With the rise on cost of living it isn’t just as easy as cancelling your Netflix membership. There are various ways to cut back by simply being savvy with your everyday purchases.
Utilising your credit cards
With several interest free credit cards on the market, you could use these to pay for big purchases such as your car insurance. Approximately a third of drivers pay for their insurance monthly, this is helpful for those who do not have the cash to pay for the full 12 months upfront, but you will run into paying the cost of interest on top. To avoid paying the interest you could simply pay the one-off annual fee using an interest free credit card and pay off the card monthly over the next 12 months. According to moneysupermarket data, a typical motorist can save more than £200 by paying annually.
Evaluate your current phone contract and the benefits.
Many people tend to forget about the added benefits within phone and sim plans. Some providers such as Vodafone offer great benefits which will also help save cost on leisure. A great example is the 2 for £7 Vue cinema tickets. There is also EE which offers inclusive extras such as Netflix, BT Sports and Xbox game pass. So, if you are already paying for these types of subscriptions, you can save money by getting them included in your phone bill. So, if you are someone who has had the same sim contract for over 12 months, it may be good to contact your provider or look on USwitch where you may find a better deal for a better price!
Invest in a Coffee Machine
If you’re lucky enough to win money it would be a good idea to invest in a coffee machine. A lot of the population will tend to grab a cup of coffee in the mornings for the work commute or whilst they are in the office. The go to stop for a coffee for many would be a Costa or Starbucks. The average price of a coffee is around £4-£5 depending on size. With 52 weeks in a year if you were to buy 4 coffees a week this would equate to around £832 a year.
Instead, you can purchase a thermal mug and a coffee machine. We would highly recommend the Nespresso coffee machines. They offer a great deal where you can buy a coffee machine for only £1! To take advantage of this deal you must sign up to there monthly coffee subscription. This is still considerably more affordable than buying a coffee from Starbucks and Costa. With the cheapest subscription being only £25 which gives you 1 or 2 Nespresso coffees a day. This leaves you with a whopping saving of up to £500.
Reduce spending on food
Many people can become very lazy when it comes to food, people tend to click a few buttons and pay £15/20 to have a takeaway delivered to their door. So, there are lots of ways to cut back on your food spending without having to limit the amount that you buy.
These include:
- · Swapping to a budget supermarket
- · Opting for supermarket branded products
- · Creating a shop listing and meal planning
- · Not shopping when you are hungry!
There are also apps which offer fresh produce from super markets at heavily discounted prices to prevent food waste. A great app to check out for this is ‘Too Good To Go’.
