In the current financial and economic climate, more and more people have found themselves having to cut back on their spending. With essential living costs on the rise, it has become increasingly important for households and individuals to find ways of reducing spending and living more frugally.
While most people find the prospect of frugal living a little daunting, as they think that it means a complete change to their lifestyle, there are actually many ways in which you can save money without having to make really huge upheavals in your life.
Tips to reduce your outgoings
In order to live more frugally and save money you obviously need to reduce the amount you are spending. There are a number of simple ways in which you can do this – and most people are surprised to find that these methods are actually very simple ones. Some tips to cut back on spending and live more frugally include the following.
- Switch services: Many of us are paying over the odds on a range of services, such as our gas, electric or insurance. Make sure you take the time to compare deals from other providers, as you may find that you can get a far better deal that saves you hundreds of pounds a year. Switching is easy and fast these days, so you could make instant savings simply by switching.
- Reduce your grocery shop: When it comes to shopping for food and household goods, many of us head to the nearest supermarket for convenience. However, instead of doing this, try one of the discount supermarkets for your main shop. Many people have seen a huge difference in their shopping bills by doing this.
- Reduce your mobile phone costs: If you use a mobile phone, consider opting for cost-effective SIM only deals. This can work our far cheaper than a standard contract that comes with a handset. Even if you are already on SIM only, you may find that there are better deals out there, so find more SIM only deals to see if you can cut the cost of your mobile usage further.
- Pack your own lunches: If you are one of the many people to buy lunch every day when at work, you are probably spending a small fortune unnecessarily. You can be healthier and financially better off if you make your own packed lunch. This also saves the inconvenience and hassle of having to go out each day to queue for fifteen minutes for a £5 sandwich. You will be surprised at just how much this can save you each week.
- Kick the bad habits: The cost of vices such as smoking and drinking can be crippling. By mustering up willpower and reducing (or stopping) these vices, you could find you’re able to save a huge amount of money each month. For smokers in particular, the savings can be phenomenal – as can the positive effects on their health.
These are just some of the simple yet highly effective ways in which you can cut the cost of your monthly outgoings, live more frugally and start saving money on a regular basis.