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House prices are on the rise, the increasing cost of living is showing no sign of slowing down. Now is a good a time as any to be making cutbacks, so here’s 5 money saving tips to help your budget by reducing your spending each month:
Stay Fuel Friendly
We’ve all noticed the rise in fuel prices, a rise that’s been a constant for around three years! The cost of running a car on a day to day basis can soon add up, but there’s many things you can do to reduce what you pay. For example, many people don’t realise that the way you drive affects your fuel consumption. Travelling at a slower, constant speed in a high gear and avoiding erratic breaking and acceleration helps to conserve the fuel you use.
Keeping tyres pumped up at the correct pressure and avoiding carrying any excess weight will also make fuel last longer. Making sure you have the correct oil in your engine also aids the general economy of the car. If you’re looking for a new vehicle to increase your fuel economy, here’s a great list of the UK’s most fuel-efficient cars on the market.
Find the Cheapest Home Energy Provider
The average cost of utility bills now totals around £1,254 a year. In addition, energy bills are likely to rise by more than £100 for 15m UK households. With this in mind, why not start to shop around for your energy bills? Doing so could save you hundreds, with Brits reportedly overspending by £2bn as a result of not switching suppliers.
Reconsider your Internet, Phone & TV Packages
Similarly, for those with separate internet and television providers, it’s well worth looking to change packages. Tried to in the past and don’t want the hassle? Well as of this week, phone and broadband customers will be able to switch without the drama, thanks to regulator Ofcom introducing a new ‘Fairness Code’.
Another good idea is to review your subscriptions to expensive TV streaming services. Netflix announced this week that the price for their premium subscription is to rise. Why not ask yourself; do you need to watch ‘Friends’ on 4 screens simultaneously?
Manage Your Phone Bill
Mobile phone contracts are a substantial drain on the pocket, more-so if you’ve got a whole family to pay for. This isn’t helped by the fact that kids these days will accept nothing less than the newest technology. Unfortunately, this is unlikely to change, especially with the introduction of a 5G network on the horizon.
Thankfully, phone providers now have a legal obligation to inform you of their best deals, as well as letting you know what your options are when your contract ends. In the meantime, contact your service provider, and assess whether you can spare those extra minutes and data. If you rarely use your phone, you could even revert to a pay-as-you-go mobile.
Change Your Food Shopping Habits
Always write a list before you shop and stick to it. That way you’ll avoid any impulsive, unnecessary buys. Additionally, taking a packed lunch to work can save you loads compared to paying for something that’s ready-prepared. For more food-based money saving tips, check out our blog on saving money at lunchtime.
Are you struggling to pay your bills because the increasing everyday costs? Are your debts starting to pile up? Fill in our FREE debt help form today, or give PayPlan a call on 0800 280 2816 for confidential debt advice.