This year I’m attempting to be money savvy, and before you start quoting some of my Instagram posts about how I’m not making new years resolutions, this isn’t something I’m planning on doing for a few months then forgetting about, I’ve been looking at ways I can make cut back all year round. (keep a look out for a post coming up on quick cutbacks to see you to the end of the month too.)
I’ll step straight to it, and let you know some of the tips I’ve compiled;
Start by writing a list of what a typical month’s spending looks like by writing down all your direct debits and standing orders. These are the regular payments which you can base your outgoing on, things like food and clothing can vary which requires a different cut back formula. Taking baby steps and starting this way is much easier to stick to. I did this recently and realised I was still paying for a washing machine breakdown plan which I didn’t even own!
Look at when you can switch energy suppliers, there’s no excuses anymore, it’s beyond simple by using a price comparison website and having your latest bill handy. I already saved £21 a month just by doing these 2 things. Same goes for mobile phone bills, look at your monthly usage and compare it to switching to a sim only deal, we did this recently via TigerMobiles.com who had the best deal at the time. If you’re happy with your current mobile then why bother with a flashy new handset. Keep your existing one, and add up the savings, even if it’s only for 6 months, then upgrade when you really need to and pocket the savings.
Don’t forget to look at any cash back you could by switching via sites such as Quidco. Same applies if you’re changing providers, using a cashback website can really bump up the savings!
I also set up a direct debit into my savings account to help pay for my car, home and buildings insurance annually instead of monthly. You always pay interest on the later and by paying off in one go when it’s due will save me nearly £100 a year.
Finally, if you’re paying off a credit card look at switching to a 0% balance transfer and setting up a direct debit to cover the repayment over the months which it’s 0%. Just remember, when the new card comes in the post, cut it up. Chances are you won’t be getting further purchases at 0%, if you can manage without a credit card, cutting it up will stop any temptation. If you do need one, however, look at one which has cash back incentives or 0% new purchases.
I’m making 2018 the year of no credit cards and living within my means, eldest will be off to Uni next year which I’ve got a feeling will be an expensive time for us both!
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