Home » Headline, Personal Finance

The Easiest Ways to Slash Your Expenditure

29 January 2018 No Comment

Spending money is something that most of us are pretty good at. We can easily spend without thinking, avoiding bank statements and never worrying about whether or not we can really afford it. But, what about when you need to make cutbacks? When your spending has become a problem, or you need to save for something in particular or improve your finances before applying for a loan or mortgage? That can be much harder. But, it doesn’t need to be. There are plenty of easy ways that you can slash your expenditure and save money quickly, without making any massive sacrifices. Let’s take a look at some in more detail.

Compare Costs

Utility bills are essential. We need gas, electric, water and things like phone contracts and internet, and we’re happy to pay for them. But, you could well be paying much more than you need to. Even if you got a great deal when you signed up, there’s a fair chance it’s no longer the best offer on the market. Before looking at making cutbacks or cancelling contracts, see if you can get what you’ve already got cheaper by shopping around and using comparison sites.

Consolidate Debts

If you are in debt, you are basically paying fees and interest for nothing, wasting a chunk of your income, paying for the privilege of being in debt. If you’ve only got one debt, perhaps on a credit card, take a look at moving it. You may get a lower interest rate, or an interest-free balance transfer to help you pay it off.

If you’ve got more than one debt, you could save a fortune in interest by taking out a personal loan to consolidate them. This way, you are only paying one repayment and one lot of interest.

Food

Next to the essential utilities and large debt repayments, your food bill is probably your biggest expense. Fortunately, it’s another easy place to slash costs. Meal planning can be an excellent way to spend less and avoid waste. Spend some time before you hit the shops writing down your meals for the week, in detail. Then, write a shopping list for anything you need, and stick to it while you are in the store.

Other ways to save include cooking in batches and freezing extras, eating less meat which can be expensive, buying reduced goods and avoiding shopping when you are hungry. Some people find doing their food shopping online can help, as they see a running total of their basket and have an easy way to search for cheaper alternatives.

Make Cuts

Take a look at everything that you spend money on. Do you need it all? Be honest with yourself. Do you use the gym enough to make it worth it? Or would you be ok running around the park or working out at home instead? Do you need to drive everywhere, or could you save money working? Do you use all of the minutes on your mobile phone contract, or could it be reduced? Be honest and ruthless to make significant cuts.

Leave your response!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.

*