Energy prices are rising, the base rate is due to go up, and groceries are rapidly becoming more expensive, so it’s no surprise that people across the globe are considering ways to save money.
The cost of running a home, having a social life, and general day-to-day living costs have probably never been higher, so it makes sense to do something about it as soon as possible.
If you are thinking of ways to cut down on bills and save money – look no further. Here are 9 ways to reduce your household spending.
1. Share the cost of your daily commute
The price of fuel is on the rise again, so if you commute to work, why not find out if any of your colleagues would be interested in car sharing? If planned correctly, it can work well and may vastly reduce your outgoings each month.
If feasible, another option is to ditch the car and walk or take the bus instead. Not only will you save money, but the planet will thank you for it too!
2. Buy in bulk
If you have the necessary storage space at home, buying higher quantities of products you use regularly makes perfect sense. The first thing you should do is to find out if it is cost-effective is to calculate what you typically pay for each item and then establish how much you would pay when buying larger quantities.
Over a year, the savings could be substantial, so whether you want to buy monk fruit in bulk or feel that you use enough shampoo to justify buying it by the gallon, you could save a respectable amount from your annual grocery spend.
3. Pack a lunch
If you usually visit the local deli or grocery store to pick up lunch each day, have you ever considered how much it adds up to over a year? Do the math, and you might be shocked at how much you are spending. The same principle applies to the energy-boosting coffee you grab each day en-route to work.
Instead, buy a range of delicious food and make a lunch every morning or the night before. Not only will it save you money, but your creations will probably be a lot more adventurous too! If you are short on ideas, you will find thousands of inspirational packed lunch suggestions online.
4. Reduce heating bills
The cost of fuel is soaring, so if you want to reduce your energy bills, it makes sense to use your heating as little as possible. Thermal-lined curtains will help keep a room feeling warm and cozy, but if you are still feeling a little on the chilly side, you can’t go wrong with an extra sweater and a few blankets.
It is also worth checking whether you have adequate loft insulation and replacing it if necessary. Insulation will help keep warm air in and cold air out, so although there is a cost implication to have it supplied and fitted, the saving you make in terms of heating should offset that pretty quickly.
5. Cancel unwanted subscriptions
It has been suggested recently that a large number of people pay monthly subscriptions for things they don’t even use, so if it’s been a while since you trawled through your bank statement, it is worth taking a look.
You may be paying for a TV subscription you hardly ever use or mobile phone insurance for a phone you got rid of a decade ago. Weigh up what you are paying against the service you received and cancel anything you feel isn’t justified.
6. Meal planning
If you don’t pre-plan your meals each week, you may tend to overbuy, so spending an hour or two once a week planning out your meals could save you a small fortune. Write a list of the meals you intend to make, figure out what you need, and buy those things and nothing more.
Knowing what you are eating on any given day will also reduce the chances of you ringing a takeaway or buying heavily processed meals which typically cost a lot more than fresh produce.
If you aren’t sure what a typical budget for your family should look like, read our article entitled ‘How much should I spend on food a month’.
7. Share childcare
If you have young kids and go to work, childcare may account for a large chunk of your monthly outgoings. If you fall into this category, it’s worth finding out if any of your friends or colleagues are in the same situation and working out a way to share childcare duties.
It will only work if you have different work patterns, but given the enormity of savings you could make, it’s certainly a conversation worth having.
8. Buy second hand
The second-hand sales market is more popular now than ever before, so if it’s not something you’ve done before – you are in for a treat. You can find some amazing bargains on selling platforms like Gumtree, eBay, or Facebook Marketplace, so regardless of what you are looking for, it’s worth having a look there first.
Many people also sell unwanted gifts and things they have bought and never worn or used, so you might be surprised at what you can find for a fraction of the original value.
9. Shop around for insurance
Insurance companies will typically increase your premiums every year so, one of the biggest mistakes you can make when taking out insurance is opting for an auto-renew policy. Instead, take to a comparison site and find out what the competition can offer based on a like-for-like policy.
The great thing about comparison sites is that once you have entered your details, they will retain them, so you only need to complete it all once.
If you don’t have the time or inclination to shop around, then at least give your insurance company a ring and ask if they can better their renewal quote. Most will reduce it by approx. 10% if they feel they may lose your custom, so it’s a phone call worth making.