Little changes can make a big cash saving
AS the cost of living crisis really starts to bite, the average utility bill increased by more than a third last month, according to figures from Barclaycard.
As a result, many people are looking to cut spending quickly, so they can afford the basics. But, what are the best ways to reduce your spending fast?
Jasmine Birtles of MoneyMagpie (moneymagpie.com) says: “If we try to cut back a little on lots of different areas, that will help us have more money going forward.”
Here are six money-saving tips Jasmine says can make a difference...
Check you’re not being scammed
Keep checking your bank account to make sure all the transactions are genuine, warns Jasmine. Scams are common, and may only be for small amounts – but it all mounts up!
Think vouchers and cashback sites
Using voucher and cashback sites could help reduce outgoings, says Jasmine, who mentions cashback sites like quidco.com and topcashback.co.uk, where each time you buy the brands on
the sites, you’re rewarded with cashback (although don’t let this tempt you to make unnecessary purchases!). There are also discount voucher sites such as vouchercodes. co.uk, myvouchercodes.co.uk, topvouchercodes.co.uk, vouchercloud.com and hotukdeals.com, where shoppers can get discounts on a variety of brands.
Use up freezer and store cupboard contents
“You might have tins and packets sitting in cupboards for years. So have a look what you’ve got in there – use up all your tinned tomatoes, tinned fruit, etc,” says Jasmine. “The same goes for your freezer – stuff in there sits for years, and ends up inedible. Set a time when you use up what’s in the freezer and store cupboard, and only buy food that goes with what you’ve got in.”
Cancel unnecessary and unused subscriptions
“Are you using the gym you pay for, the magazines you subscribe to? And subscriptions to things like Netflix and Sky – could you cut down to just one of them, or get rid of them completely and just use Freeview?” asks Jasmine.
Is it worth cancelling home services insurance?
Jasmine says some home services insurance schemes can be worthwhile, but suggests: “It’s worth asking yourself if you ever use it and could you get something cheaper?” She suggests visiting a comparison site like uswitch. com or gocompare.com as there are many providers of these services.
Re-think how much you use your car
With fuel prices so high right now, it may be worth thinking about how often you use your car, and whether some journeys at least could be made on foot, by bike or on public transport.