Whether paying monthly bills or buying household essentials, costs can mount up. It is very easy to overspend these days and monthly bills appear to be on the rise. Managing our outgoings and ensuring we are getting the very best deals can make a big difference. Here are 4 quick ways to reduce your monthly outgoings.
The majority of homeowners have mortgages and many are paying more than they need to. Whether you are on a variable rate already or your fixed rate product is nearing the end of its term, remortgaging could save you thousands in the long run. Mortgage brokers like Habito offer very easy to use online calculators giving at a glance information about products, rates, and monthly repayments. Similarly, you should check that you are getting the very best deals in terms of utilities. There are some very competitive rates available from many energy providers. It doesn’t take long to switch and you might be surprised at just how much you could save over a year.
It is very easy to spend a fortune on a quick trip to the supermarket. Not only are they selling groceries nowadays but many are filled to the brim with toys, clothes, and technology. Making a list of what you need should keep you focussed. If you are likely to succumb to temptation then consider ordering online and having your groceries delivered straight to your door. Many larger stores also offer a click and collect service. Believe it or not, studies suggest that consumers are more likely to buy groceries they don’t need if they are hungry so if you are going shopping, have some lunch first!
Days Out with the Kids
Various activities like the cinema or soft play can cost a fair bit particularly if you have more than one child however there are lots of free activities available too. Joining your local library is a great idea. You can spend as long as you like reading and choosing books and the kids will love it. Many libraries organise free craft days and book readings too. Children never tire of going to the park. If it’s a nice day, pack some lunch, take a blanket and have a picnic. You can spend hours there and it doesn’t cost a penny. Many museums offer free entry. It’s a great day out and the kids can learn loads too.
‘No Spend’ Months
This is becoming a popular way to reduce monthly outgoings. It doesn’t, of course, mean that you don’t spend anything because that would be virtually impossible. The principal is that you don’t buy anything apart from essentials for a month and you try to use up everything you already have. Whether it’s finishing all of your beauty products before buying more or clearing your chest freezer of food, it can save you more than you might think. There are many dedicated social media groups to give you motivation and inspiration.