It’s no secret that the cost of living is increasing and we’re all taking the hit. With energy bills and fuel prices at a perilous high, many of us are struggling to keep up with payments. Sadly, it doesn’t seem as though any of our issues will be solved overnight. With the war in Ukraine, Brexit and the aftermath of the COVID-19 pandemic all contributing to the cost-of-living crisis, the economic struggles aren’t going to end soon.
However, we Brits are nothing if not resilient and there are still ways that we can find to keep the cost of living to a minimum. Taking a closer look at our financial situation and evaluating which extra costs are necessary and which we could live without is a great place to start.
If you’re looking for some ideas to get you started, you’ve come to the right place. We’ve compiled a list of some of the easiest ways to evaluate your spending and save you money when you need it most.
Cancel Unnecessary Memberships
We’ve all been there, paying for a gym membership that we don’t use or a magazine subscription at which we only glance here and there. Often, membership payments are made via direct debit, so, unless you check your bank account frequently, you might not pay attention to these reoccurring payments.
Think about whether there are other, more cost-effective, ways to do the things that you love. For example, if one of your monthly payments is a gym membership, try a different form of exercise. With the summer months fast approaching, getting some fresh air is great for your physical and mental health, so consider a run or a workout in your local park instead – an easy way to save you money.
Do Your Food Shop Online
We’ve all been there, walking through a supermarket and browsing the aisle ends for tempting bargains that we can take home. The problem is that we tend to leave the supermarket spending much more money than originally planned. If this sounds a lot like you and you want to save money on a tight budget, then it might be time to take your shop online.
Online shopping is quick, easy and convenient, especially if you’re a working parent. You can choose from all your favourite items and see your total spending add up as you go – great for avoiding any nasty surprises. Plus, if you’re a fan of a deal then you won’t miss out; there are still plenty of bargains to be had. Once you’ve chosen your goods you can pick a date and time for them to get delivered – it’s as easy as that!
Date Nights and Gatherings With Friends
Whether you’re spending quality time with your partner or having a reunion with your pals, it might be tempting to go out. Heading out for food and drinks can really add up, especially if you’re there all evening. It might be worth asking yourself the question: do we need to go out to have a good night?
There are many benefits to a night in but perhaps the biggest is the amount of choice that you have. When staying at home, you’re in control of what you do, eat and watch all night long. If you have fussy eaters – no problem! Everyone could have something different to eat and it wouldn’t be a problem.
If you’re worried that a night in won’t feel as special, try to jazz things up. Light some candles, put on some ambient music and make your home feel like new – you’ll start saving money in no time.
Browse for Cheaper Bills
If you have unavoidable payments like insurance or bills that feel like they’re costing the earth, why not look for cheaper options? There are many companies like Compare the Market that provide insight into the best deals on phone bills, car insurance and much more. Cancelling your payments may not be an option but saving money on them by finding a new supplier most definitely is.
If you’ve avoided paying insurance on certain items in your home to save money, it might help in the short term but could catch you out in the future. If you find yourself caught out by an unexpected payment, consider a line of credit like Drafty to tide you over – a cash boost to bridge the gap until payday.
If you’ve assessed your finances and want a quick and easy way to boost your cash flow, visit Drafty today.
Disclaimer: We are not providing financial advice, these are just tips for informational purposes. Also, we are not affiliated to any of the external parties linked here. They are provided for reference only.
