AD| When you're already on a low income and a tight budget, it's extremely hard to find additional ways to save money for the future. Sometimes we need to take a step back and make notes of all our incoming and outcoming expenses to see where our money is really going and to see if there is anything we can cut out.
Firstly, in order to be aware of the money going in and out of your account, it's important that you manage your household budget to see exactly where you money is going. At the beginning of every month, you can write out your total income, with a list of all your expenses for the month, including things like food, travel and bills. By doing this you can easily see where your money is going and will be able to see if there are certain areas you can reduce the amount of money you're spending, to help put some extra cash into your savings.
Making sure to write your weekly shopping lists is an essential routine that will help you stick to what you need and you won't be tempted to pick things up that are unnecessary. By being strict on your purchases, you will only be spending money on things that are necessary to be purchased, and you will be less likely to impulse buy when out and about. Before going out to the shops, I would recommend looking through your cupboards, fridge and freezer so you are aware of items that you already have, and you will be able to make into meals throughout the week, only adding any additional products you may require to your list. Within your shopping list, you could also make it into a weekly meal plan so you know what you'll be eating for each meal. By doing this, not only do you follow a strict plan, but it will also stop you from over-buying and picking up items that you definitely don't need.
Decided it's time you had a clear out? Selling your unwanted items will not only free up some storage space in your home, but it can also earn you a bit of money that you can use towards your savings or any outstanding bills. If you're a clothes hoarder, there's most likely going to be at least one item that you don't like anymore stored away in your wardrobe that someone else will love. You can put unwanted items up for sale on websites like eBay, Depop and Facebook Marketplace, in hope of attracting attention of buyers for your goods.
Another way to cut costs and to make big savings on things like insurance is by using price comparison websites. Protect Your Family is a one-stop-shop for your insurance needs, covering everything from breakdown cover, to funeral planning and home emergency insurance. Comparison websites are extremely useful when browsing online for the best quotes and pricing of everyday insurance categories, as they essentially do all the hard work for you. You simply fill in a short questionnaire with your details, and all the best deals are sent your way.
As well as price comparison for insurance purposes, there are also these kinds of websites for energy suppliers. You can start saving money by switching to a cheaper energy supplier when your current contract or tariff is about to expire. There are over 50 energy suppliers in the UK to choose from, so switching suppliers can be extremely overwhelming if you aren't familiar with the companies. Many websites offer electricity and gas supplier reviews which will help you consider your best options for your home, allows you to see the pros and cons of each company, and give you everything you need to quickly assess if an energy supplier is right for you before you switch.
Finally, something worth looking into is cancelling any unnecessary direct debits or subscriptions. Things like TV extras, gym, meal delivery services, music or software – there’s a growing list of things you can access via subscription services. Whether you're paying for that monthly beauty box or Netflix, as a few examples, sometimes they aren't worth the money, especially if you aren't using or watching them. If you’re looking to cut back on your money spending and trying to start saving extra cash, managing your subscriptions can be the best place to start. Do you really need the subscription? Can I begin using a cheaper alternative? There are so many different ways to cut costs with these types of services that it's definitely worth looking into.
How do you save money? Do you have any other tips or tricks?
