Every month, we go through the same experience like clockwork. You have a moment of delight when your pay lands in your bank account, then a few days later, you’re left with virtually nothing to spend on the things you really want. Monthly bills quickly rob us of our disposable income, and often, we’re paying a lot more for them when we really should be.
If you’ve been struggling to reduce your monthly expenses lately, maybe you could benefit from making a few simple changes to the costs that you deal with on a regular basis. Here are some quick and convenient ways to minimise your costs.
Chances are that you’re shopping more online these days. That’s because there are so many great ways to purchase the things you need from the comfort of your own home. You can even shop through apps on your smartphone. To make sure that you’re getting the most out of your cash, think about how you can be a savvier consumer.
Check for discount codes and upcoming sales announcements on a company’s website before you make a purchase. Check to see if you can get a better deal just by switching to a different vendor and consider scanning for discount codes automatically with a browser plugin. There are tons of options that you can add directly to your browser to start reducing costs instantly.
In an ideal world, we’d all have the cash we need just sitting in our bank accounts whenever we needed it. Unfortunately, life is rarely that simple. From time to time, you’re going to have to look for alternative options, like loans and credit cards. If you decide to borrow money, then you should be looking for ways to cut the amount you pay back as much as possible.
Start by making sure that you defend and build your credit score whenever you can, as this will open the door to much more valuable lending opportunities in the future. Remember to do your research before you get a loan or credit online too. This will help you to avoid any lending opportunities that might not be right for you.
You slog through each month at work, not always enjoying your job, with the knowledge that eventually, you’ll get some money at the end of it all. When that cash eventually arrives in your bank account, it’s tempting to just jump in and start spending straight away. However, the truth is that you could be putting yourself in danger by doing this.
A lot of today’s consumers spend around half of their income within hours of getting it. Unfortunately, it’s easy to forget about bills and extra expenses that are going to drain your bank account when you do this. There’s a risk that you’ll end up spending more than you can actually afford. Try setting up your payments to come out on the same day as you get paid. This will reduce your risk of thinking you have more money than you have.
If you haven’t done so already, now could be the perfect time to start working on your savings strategy. If you’re saving up for a new home, for instance, you can save yourself a small fortune by getting a help to buy ISA that’s totally tax free, and it comes with benefits from the government who will help you to afford that deposit on your first home. You can also find other kinds of government schemes and savings accounts that come with various impressive benefits to discover.
If you haven’t opened a new bank account, or changed your account in a while, consider speaking to your banking advisor about the kind of things you might be eligible for. Alternatively, consider reaching out to citizens advice for their input.
If you haven’t had a chance to check out all the benefits your employer might offer, or the kind of support you can get from the government due to your income situation, now’s the time to jump in. There are tons of extra sources of assistance out there, but you need to be willing to look for them. Most of the time, your employer and council groups won’t come to you with advice on what you should be applying for.
If you’re not sure, get an appointment with a free advice service in your region.