By Your Call Publishing | ,

Money Matters - April/May 23

Small Changes Can Make A Difference

Making changes – some big, some small – to your outgoings can have a dramatic effect on both your financial and mental outlook.

Savings, in one sense, represents the little slices of money we can gradually chip off existing bills and commitments; whilst, in another, it is a term that reflects money put away into a safe space for future treats or emergencies.

Thankfully, both definitions can be satisfied with a bevy of useful tips that have the ability to put you in a financial place of confidence and optimism.

Home and away

Some of the biggest monthly expenses we incur are to do with things such as living arrangements and the cost of keeping a car on the road.

To make major savings on these, consider renting out a spare room; and perhaps explore vehicles that lower insurance premiums, or that are cheaper to run.

Utility room

While the cost of water, gas and electricity is still high, being alert and willing to switch to a new provider, if necessary, is always smart.

Spring clean your bank account

The average Brit spends over £10 per month on subscriptions they don’t use and, in most cases, don’t realise are still costing them money.

That makes saving well over a hundred pounds a year very quickly achievable just by having a glance over recent bank statements and bringing unwanted subscriptions to an end.

Budge that budget

Investigate the best ways to save on your current outgoings… perhaps by switching to supermarket-own brand clothes, maybe by cutting back on takeaways. Learn to separate these into fixed and variable costs and really drill down on ways to make everyday activities more affordable.

Self-sufficiency efficiency

Another way that’s become very common for cutting back on costs is to tend to household jobs yourself. Naturally, anything that poses danger should strictly be done by a professional, but homemakers looking to save money are consulting YouTube tutorials as a route to saving money.

Wind down the debt

There is no point moving money into savings spaces without having first addressed debt, as it will cost you more to service than the equivalent use of that money in savings interest.

Savings accounted for

Now transport all these positive savings into a designated savings account. Keep this out of everyday reach and you may be surprised how quickly savings can build over time.