8 ways to cut costs (without feeling deprived)
If you’re looking for ways to tighten your belt, these easy tips can help you stay on track.
Nobody enjoys having to find ways to save money, especially when things are already tight. If you’re worried about casting an eye over your budget and working out what can be cut out, we’ve got some tips that could make the process a bit less painful.
“Thanks to the cost-of-living crisis, more and more of us are having to cut down our spending,” says SWLLC’s Senior Money Adviser, Swabra Natabi.
“Luckily, there are plenty of resources out there to help you save that will help you manage your money that little bit better.”
Try these eight tips for slashing costs, and enjoy saving money and feeling savvier about your spending.
1. Build a better basket
Although it can take a little more time, shopping at different stores for your regular groceries can save you money in the long run.
Websites such as My Grocery Pal bring together all the current deals in one place, so you can see where best to go for pricier items like meat, pet food and loo roll.
It’s a good idea to get to know when your local supermarket starts yellow-stickering its food items so you can be first in the queue to bag a bargain.
Free food apps can also help you top up your shop. Olio will connect you with neighbours with excess food going for free. Meanwhile, Too Good To Go fights food waste by allowing shops to sell leftover food to app users at bargain prices.
2. Shop around
Paying for essentials like contents insurance and broadband is sadly unavoidable. But there are still ways of cutting down those costs.
Keep a close eye on your contracts, so when they’re due for renewal you can look for a better deal. Sites like Compare The Market and Go Compare are designed to get you the best deals for outgoings such as insurance, credit cards and energy bills.
Once you’ve found a better deal, it’s worth approaching your existing provider. They might offer you a further discount if you stick with them.
You can also earn rewards when you switch via a comparison website. For example, Go Compare offers up to £300-worth of rewards when you switch insurers. So it’s worth shopping around for the best comparison sites, too.
3. Check any unusual outgoings
If you’ve ever signed up for a subscription without realising it, you’re not alone. More than 20 million people in the UK have fallen for one of these ‘silent scams.’ A huge 4.7 million of us are still shelling out for subscriptions we don’t want or need.
When you’re building a budget, you might spot a regular outgoing on your bank statement and not be sure where it’s from.
If so, get in touch with your bank to find out what you’re paying for. If it’s an accidental outgoing, make sure you cancel it straight away.
4. Slash your subscriptions
Aside from subscription traps, there may be some regular payments you did sign up for that you don’t really need.
Perhaps you’ve subscribed to a streaming service you don’t use very often. Or you might have signed up to the premium version of an app when the free version will do.
Be honest with yourself, think about which of these quiet budget drainers you can do without, and cut them out.
5. Be clever with your daily spends
We all need the occasional treat to get us through the week. But if your spending is creeping up in places you could quite easily cut back, it’s time to reassess.
Making small changes can make a big difference. Think about steps like meal-planning so you don’t waste food, packing a lunch, and switching to own-brand buys for treats you’re not prepared to cut out.
If you spend regular money on travel, there might be ways of cutting your bills. Think ride sharing, cycling, or looking into special offers to buy bus and train tickets.
And if there’s a regular spend you really can’t resist, whether that’s a cappuccino or a cupcake, try making it at home for a much cheaper treat.
6. Make spending harder
If you find it hard to stop spending on things you don’t need, try putting up a few roadblocks between you and splashing the cash.
Start by deleting any shopping and food delivery apps off your phone. If you use your phone to pay for small impulse buys when you’re out and about, delete the tap-and-pay function too.
If you need to do a supermarket shop, make sure you’re not hungry when you head out. Your stomach rumbling means you’ll be tempted to buy more than you need. Even better, write a list and do your shopping online so you can’t be distracted.
Finally, if you enjoy the dopamine boost spending gives you, try distracting yourself with something else that gives you a lift. That could be talking with a friend, listening to a podcast, or going for a walk – as long as it’s something you enjoy.
7. Embrace the pre-loved trend
If you’re trying to reign in your spending but there’s something you really need to buy, check out the pre-loved sites before hitting the high street. You could bag yourself a money-saving bargain.
You can find almost anything you can think of second-hand. On shopping apps and sites like eBay, Vinted, and Facebook Marketplace, many items are new or nearly new, and sold with huge discounts attached.
8. Learn how to be more money-savvy
Our regular Talk Money Webinars are free, and are packed with helpful, expert advice.
Sign up, and you can find out more smart ways to cut your bills and reduce everyday costs, plus tips to boost your income and stretch your budget further.