4 easy ways you can reduce spending and maximise savings

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Everyone knows that saving money is important, but creating your little nest egg isn’t always easy. With the rising cost of gas, electricity, and food, it can seem harder than ever to have any cash to put away at the end of each month. We’ve put together some money-saving ways you can reduce spending to avoid living paycheck to paycheck, so you can feel financially secure or even use the saved cash to build your emergency fund, put towards a new car, home improvements, retirement or whatever you like! Whatever you want to save for, check out our tips below to help you on your way.

4 easy ways you can reduce spending and maximise savings

  1. Shop around for insurance providers

Insurance is a necessary evil as it can feel like a waste but is really important to your wallet’s wellbeing in the long run if anything goes awry. However, don’t fall into the trap of staying with your current providers just because you’re comfortable. Search for the best car insurance, cheapest home insurance, and a decent life insurance policy and you can make huge savings. Often insurance companies offer special deals to new customers so keep checking online and don’t be afraid to jump around. Being loyal to one company will likely cost you in the long run as you’ll miss out on new customer deals or an insurance company that offers better value.

The insurance industry is a competitive one. There are many different companies that offer the same service, but they all vary in price. It is important to shop around for insurance because you want to make sure that you are getting the best deal possible.

The first thing to do when looking for an insurance company is to get quotes from different providers. You can do this by calling or by filling out an online form. The quotes should be similar in price, but it’s important not to just go with the cheapest option because it might not provide you with the coverage that you need.

It's not always easy to find the best insurance for your needs. There are many factors that go into it, like what you need to be covered for, how much you can afford, and what kind of company you want to work with.  But shopping around for insurance is important because it ensures that you're getting the best price possible for the exact service you need.

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  1. Remember to use your coupons

You likely leave the grocery store each week with reams of coupons. Instead of throwing them in the trash check through them and see what you can use for your next shop. Create your meal plan around any special offers stores may have and you can save the extra money on your weekly food shop. If your local stores don’t have lots of deals, consider switching to a more budget-friendly store where you can buy food for cheaper.  You can also maximise savings in-store by using these supermarket coupon apps.   

  1. Adopt the envelope approach

Whilst credit and debit cards are a quick and easy way of paying for transactions, it is so easy to overspend when you can’t physically see what money is going in and out of your hands. Make your budget for each month and then allow yourself a little bit of spending money for groceries, fuel, and leisure activities within that budget. Then on payday head down to an ATM and withdraw what you have allowed yourself. Separate the cash into labelled envelopes (food, transport, etc) and then use only the cash in those envelopes to subsidise yourself for the month. If the money has run out then tough luck, so it’s a great way to instil your budget into your brain.  

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  1. Check your subscriptions

In the digital age we live in, subscriptions are a part of everyday life. However, if you’re not using them regularly it can be easy to forget what you’re paying for. Do some housekeeping on your phone or tablet’s subscriptions and cancel the ones you don’t use often. If you’re paying for a gym that you don’t use at least a few times a week then cancel it and use the money you save to buy workout equipment for home. That way you’ll always have the items you need to stay fit without a regular monthly outgoing.

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Looking for more ways to save money? 

Check out my massive money-saving tips section and find some great deals on my voucher codes and free money pages!  There are offers for up to £200 in free cash and offers where you can get the free cash the same day such as with my Cash App referral code UK

 

Want to manage your finances better? 

Here are loads of family finance tips and helpful debt articles.