How can you cut costs to save money?
It doesn’t matter which way you turn at the moment, TV, radio, newspapers, internet, we are bombarded with financial doom and gloom! It’s hard to ignore the fact that our economy, in fact world economy seems to be in meltdown! Whether it is the mortgage and lending markets, the energy industry or our daily living expenses, everything seems to be affected and as jobs are being slashed, the cost of living is soaring.
Far be it for us to analyse or debate why this is happening and how it can be fixed (we would really be on to something if we could achieve that of course!), or even to further add to the distress it is causing many of us, but surely it is more constructive to look at ways to help us through these challenges and perhaps re-evaluate our priorities and where our money is spent.
Now is the perfect time (if not by choice) to perhaps step back and take an objective view of our spending and challenge ourselves to pick a couple of areas where we can really make a saving. It may not be a huge saving but when put together with other economising practices, it could make a difference.
Where do we start?
For one month make a note of EVERYTHING you spend and what you spend it on, and I mean everything, whether it is your sandwich at lunchtime or your daily paper. An interesting exercise is to create a table with columns to categorise your spending so you can see where savings can be made, for example columns for:
Direct debits/fixed monthly costs (mortgage, council tax, utilities, insurances, phone and broadband, TV license etc…)
Food (your weekly shop and the in between milk and bread etc)
Fuel (petrol or diesel etc)
Leisure/luxury (the quick coffee, paper, taking the kids swimming etc)
Cash (every odd tenner you take out, it soon adds up)
Other (if you spend on clothes, unexpected car expenses etc)
]]>
It can be quite an eye opener as to just how the little things add up or when totalled, how much your monthly food bill is.
From there you can start to look at ways in which to economise.
What goes first?
It all depends on your own circumstances and how the ‘credit crunch’ is affecting you. You may just feel you want to cut back a bit to allow for the rise in things which sadly seem beyond our control, like fuel or food, or you may be finding it difficult to make ends meet and need to make some hefty savings. Let’s be positive here, these changes may not have to be permanent, even if they help for a year, when things look up, you could re-introduce the things you have really missed, or perhaps, you will find you don’t need them after all!
Ask yourself where your priorities lie
Do you really need to wear contact lenses, or could you revert to your specs for a year or so? It could save you £30 a month, £360 a year just doing that!
Do you really need the sport or movie packages on you TV? That could save £20 a month too – £240 a year!
Do you really need a coffee every morning on the way into work?
Do you really need chewing gum, a chocolate bar or bottle of Cola whenever you buy fuel?
Do you really need that glossy magazine…check out the website for the publication of your choice, you may find you can download the issue on there?
Do you really need that new top or night at the pub?
Can you make savings to your fixed monthly outgoings?
You may be able to get a better deal on your satellite/broadband or mobile phones. It’s a competitive market – shop around
Energy prices are in the headlines daily. We know costs have rocketed, but play the game and see who offers you the best deals, incentives and savings.
Look at your insurance products, you may be able to make savings on your life insurance, car, buildings and contents
Money saving tips
To try and save money on your weekly shopping bill, experts advise that you try ‘down-branding’. One week, instead of buying the brand you would normally select, for example, Heinz Ketchup, choose the supermarket’s own brand. If you normally buy the supermarket brand, choose their ‘value’ line instead. You may decide it’s not for you, but would be interesting to see what you save! If your selling your property sell it as quick as possible with a decent agent check out these Hove estate agents estate agents
To help economise on your fuel bills, ensure that your house is well insulated. The government are in the process of introducing ways of helping people with their cavity wall and loft insulation, efficient boilers and other energy saving initiatives, check and see if you can benefit, and before you ask, it isn’t means tested so whatever your circumstances, it’s worth investigating. http://news.bbc.co.uk/today/hi/today/newsid_7609000/7609746.stm
So no matter what, there is always a way to cut costs and ease the strain on the purse strings!
Working for a sucessful family owned Estate Agent And Letting Agents based on the south coast of the UK in Brighton and Hove Sussex. Callaways Estate Agent and Letting Agents are proud to have earned local and national status through winning the Daily Mail Newspaper’s Estate Agent of the year.
