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There’s plenty in the news about rising prices and it can be a bit overwhelming at times trying to work out where costs can be cut to help to save money so that when the price rises come; you can be a little bit better prepared for them. I’m sharing some ideas on how you can reduce your costs without having to pinch every single penny.
Audit your Bank Accounts
A big one is to run through your direct debits and standing orders – is there something there that shouldn’t be? We noticed a few years ago that a direct debit was too high. We ended up contacting the company who refunded us a few months of overpaid monies which was obviously a big help! Checking through your regular payments can help to identify overlaps or focus the mind about whether you really do use something. Maybe you have a recurring magazine subscription but the magazines are sat unread, or perhaps you have a regular green press juice delivery that, on reflection, you want to keep or perhaps switch to bi-monthly.
Also remember to check recurring PayPal payments; I find that these can often leave my PayPal account without me realising as it’s an account I check much less frequently.
Be Savvy with Big Purchases
Being smart with money doesn’t mean you can’t enjoy big purchases such as holidays or tech. It means being savvy. Shop around for the best deals. Cashback websites can often over money back on a purchase which is good or some websites will track your purchases and refund you should the price you paid go down. For example, you can do this with plane tickets (see this website to learn more). Plane tickets, especially for a family, can be a significant expense so any money back can be a welcome bonus.
Longer-Term Thinking
For most people, their homes will be the most costly thing they have. Be it mortgage or rent payments, heating bills and insurances. It can feel like a never-ending pit to throw money into. But there are things you can do to help to reduce the costs associated with your home.
Firstly, if you are able to make sure you are on the best mortgage deal. It’s worth looking around if you’re on the base rate as it might be that switching to a fixed rate gives you a better deal. Look to reduce the term of your mortgage too; this might mean you’re paying a little more each month but overall, you’re paying much less at the end of the term as you’re reducing the interest. Even just overpaying your mortgage a little each month can knock a lot off the overall amount you are paying back.
Also, shop around for insurances – don’t just accept the renewal quote. Spending half an hour checking other deals is almost certain to yield a saving for you.
Finally, as you do work to your home, really invest in the ‘infrastructure’ of your home. Things like fixing insulation and taking time to learn more about the improvements you can make to your heating system can give you some ideas to make your home systems more efficient and therefore less expensive to run.
