Unlocking Big Savings: 10 Quick Tips for Cutting Costs on Everyday Expenses
1st August 2024
Saving money on everyday expenses doesn’t have to be daunting. With a few smart strategies, you can significantly cut costs and boost your savings. Here are ten quick tips to help you get started:
1. Use Freecycle
Freecycle is a fantastic way to give away and find items for free within your local community. By participating in Freecycle or Freegle groups, you can offer items you no longer need and find items you can use, all without spending any money.
To join, you have to find your town, village or city on Freecycle and Freegle group and sign up. Plus, Freegle also has an app which you can use. It's a wonderful way to save money, recycle, and help the environment.
2. Keep Your Shopping Item in the Basket
Before making an impulsive purchase, keep the item in your online shopping basket for a while. This cooling-off period can help you decide if you really need it, preventing unnecessary spending.
3. Block Notifications and Emails from Shops and Takeaway Services
Reduce temptation by blocking notifications and emails from shops and takeaway services. This simple step can help you avoid impulsive purchases and save more money.
4. Use the Shopping Demotivator Tool
Money Saving Expert’s Shopping Demotivator is a helpful tool that not only shows you how much you spend on non-essentials but also demotivates you from spending out of your budget.
It calculates how many hours you need to work to pay for an item, providing a clear perspective on the true cost of your purchases.
5. Cancel Unnecessary Subscriptions
Review and cancel unnecessary subscriptions you don’t use regularly. Many subscriptions quietly drain your account, leaving you wondering where your money went at the end of the month. Cancelling unused memberships can save you hundreds annually and keep your finances under control.
You can track your expenses by reviewing your bank account and listing all costs in a spreadsheet or app to identify which to cancel. Another way is to stay on top of free trials by setting reminders before they end.
6. Haggle Your Bills
Don’t be afraid to negotiate your bills. Many service providers offer discounts to retain customers. Although haggling may seem outdated, it could work successfully for phone contracts, energy bills, credit card fees, cable TV, insurance premiums, internet, and more.
To haggle successfully, be prepared with your current service details, research competitor prices, and speak to someone who can authorise discounts. You can start by asking for more than you want, and be open to negotiating other service aspects if price cuts aren’t possible.
7. Look at the Price Per Unit While Comparing Brand Pricing
When shopping, comparing the price per unit rather than the overall price is usually the right thing to do. This approach ensures you're getting the best value for your money by choosing the more cost-effective option. It can help you make informed decisions, helping you save more without compromising on quality. Remember, every penny counts and small savings can add up to a significant amount over time.
8. Don’t Eat Out Unless for Socialising
Reduce dining out and reserve it for social occasions. Preparing meals at home is usually much cheaper and can be a fun way to experiment with new recipes.
Not only will this help you save money, but it also provides an opportunity to enjoy healthier, homemade meals with loved ones. By cooking at home, you take control of your diet and your budget.
9. Invest in a Slow Cooker
A slow cooker allows you to cook large one-pot meals. According to Waste Less South Yorkshire, slow cookers are simple, user-friendly and highly energy-efficient, with the latest figures showing that an average 3.5 to 5-litre slow cooker costs around 3.2p per hour to run, depending on the type, energy rating, and energy charges. A slow cooker works by simmering food at low temperatures, allowing even the toughest cuts of meat to become tender over time, helping you save money by purchasing cheaper cuts of meat.
10. Try to Resell Things That You Have Replaced
When you replace an item, consider selling the old one. This not only declutters your home but also helps recoup some of the costs of the new purchase. Platforms like eBay, Facebook Marketplace, and local community groups make it easy to find buyers for your unwanted items.
Implementing these strategies can significantly boost your savings and help you manage your finances more effectively. Remember, small, consistent changes can lead to big financial improvements over time.