Tips On Cutting Down Your Monthly Personal Expenses

Posted on November 30, 2017

Today, more and more people are spending unnecessary money each month, often without even realizing. With prices for monthly utilities, insurance, and more constantly changing, it’s often hard to determine whether you’re getting the best deal. In many cases, you might find that cheaper deals are currently available after signing up to the best one just a few months or weeks ago, or perhaps you’ve signed up for something that you’re just not using as often as you used to, such as a gym membership. If you want to save money and cut your monthly expenses down as much as possible, follow these top tips.

Tip #1. Use Comparison Sites:

Even if the deal that you signed up to for your utility bills, broadband or something else was the best available at the time, that doesn’t mean that better ones won’t become available. As long as you’re not tied into a fixed term contract, switching providers is usually free of charge and is easier than ever today. The best way to determine if you’re getting the best price right now is to use comparison sites regularly and see if there are any ways to make more savings. Switching providers regularly may take a bit of extra time out of your schedule, but it can certainly be worth the work.

Tip #2. Go Through Your Automatic Payments:

When payments are being automatically taken out of your bank account, it can be easy to miss them – especially if they are for small amounts of money. However, paying several small amounts for services that you might not even use any longer can easily add up to a chunk of money that you’re wasting every month. So, go through your bank account statement to find any outgoing payments that are no longer of any use to you, and cancel them. Bear in mind that in some cases, for example gym memberships, you might need to cancel through the provider as well as your bank. There’s more information on that at technologydreamer.com.

Tip #3. Add Up Your Monthly Spending:

Do you know exactly how much per month you are spending on things such as groceries, work lunches, new clothes, and even ordering take-out? If you’re like most people, then you probably don’t have an exact figure. It’s a good idea to go through the amount that you’re spending and add it all up to get more of a visual idea about where your money is going, and what it’s being spent on. Chances are, you might be surprised at just how much you spend! Cutting back spending by doing things such as taking packed lunches to work or bringing your own coffee can help you see this figure decrease.

Tip #4. Switch Out Your Credit Card:

If you use a credit card and pay interest on your purchases, then it may be worth looking into doing a balance transfer to a card with an interest-free period, to drive down the cost of your monthly repayments. This will not only enable you to cut down your monthly bills, but you can get the balance cleared in a shorter amount of time and improve your credit score too.

If these tips helped, please leave feedback in the comments!


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