If you’re struggling to make ends meet in the cost-of-living crisis, you’re certainly not alone. However, please don’t despair – there are things you can do to quickly gather some much-needed cash and to cut the costs of your bills going forward.
Here are some smart ways you can incorporate into your day-to-day life that can significantly reduce your expenses, increase your income and set your family on a clear path to financial stability:
Shop Savvy
It may not sound like a revolutionary idea, but shopping savvy can make a huge difference in your monthly outgoings. Start by planning meals and making shopping lists – this will help to prevent impulse buys and unnecessary spending.
It’s also always worth checking online if there are any vouchers, deals, discount codes or money saving offers available before you make any purchase, be it tech, clothing, days out or appliances. Plus, many physical stores now have loyalty schemes or promotional offers, so take advantage of collecting points or stamps via loyalty cards and watch the savings mount up.
Switch and Save
Energy providers are constantly vying for your business, so why not use this to your advantage? Take time to review your current plans and see if there might be a cheaper provider available. The same goes for phone, internet, and insurance providers. Switching providers can be a simple way to save hundreds a year without reducing the level of service you receive.
Additionally, if you find you’re paying for services or subscriptions that you no longer use or need, it’s time to cancel those and pocket the savings. It’s easy to be double-subscribed for some services, so check your bank statement and find out where your money is going.
Become Energy Efficient
Being mindful of how much energy you use can result in considerable savings. Switch to energy-efficient appliances and light bulbs, insulate your home properly, and make sure to turn off the lights and unplug electronics when they are not in use. It’s a small change that makes a big difference in your utility bills.
Scale Down and Declutter
Often, we accumulate things that we do not urgently need or even use. Take some time to assess and declutter. This practice not only helps to keep your home organised but can also be profitable. Consider selling unwanted items on resale websites, at car-boot sales, or in local second-hand ‘dress exchange’ shops.
Then, make sure you put any money you make straight into your savings account – you want to feel the benefit of having a backup fund for emergencies, which will help you feel more financially secure.
DIY
If you have the skills and time, DIY can be a real money saver. From painting and decorating to basic home repairs and even sewing or knitting clothes, doing it yourself rather than hiring a professional or buying new can result in significant savings.
Earn Extra Cash Online
Earning extra cash online has never been easier. Whether it’s freelance writing, graphic design, tutoring, transcribing, or even taking part in paid online surveys, there are countless opportunities to earn from the comfort of your own home.
Consider Selling Your Car
Another possible income option is selling a car. If you have a second (or even third!) car within your family, this can be a great option, especially if you no longer need it or can manage with alternative transportation. This not only gets you some cash to add to your savings, but it saves you money every month from the ongoing costs of road tax, insurance, fuel, maintenance and MOTs.
When selling your car online, be sure to list its full service history and recent repairs to attract serious buyers and secure the best price. This could mean a difference of hundreds or even thousands of pounds, translating into a tidy profit for your family savings fund.
Super Savings
Implement the habit of saving regularly. It can be a small amount; the important thing is consistency. Consider a savings account that encourages everyday saving or an account with a competitive interest rate to boost your savings growth.
If you set up a direct debit to move an allocated amount into your savings account on payday, you can be certain that you’ll save money every month and can then spend what’s left on your bills, food and fun. Automate your savings, then forget about it, knowing that your savings pot is growing.
Regular Reviews
Finally, review your finances regularly. It will help identify areas where you might be overspending and give you clarity on where adjustments need to be made. It will also enable you to see your progress and keep you motivated. Download my free budget planner to get your finances organised and keep them on track.
In conclusion, managing family finances made simple is all about being mindful of how you spend, exploring potential ways to earn and save more, and being proactive in monitoring your finances. By implementing these savvy ways, you can set your family on the path of financial stability and grow a healthy savings account for your family’s future.
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This blog post is a collaboration. The pink links in this post may indicate a collaborative link or information source.
