This is a contributed post
Do you have that feeling where you get to the end of the month and wonder where all your money went? Do you have great intentions for your savings goals but find there’s little spare cash left for them after paying your expenses?
As austere times continue to bite, it’s something more and more of us are finding to be true. In real terms, most wages are static, while the cost of living continues to rise. This leaves many feeling disempowered, unable to have the choice and control they want over their financial destinies. Money is important for the freedoms it brings us, and there are ways to regain control, blitz those bills and gain the breathing space to make more of the decisions we’d like to.
Start by aiming to slash your regular outgoings and who knows where it could lead…
Check your insurance policies
A night in reading through your insurance policies doesn’t sound like the most thrilling of prospects, true, but the idea of the hundreds you can save by doing so is probably a bit more exciting! Loyalty doesn’t pay when it comes to service providers, so if you aren’t shopping around when it comes time to renew, you’re missing a trick that takes seconds and could save big. If you aren’t due, it’s still a great idea to review your existing policies- simple changes could help you to save. Start by checking the excess on your car insurance premium. I you consider yourself a safe driver who is unlikely to need to make a claim, you may be able to save by asking to increase your voluntary excess – the amount you pay in the event of a claim – which leads to a lower monthly charge with most insurers. And if you’re under 25? Adding an older driver to your policy could make a big difference to your payments as well.
Bundle up
If you are paying separately for services such as a telephone line and internet then you could be missing out- most suppliers offer a discount if you take more than one service from them. The same applies to your gas and electricity. Make sure that you’re using price comparison websites to identify the best deals for your particular circumstances – for example, if you need to do a leased line comparison. Shop around and if you have a track record of good payments with your provider, don’t be afraid to call up and negotiate! Most people don’t think to do this, but companies will often do a deal to keep a good customer- and if you don’t ask, you don’t get!
Don’t pay for things you don’t need
It sounds simple but yet a lot of people spend on hidden costs, simply by paying for things they aren’t using. Take your gym membership. Get real about how often you actually go – and how often you need to in order to justify the outgoing. If you’re only going once a month, would you be better with a pay as you go membership? Similarly, never waste money on an extended warranty, especially for relatively inexpensive items such as a toaster. Mobile phone insurance is also usually a waste, especially as most handsets are already covered through a decent home insurance policy. Make sure you aren’t doubled up on anything and you could be saving hundreds.
Trade brand name groceries
How often have you reached for that label on the shelf, just because it’s familiar? One of the easiest changes to make is to switch to store-brand items and watch the price of your weekly shop tumble. Pricey branded goods can be up to double the price, and in a lot of cases you’re only paying The for logo – own-brands are often made in the exact same factories! In a few cases, you may find that you genuinely prefer a branded item, but most of the time you’ll be able to swap to the lower priced alternative without even noticing. Even if you only keep half of the own brand alternatives, you could see your grocery bill drop by a quarter.
Watch your energy usage
If you haven’t already got a smart meter from your energy supplier, make it a priority. You may think you’re already being careful what what you use, but seeing exactly how much it costs to run each appliance is an eye opener. Getting timer plugs is a great idea too- they can cut the power during the night by turning off things like your wi-go, and then coming back on in the morning.