There are lots of reasons to look to make savings. It may be that you want to set funds aside in case of an emergency or you might be saving up for a big purchase like a house deposit or a new car.
Whatever the reason, you’ll find there are several ways to save. To help you, here’s a look at how to cut down on everyday expenses and keep more of your money where it belongs: in your pocket.
Optimising utility bills
Energy costs are a key consideration, especially as winter approaches. By reassessing your current bills, you could find you make savings.
One step is to consider switching suppliers. You’ll need to check that you can get a better deal elsewhere and also find out if you need to pay any exit fees as these could be costly. However, if it can be more cost-effective to swap to a different supplier, you might find that a pricey fee is worth it in the long run.
Also, consider your energy use. Turning off lights in unused rooms or unplugging appliances when not in use can go a long way towards helping reduce electricity costs. Small home improvements, such as investing in energy-efficient light bulbs or adding insulation, can also reduce energy consumption.
Installing a smart meter can help track your energy usage. Many suppliers provide free smart meters, which can allow you to monitor in real-time and adjust as you go.
Reducing transport expenses
Transport costs can add up quickly. One of the simplest ways to save is to make use of public transport discounts. For instance, a Railcard can reduce rail travel costs by a third for many users. Those who drive to work can explore options like car-sharing or, where possible, switch to cycling to save on fuel and parking fees.
If you’re a car owner, try to keep running costs low. One way to reduce expenses is to reevaluate your car insurance policy. Comparing the options available can offer substantial savings.
An electric vehicle (EV) could save in the long term. EVs come with lower running costs than petrol or diesel cars and, although the initial investment is high, lower fuel costs can make these a cost-effective choice over time.
Cutting down on the food shop
With inflation impacting food prices, managing the cost of the weekly shop has become increasingly important. A straightforward way to save is by planning meals ahead of time, which can help avoid unnecessary purchases. Also, bulk buying items that can be stored also reduces costs, particularly for families.
Using price comparison apps like Trolley.co.uk can help you locate the best prices on specific items across different supermarkets, making it easier to take advantage of deals.Additionally, shopping around for discounts or opting for own-brand products can offer a quality alternative at a lower cost.
Lowering subscription and entertainment costs
Subscription services can quickly pile up, especially with the rise of streaming options. Review your subscriptions regularly and cancel those you no longer use. Additionally, many streaming services offer promotions during major holidays or events, which can be a good time to subscribe at a discount.
Family sharing plans, available on platforms like Spotify or Netflix, are another smart way to save. Splitting the cost with family members means access to entertainment at a fraction of the individual subscription price.
Managing clothing and household purchases
Shopping second-hand, whether at charity shops or online marketplaces like Vinted and eBay, can provide high-quality items at a fraction of the cost of new ones. Look out for seasonal sales, and if shopping online, use voucher codes to further reduce costs.
Creating a budget for non-essential buys can also help curb impulse spending. Choosing a few better-quality items can lead to long-term savings, as higher-quality items often last longer.
collaborative post