I’m always looking for ways to reduce my spending so that I have more money for the things that are really important to me. I am actively trying to pay off my mortgage as fast as possible, which means cutting spending where I can so I can make bigger repayments. Whether you’re wanting to save to travel more, pay off debt or just to boost your savings, here are 4 simple ways you can save extra money each month:
1. Check Out Your Phone
Most of us sign up for a phone contract and never really consider how much we’re paying and what kind of value we’re getting. The same often happens with Internet packages, despite the fact that companies are always trying to better their rates and offer special promotions. You can often get a better rate if you join your phone and broadband plans together, if you’re interested you can check out some broadband phone deals here. This is one way that people throw away money each month because you can easily find a better deal that could save you hundreds of pounds a month. For example, with Now Broadband, you can have a Fab Fibre + Anytime Calls package for £25 per month. Some of the offers even come with cash back offers or reward cards. If you’re thinking about how you can save money, take a look now before some of the limited time offers expire!
2. Don’t Waste Food
Food wastage is a big issue – not only is it bad for the environment, but it’s also bad for your wallet too. I find that the best way to cut down on food wastage is to make a meal plan for the week and only try to shop for that. When I try to randomly buy food and hope that I can make enough meals out of it to last me, I always end up with spare food sitting at the back of the fridge that I don’t eat in time. Be prepared, cut down your food wastage and save money.
3. Watch Your Drinks
It’s crazy how much many of us spend on drinks each week, from bottles of water when we’re out and about, to the daily latte. If you go out in the evening with friends for drinks, it can really start to become expensive. I’m not saying to ditch your social life, but it can be a good idea to track how much you’re spending on drinks for a month to see what the real cost is. Some of these things will be worth it to you, but others maybe you could reduce a bit. Multiply your monthly spending by 12 to see what it’s costing you per year and you might be surprised by how much you could save.
4. Ditch the Car
If you have a car, chances are you spend quite a large portion of your income on gas. There are many different ways you can reduce your gas costs, from carpooling with workmates, to cycling to work. You can even employ a car-free weekend once a month, getting outside and walking around or using public transport instead of your car. Every little bit helps and you can see a reduction in your overall spending if you reduce how much mileage you’re doing each month.
The truth is saving money is often about making a few smart changes to help reduce your expenses. You can then use these extra savings to reach your goal even faster.