10 Practical Ways To Cut Costs
It can be hard to save money. Often, we may spend without realising it. Here are ten practical ways to cut costs, allowing you to enjoy life while saving money in the process.
1. Write it all down
One effective way to reduce costs is to write down what you spend. This covers everything from buying a chocolate bar to your gym membership. This will give you a better idea of how much you spend and what can be cut out.
2. Change your approach
You need to look at your priorities. There are certain things that are necessities, such as paying for rent, food and so forth. However, even then you can take a step back- do you really need to run a car? Can you lift share, walk, or cycle to walk? If you are renting a property, look at the surrounding area to see if there are cheaper properties near you.
3. Reduce takeaways
Takeaway coffee and food may be more convenient, but it can also be a lot more expensive, especially if you are paying to have it delivered. Cutting this out can save you a lot of money as well as being healthier.
4. Go bargain hunting
There are numerous ways to save while shopping- Vouchers while ordering food in restaurants, looking for reduced short life food, and buying items in charity shops can all help you save money.
5. Compare prices
Switching accounts for heating, credit cards, phones, etc. can allow you to reduce costs. Don’t be afraid to see what is available and negotiate for a better deal.
6. Pay in cash
One problem with paying with cards is that you forget that the money is going out of your account. If you have the physical amount in front of you, you are more likely to be more cautious when handing it over.
7. Have a clear out
Selling old toys, trading in games consoles and other items can not only raise money but also removes clutter from your home. Be brutal- if you don’t use it or it’s not personal to you, don’t keep it!
8. Cancel subscriptions
Do you really need that magazine subscription? Do you have a gym membership but only go a couple of times per month? These costs can add up, so it’s worth cancelling them to free up funds.
9. Quit smoking/cut back on alcohol etc
This is not just important in terms of saving money but also can improve your health. There are a number of support methods available to allow you to reduce smoking, while cutting back on alcohol can be as simple as not going out as much or having fewer meals with alcohol. Small steps can make a big difference.
10. Talk to us
At Larcomes Financial Services, we want to help you get the most from your money. Whether it is finding effective ways to invest or reduce costs, we can help. For more information or to discuss your circumstances in more detail, please contact us today.