As parents, it’s all too often that we feel our outgoings seem to be getting bigger by the month, leaving very little disposable income at the end of it. But with some savvy changes to your monthly expenses, you could help lighten the load.
Here are our top tips to help you cut your monthly expenses.
1. Check your utilities and subscriptions
Gas and electricity, subscriptions to Sky, internet, water rates and more; the list seems never ending… Just £10 a month off one bill is a saving of £120 a year.
You can reduce your bills by doing online comparisons to see if you can get the service cheaper elsewhere – then talk to your providers and asking them if there is cheaper tariff – you’ll be surprised what they come up with when you say you will switch providers. It’s easier to switch providers than you think!
2. Council tax
Council tax is traditionally paid over ten months, leaving you payment free in February and March. Some councils have been known to let you spread your payment over twelve months, reducing your monthly outgoings. It’s worth a quick ring to your local council offices to see if this is available in your area.
3. Downgrade your services
Do you need the sports channels, all the movie channels, and the extra bundles in with your Sky or other digital TV package? If not, contact your provider and have the extras removed. Dropping the sport package alone for Sky TV would save you a minimum of £20 a month, which is £240 a year. Quite the saving.
4. Change your phone package
Consider how much you use your mobile phone. Do you need thousands of free texts? Contact your provider to discuss a package that suits your needs better, and consider pay-as-you-go or a lower monthly tariff when your contact ends.
5. Get discounts on your bills
Discounts are available for paying your bills monthly and by direct debit. You can also sometimes receive an additional discount for being “Green”; opt for paperless billing and view your bills online. Less clutter for you and less to pay.
6. Use the same provider
By bundling your phone, line rental and internet together with one provider you can make a substantial saving; the same is often true for gas and electricity suppliers. Check online to see if you can save.
7. Balance your credit cards
Consider how much you are paying on credit cards and store cards. Just paying the minimum every month takes you longer to clear the balance and costs you more in interest payments. If you can, pay a little more off each month and hammer the balance down. If you have a good credit rating it may be advisable to transfer your credit card debt to a card with a better rate.
A few hours checking tariffs, rates and talking to providers can literally save you hundreds of pounds a year. What have you got to lose?
Don’t feel you can face an overhaul to your monthly bills just yet? Not to worry, there are still small changes you can make today to help you save. Check out these examples of how you can cut back on your expenses, and use this savvy spending calculator to help you calculate exactly what you’d be saving.