Most of us would like to have a bigger bank balance. While it may not be possible to boost your income, there are always ways to save. If you’re looking to reduce household costs to clear debts or increase your disposable income, here are some straightforward strategies you can employ today.
*’This is a contributed/partnered post’. Some parts may be added in by myself. All my blog posts include affiliate advertisements.
Analyse your spending habits
With contactless payments, direct debits and online shopping, it’s challenging to keep track of spending. If you find that your balance is usually lower than anticipated when you check your accounts, or you tend to overspend without realising, it’s hugely beneficial to analyse spending and to utilise tools and budgeting techniques. Take a look through your recent statements and see where your money goes. Draw up a budget each month and start clawing back costs that are non-essential. Are you spending a fortune at the supermarket, or are you still paying for a gym membership you haven’t used for years? Use apps to track spending and check your balance regularly using online banking. With a budget, you can set yourself weekly or monthly spending limits to help you save and reduce debts.
Compare prices before you buy
Comparing prices is one of the best ways to lower household costs and make your money go further. Before you buy a pair of trainers or a new TV, or you place a bulk order for pet food or nappies, for example, always check prices using a search engine. You may be surprised at the difference in prices between websites and retailers. It’s also a brilliant idea to compare insurance policies and prices online if you have a policy that is due for renewal, or you’re looking to get insurance today for a new car or a new home, for example. Insurers often reserve their best deals for new customers, and if you switch, you could save on monthly premiums and take advantage of incentives and special offers.
Take a shopping list to the supermarket
For many households, groceries are one of the most significant sources of expenditure. Supermarkets are designed to lure us in and encourage us to spend, and if you meander around the aisles without a list, it’s very easy to get carried away and to bump up the bill with items you don’t need. Avoid going to the shop when you’re hungry, and always make a list. Plan a menu in advance and write down all the ingredients you need. Stick to your list and only look at promotions if they apply to items that you actually use at home. If you find it impossible to keep track of spending, or you can’t resist temptation, consider doing your shop online. This way, you will have a running total on your screen at all times, and you won’t get distracted.
Whether you’re trying to clear debts, or you’re on a mission to save more money every month, there are some very straightforward saving strategies you can try. Start budgeting and analysing spending, keep a close eye on your balances, use the Internet to compare prices and always take a shopping list out to the supermarket with you. Simple changes can make an incredible difference.