10 Tips To Cut Spending
Whether you are trying to save for a house, a new car or are just generally trying to be more careful with money; it can seem like an uphill battle. However, there are a number of ways you can reduce costs and here are 10 tips to cut spending and help you save money.
Write it down
One of the best ways to reduce costs is, to be honest, and write down what you spend money on, everything from toilet rolls to sandwiches. By writing down what you spend, it becomes easier to take a step back and decide what expenses can be cut.
Charity shops and trade-ins
Charity shops and trade-ins are a way of saving money. For example, it is possible to buy cheaper books, artwork and other items from a charity shop. As with any form of shopping, it is worth looking around a number of shops to find bargains.
Another aspect to reduce spending money is trade-ins or selling items online, helping to both save and clear out clutter at the same time.
This applies to bills, phone contracts and big-ticket purchases- price comparison sites can help you to save by seeing the different options are available. However, it is worth checking a number of these sites as some may be more biased to certain providers.
Keep the change
It may seem old-fashioned, but the cliché is true- if you save up change over the year, it can add up.
Clear overdrafts if you can
Overdrafts can be expensive- clearing them can reduce charges over time. However, don’t be tempted to do so with payday loans as these can be very expensive (especially if you don’t pay them back within the allotted timeframe).
Look at transport costs
There are different ways to reduce transport costs- if you go for a night out, see if everyone can club together for the taxi back. Where possible, walk or cycle rather than using public transport or a car. If this isn’t practical (for example where you work is outside the city), then you should look into lift-sharing so that you can collectively reduce costs.
Handmade gifts can feel more personal than something store-bought. Also look at how you do it- instead of buying a hamper from a shop, reusing a bag or box and presenting items you’ve made yourself can be more personal (as well as being more environmentally friendly.)
If you aren’t committed to going to the gym, cancel the membership. A monthly cinema card can be good if you go a lot, but if you are only going once a month, it can be more expensive. Be brutal and cut the costs you don’t need.
As well as benefiting the environment, using more energy-efficient technology, making sure lights are switched off and ensuring your home is properly insulated will allow you to save money.
Budget with cash
While contactless cards can be more convenient, the danger is you can lose track of when you use it and how much is taken from the card. Setting aside cash can reduce the risk of spending excessively without being aware of it.
For more information on managing your money, contact Larcomes Financial Services today.