Cut down your household’s outgoings and start saving for the future

08/07/2019
savings desk coffee home business

*A collaborative post 

Saving up for something special? A holiday? A new car? Maybe a deposit for a new house? Whatever it is that you are hoping to save up for, you’ll have likely felt that reaching that end sum is quite a mountain to climb, especially when you feel that you barely have anything to spare each month anyway! Here are some ideas to help you put a little extra away each month.

Alternatively, if you’re not saving for something specific, but instead are hoping to reduce personal debts, then you are able to get free friendly advice from Carrington Dean which will help you get your personal finances in order.

Save money on transportation

Cars are extremely convenient but can also be a money pit. From monthly car finance payments to ongoing maintenance, repairs, fuel, tax and insurance, there are lots of different ways your car is draining your funds!

Need your car for work? One of the obvious ways to cut your costs is by taking public transport which may seem expensive on face value, however once you take away the costs you’d be spending on your car then it very quickly becomes the more financially sound option.

Alternatively, why not see if one of your colleagues is coming from the same direction and you can carpool together to share the costs – not only does this save on fuel but it also reduces the wear and tear on your vehicles.

If you are using your own vehicle, ensure you are getting the best MPG by keeping your tyres inflated and your oil levels topped up.

Cut down on your household bills

One of the best places to start when it comes to saving money is with your household bills. Utility companies are notorious for defaulting you to a higher tariff within your second year of being a customer, therefore it is important to move your account annually to ensure you’re getting the best deal.

Similarly, you’ll find the same when it comes to car insurance, which also goes to a less preferential rate in your second year.

saving spreadsheets

Nowadays there are plenty of comparison websites available which will not only allow you to compare prices easily but will also take care of the switching process for you.

Another thing to check is your phone contract; if you’ve exceeded the 24 or 36 months that you originally signed up for initially, then you could still be making unnecessary payments as you are still being charged for your handset – contact your provider to ensure that you are being billed correctly.

Reduce your luxury expenses

Still paying for that expensive gym membership but not actually going? Paying for the all singing all dancing TV subscription but only use Netflix? Receiving your monthly magazine subscription but not actually reading it?

Take some time to go through your direct debits and cancel anything that you’re not actually using. You could easily be making additional monthly savings by doing this.

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