If your financial situation isn’t looking too healthy then it’s worth making changes early on before your problems start to spiral. Once you fall into arrears, debt and interest rates start to build it can exacerbate your problems tenfold. If right now the issue is making ends meet some months then a few simple changes can be all that’s needed to get your budget back into the green. Here are three ways to go about it.
Use comparison sites
There’s no escaping bills, unfortunately we all have to pay them. However, unless you regularly use price comparison sites, chances are you’re paying well over the odds. Companies like insurances and utility bills are really competitive, meaning they offer attractive prices to new customers. To make the most of this, you should be switching to the cheapest company each time your contract is up. It’s not a huge job, once a year just run a few quotes through a comparison site and call the company offering you the best price. You can save hundreds on things like car insurance rather than accepting their ongoing prices, and can also make savings that really add up over the course of the year on things like your gas and electric. Use cashback sites and discount codes where possible to bring the prices down even further, for example, this straight talk promo code would reduce the cost of your monthly phone plan.
Start eating at home more
One area just about all households overspend on is food. From buying too much and throwing most of it away, to buying drinks and lunches when you’re at work, restaurant meals, takeaways and more. One easy way to slash the cost of your food costs is to simply prepare more at home. It doesn’t have to be boring, utilise sites like Pinterest to find healthy, inexpensive recipes. Batch cook and freeze portions for convenience, and take packed lunches with you when you go to work or go out for the day. Cut down a weekly takeaway to once a month and watch the savings start adding up.
Cut back your luxuries
Cutting back on luxuries doesn’t need to mean completely depriving yourself, after all, when you work hard it’s nice to enjoy little treats to make it feel worthwhile. But do add up where you’re spending and see if there’s anything you could easily remove without it affecting you. Subscriptions like Spotify and Netflix for example aren’t worth the money if you’re not using them regularly. If you’re an impulse shopper, saving money rather than hitting the sales, then buying carefully selected items that you actually want can save you money and reduce waste.
Where do you tend to overspend most when it comes to your bills and personal finances?