5 Ways to Lower Your Monthly Expenses

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Lower Your Monthly Expenses

Everyone has monthly expenses that they must pay for. From housing costs and utility bills to care costs and insurances, once everything has been totted up, your wages can quickly drain away. Everyone wants to save money and have more disposable income to spend on themselves, but when you have a lot to pay for, it can be hard to know how.

Here, we will explain five ways you can lower your monthly expenses with the aim of saving you money and making you feel a little bit more comfortable throughout the rest of the month.

1. Energy Bills

For most bills you won’t have a lot of wriggle room, but when it comes to energy bills, you do. Most companies will work on a price match basis, and you can get deals for being a new customer. For this reason, it’s worth switching your energy provider at the end of a yearly contract. Sometimes you might not even need to switch – the threat of moving to a different supplier alone could encourage your provider to lower their prices.

Some may get you to use a power supply calculator to see how much energy you actually use and whether you’re being overcharged, so if you haven’t been asked to do this, it’s worth doing it off your own back.

Alternatively, you can seek to save money on your bills by installing solar panels or a private wind turbine. These will take a while to pay for themselves, but you will surely reap the rewards in the long term.

2. Food Shopping

Food is one of life’s small luxuries and something a lot of us like to splash out on, but it’s this very habit that leads a lot of us to overspend when it comes to doing the weekly shop. There are several ways you can save money your food shopping, firstly by making a list. You’d be surprised at how being strict and avoiding temptation can save you a lot of money. In fact, those who don’t use a shopping list are three times more likely to overspend on their food shop.

Another way you can money on food is by buying off-brand items. Sauce, condiments, pasta, rice and juice taste pretty much the same across the board, so opt for cheaper alternatives and see how much you can save.

3. Fuel Costs

You don’t need us to tell you how expensive fuel for your car is. If you feel like every time you go to the pump the price increases, you might in fact be right. We know that diesel and petrol cars are set to phased out in coming decades, but this hasn’t happened yet and as it stands, most people can’t afford an electric alternative at present.

Despite this, there are ways to lower your fuel costs. The first way is to drive less, so that means walking where possible. You can also carpool for your commute to save money. Lastly, make sure you’re driving sensibly as erratic braking and acceleration can increase fuel consumption.

4. Family Plans

How much do you spend on music streaming accounts, mobile phone contracts, insurances and video streaming platforms every month? The answer is probably a lot, but it needn’t be. A lot of companies offer great family plans, so whilst it seems like the upfront cost is higher, your household will be saving money as a collective every month.

5. Consolidate Debts

The majority of households have some form of debt, the majority of which will be personal loans and credit. Each loan or credit plan will have its own interest rate, so rather than overpaying on everything at different rates, look at consolidating your debts into one monthly payment. This will make it easier to manage, but you will likely find that your bills go down every month, too.

Summary

Hopefully even just one of these tips reduces your monthly outgoings and helps you live a more comfortable life.

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