They say that if you look after the pennies, the pounds will look after themselves. Many of us worry about money, and most of us would love to have a little more in the way of disposable income. The truth is that even if you’re careful with your money, there are probably ways you could save every month. Here are some easy ways you can claw back those pennies to boost your savings pot.
Commuting costs
How much do you spend getting to and from work every month? If you drive on a daily basis, or you buy a train or bus ticket 5 days a week, there may be ways you could cut the cost of commuting. If you live close by, have you thought about walking or cycling instead of driving, or could you liaise with a colleague and arrange lifts? Another option is to buy weekly or monthly passes or season tickets. This usually works out better value for money than buying single tickets. You could also approach your employer with ideas about incentives to reduce the cost of getting around. This may mean that there are perks for those who cycle or carpool, or that you could adopt a more flexible work schedule that allowed you to work from home more often.
TV, phones, and broadband
Most of us own a mobile phone, and the vast majority of households have access to Wi-Fi and digital TV. If your home is kitted out with all the latest technology, take a moment to consider how much your broadband and all those TV channels are costing you each month. If you’ve been with the same mobile network for years, or you haven’t switched broadband or TV provider in a long time, it’s well worth shopping around and seeing if you could get a better contract for your money. Compare prices, read the small print, and look for value for money. If you stream programs on the go, or you have kids that are glued to phones or tablets all the time, explore unlimited broadband deals and look for phone contracts that offer a substantial amount of data. If you do find lower prices or better value packages, it’s a good idea to contact your current provider if you’re happy with the service they provide, as they may be willing to match or even better the deal. If you’re looking to cut costs, you could also think about scrapping features and services you pay for, but don’t use. If you only tend to watch a handful of channels, for example, you don’t need hundreds at your disposal.
Groceries and takeaways
The average person spends almost £45 per week on food and drink. If you add in takeaways, this figure could increase dramatically. If you’re looking to save on buying groceries, it’s always wise to try and plan a weekly menu, write a list of ingredients you need and stick to that list. If you start adding items because you’re hungry, or they’re on offer, the total will increase. Only buy promotional items if you need them, and look for discounts on products on your list. It’s worth shopping around for items like pet food and nappies and buying in bulk, but otherwise, take care when looking at offers like 3 for 2 or buy one, get one free. Often, we end up throwing excess food away. If you find it tricky to resist neon signs and discounts when you go to the shop, and you’re always over budget when you get to the till, try online shopping. Your basket will have a running total, and it’s much easier to avoid sales and special offers. Cooking at home is usually much cheaper than ordering takeaways, especially if you have multiple mouths to feed. If you’re pushed for time, and this means that you tend to order in more frequently than you’d like to, look for simple, 15 or 30-minute recipes and try your hand at batch cooking. This involves making several portions of a dish, for example, pasta or cottage pie, and then freezing individual portions to defrost and heat up later in the week.
Insurance
If you have several different types of insurance policies, you probably spend a significant proportion of your monthly income on protecting your assets and possessions. Insurance is essential in many cases, but that doesn’t mean that it has to cost the earth. If you have policies that are due for renewal, now is the time to try and cut costs. Instead of continuing your policy and rolling it over, take a few minutes to compare plans and prices online. If you choose a new company, you could get more for your money and lower the cost of your insurance significantly. If you haven’t used a comparison site before, all you have to do is enter some basic details, for example, the registration number, make and model of your car, and you’ll be presented with a list of car insurance providers and policy prices. You can filter the results to ensure they match your needs and preferences. You might want to include breakdown cover or add another driver, for example. There are many comparison sites around to help you with finding the best deals, a really good one is one sure insurance, it is always worth checking for the best deals whenever buying a new policy or before renewing an old one.
Days out, holidays and socialising
We all enjoy spending time with friends and family, going out for the day and taking a break from time to time. The trouble is that holidays and outings can be pricey. If you’re keen to engage in an active social life, and you live for your annual summer holiday, there are loads of ways you can save on travel and days out. Look for offers online, try and be flexible when booking flights, and book airport transfers, parking, and accommodation online. Cut the cost of socialising by meeting up at the beach, heading to the park or organising a garden party and swap nights out, cinema trips and fancy restaurants for dinner parties at home, movie nights and cosy, cheap evenings in.
Do you wish you had more money left over at the end of the month? If so, have you thought about where your money goes, and how you could make it stretch further? Most of us could save a substantial amount by taking care of the pennies and making very simple changes to the way we shop and spend.
