Money is hard earned but easily spent, so it’s important to get a grasp on it if you want to make the most of it and ensure it goes further. Here are five places you’re probably overspending and will be able to make cutbacks.
Utility bills
Utility companies save all the best deals for new customers. From their point of view it makes perfect sense, they lure people in with the best deals where they’ll then pay whatever rate they’re offered for many years without questioning it. From your perspective, it means that if you’ve been with a utility company for a long time then you’ll probably be paying over the odds. Whether it’s gas and electricity, your phone bill, your broadband or insurances, it’s always worth evaluating your options on a regular basis. Every year or two, run some quotes through a comparison site to check the best offers. Once you’re out of contract, don’t just keep paying the same amount. Check to see what other offers are out there, that way you’re continually getting the best rates.
Fuel costs
Even if you’re getting good rates for your gas and electricity, if you’re wasting it then you’ll of course be paying over the odds. Leaving windows open when the heating is on and leaving lights or appliances on when they’re not in use are obvious ways you could be wasting fuel. But there are more subtle ways too. For example, if your home hasn’t been properly insulated then you’ll be paying more to keep it warm as the heat will be escaping. Spending money on renovations such as energy efficient windows and insulation in the walls and roof will all save you money in the long run.
Groceries
One of your biggest monthly expenses after your rent or mortgage costs will be your food. Eating is expensive, but you shouldn’t be paying over the odds. If you write out a weekly food menu and then shop based on the ingredients you need, you prevent waste and also running out of things mid week (which can lead to spending money on a expensive takeaway). If you stock up on store cupboard ingredients such as pasta, rice, jars of sauces and tins of fish and vegetables, you can always whip up a tasty yet inexpensive meal if you’re caught short on groceries.
Your Car
For many of us, a vehicle is essential for everyday life. Whether it’s driving to work, running errands or going to visit elderly/ disabled/ unwell family members, being able to get from A to B is crucial. However, have you considered that it doesn’t have to be a car you use? A motorbike will be cheaper to buy and cheaper to run. You’ll use less fuel and pay fewer overall running costs. There are a few essentials you’ll need to buy, from clothing to a wheel chock (if you’re wondering where to look at these things, there are loads of sites online) but overall making the switch can save you money.
Digital subscriptions
Digital subscriptions can be great, things like Netflix and Spotify can give us access to all kinds of media that’s enjoyable to consume. However, if you don’t use your subscriptions often then you’re simply wasting money. Have a think about everything you’re subscribed to, there might be some things that you’re paying for but have completely forgotten about. If so, unsubscribe and use your money elsewhere.
