These days, money is too tight to mention. The costs of pretty much everything is on the way up, and showing no signs of stopping. Here are some budget-boosting tips to help you find a little more each month to make the ends meet or build up some savings for the future.
Make Some Sensible Changes
Every day we spend money when we shouldn’t. There are probably at least one or two things you buy on nearly every trip you take to the shop that you do not need to, or when there are better value options available. If you are a smoker, for instance, you could switch to vaping for a much cheaper alternative. Grey Haze has a huge range of vape pens, including the ever-popular elf bars, that could be smarter and better value alternatives to your regular tobacco products.
The same is true with food and beverages. There are many cheaper alternatives that are just as good, if not better, than the brands and products you buy. Take a long hard look at your regular spending in shops and supermarkets. There are probably many places you could save a few pennies or pounds here and there, which will all add up every week. Small savings should never be overlooked. You will be surprised how quickly just a few pounds can add up to a significant saving over time.
Streamline Your Subscriptions
Many people have signed up for multiple subscriptions which can be for streaming media services, coffee pods, toothpaste, and even boxer shorts. They may all seem like they are excellent value on the face of it, but once you have them all running at once, you might find they are a major drain on your finances. Streamlining them and putting some on pause or cancelling them all together will give you extra money every month.
You do have to be a little ruthless. It is easy to become addicted to the ease of apps like Spotify or Netflix, but there are alternatives out there, and many of them are free. You can also search around for deals that can save you money without losing one of these services. If you are a Sky TV subscriber for instance, they may be able to offer you a Netflix subscription as part of your package. Alternatively, you could cancel your Sky TV subscription and just stick to Netflix instead. Look at all your options and work out the best balance between cost and convenience for you.
Start Switching Your Suppliers
Whether it is gas, electricity, car insurance, or broadband internet supply, there is a lot of competition for your business. It is easy to leave your direct debits alone and just stick with the same suppliers for all these things and more, but they will slowly creep up the costs while keeping the service the same. Why should you pay more for the same service? Take advantage of the competitive market and do some comparisons online to seek out better value providers for everything you can think of.
Make sure you check your current contracts. You may face a financial penalty for switching suppliers suddenly, and this will change the maths. Energy suppliers are a good example of this. They will often charge a customer £25-£50 per fuel for switching while in their existing contract. These are called exit fees. Usually, if you have had a supplier for longer than 12 months, you will not have to pay any exit fees to make a switch. Some broadband providers can have these fees too. Before you click to make a switch, make sure you have found out if you will be liable for a financial penalty from your current suppliers.
Manage Your Debt
Most people have some form of debt on their books. It could be an overdraft, a credit card, or some form of micro-financing that helps to pay for big purchases like an arrangement with Klarna or Clearpay. These are all convenient ways to pay for things, but convenience comes at a price. The price is often interest charges that are essentially money for nothing for the bank or creditor that you have your agreement with. Every week or month, you are paying them money out of your account and getting nothing for it.
If you want to ensure some long term savings, you need to take a long hard look at your finances and find ways to pay off any debt more quickly. The sooner the debt is paid the sooner the interest payments go away, and you will have more money in your pocket. Consider refinancing your debt too. This can be useful if you can make a new arrangement that consolidates all of your debt into one lower payment. This can give you back more of your money every month. New debts will take longer to pay off, but if you have more money in your pocket, you will be a little more financially flexible.
Change Your Mobile Phone Deal
If you want to get serious about saving money, you are going to have to change the way you pay for and use your mobile phone. Keeping the latest smartphone in your pocket year after year is incredibly expensive. One of the reasons for this is that a new phone is released pretty much every year. There is always an upgrade on the way, ready to tempt you into a new and expensive monthly deal. If you decide to stick with what you have and take a look at your current plan, you may find you can make some huge savings.
Once the smartphone is paid for, which often takes 12-24 months, it is yours. All you need is a service plan that gives you the calls, texts, and data you need to get by. These deals are incredibly inexpensive compared to paying for your phone every month. You can often save yourself as much as £40 a month, or £480 a year. This is a staggering sum when you think about it. Be strong and say no to the next iPhone. Keep the handset you have going. You do not have to change your number either.
Put all these top tips together, and your financial future will look a lot brighter. The prices at supermarkets and petrol pumps are not going back down any time soon. Give your future self a helping hand by utilising these top tips.