instead, why not ask friends around for a takeaway and a few drinks?
Put on a movie, listen to some tunes, or sit and chill. A night at home can be just as enjoyable and won’t cost nearly as much!
Buy a newer car
Buying a newer car may sound counter-intuitive, but the older your car is, the more it’s likely to cost you each month. CarShield costs for extended warranties, insurance premiums, and car tax, will all typically cost more the older your vehicle is, so if you can afford it, purchasing a newer model could save you a lot of money each month.
Switch to a sim-only mobile deal
Yes, we all love receiving that shiny new handset in the post circa every 24 months but do you really need one? If your current handset works perfectly fine, then you should consider switching to a sim-only mobile phone deal. You will save hundreds over the course of a year, and let’s face it, the novelty of a new phone wears off after a couple of weeks anyway.
If you do need a new handset, then although you won’t have the same warranty, it’s worth looking on preloved selling sites to see if there are any bargains.
Let clothes dry naturally
If you typically throw your laundry in the dryer each day, you need to consider how much it costs over a year. Even if your dryer has a decent eco-rating, it will use a lot more electricity than the traditional method of hanging laundry outside.
Even if you hang them out initially until they are almost dry, then throw them in the dryer for the last ten minutes, you will save money. You will also be doing the environment a favor, so that’s another good reason to try and make the switch.