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In today’s uncertain economic climate, many people are feeling the pinch when it comes to their finances. Whether you’re facing unexpected expenses or simply looking to make ends meet, one of the first steps you can take is to look at cutting back on your monthly outgoings. By reducing your expenses, you can free up some extra cash and improve your financial situation. In this blog, we’ll share six tips to help you do just that.

6 Ways To Cut Down On Monthly Outgoings

TV Subscriptions

Look to save money on your TV subscriptions, there are several strategies you can consider.

Firstly, take a close look at your current subscription and evaluate whether you’re really using all the channels and services that you’re paying for. If not, consider downgrading to a lower tier or cancelling altogether. By eliminating unnecessary services, you can reduce your monthly bill.

Another option is to negotiate with your TV provider for a lower rate. Give them a call and explain your situation. Sometimes, providers are willing to offer discounts or promotions to keep you as a customer.

Streaming services like Netflix, Hulu, and Amazon Prime Video are often cheaper than traditional TV subscriptions. You can also try free streaming options like Pluto TV and Tubi. By switching to streaming, you may be able to cut costs without sacrificing your favourite shows and movies.

Consider bundling your TV subscription with your internet and phone service. Many providers offer discounted rates for bundled services. This can be a great way to save money on all your communication needs.

Keep an eye out for promotions and discounts offered by TV providers. These can include free months of service, discounted rates, and waived fees. By taking advantage of these offers, you can reduce your monthly costs.

Finally, consider sharing a TV subscription with a friend or family member. Many TV providers allow multiple users on one account, which can help reduce costs. Just make sure to read the terms and conditions carefully to avoid any issues.

Energy Bills

Saving money on energy bills is a smart way to reduce your monthly expenses and keep some extra cash in your pocket. Here are some practical tips to help you lower your energy costs:

Firstly, consider upgrading to energy-efficient appliances. Old appliances can be energy hogs, and replacing them with newer, energy-efficient models can make a significant difference. Look for appliances with the Energy Star label, which indicates they meet energy efficiency standards set by the Environmental Protection Agency.

Heating and cooling account for a significant portion of your energy bill, so adjusting your thermostat is another way to reduce your energy usage. Consider turning it down a few degrees in the winter and up a few degrees in the summer.

Installing a programmable thermostat is also a great idea. It can automatically adjust the temperature in your home based on your schedule, saving you money on energy costs.

Using natural light instead of turning on lights during the day can also help you reduce your energy usage. Open your blinds or curtains to let in natural light and save money.

Sealing air leaks around windows, doors, and other areas of your home can also help you reduce your energy usage. Weatherstripping or caulking can help keep outside air from seeping into your home, making your heating and cooling system work harder.

Another way to save money on your energy bills is by changing your energy provider. Shopping around for a better deal can often result in significant savings. There are many online comparison tools that can help you compare rates and find the best deal for your needs.

When looking for a new energy provider, be sure to compare not only the rates but also the terms and conditions of the contract. Look for providers that offer fixed rates, as these can help you avoid sudden increases in your bill.

Before switching providers, check if there are any fees or penalties associated with breaking your current contract. If the fees are high, it may be best to wait until the end of your contract to switch.

By combining all these tips, you can significantly reduce your energy costs and save money each month. So, take the time to evaluate your energy usage, make some simple changes around your home, and consider switching providers to get the best deal possible.

Lastly, consider replacing your traditional incandescent bulbs with energy-efficient LED light bulbs. They last longer and use less energy, making them a cost-effective option.

Broadband

One area to consider is your broadband bill. There are several strategies you can use to save money on your broadband service.

Firstly, shop around to find the best deal. Many broadband providers offer promotional deals for new customers, and by comparing different providers, you can find the best deal for your needs. However, keep in mind that the advertised price may not include all fees, so be sure to read the fine print.

Another option is to negotiate with your current provider for a lower rate. If you’re happy with your service but feel you’re paying too much, give your provider a call and see if they’re willing to offer a discount. Sometimes, they may be willing to work with you to keep you as a customer.

Consider downgrading to a lower-tier plan if you’re not using all the features or speed of your current broadband plan. This can significantly reduce your monthly bill while still providing you with the service you need.

Bundling your broadband with other services, such as TV and phone, is another way to save money. Many providers offer discounts for bundling, so if you’re already paying for these services separately, consider bundling them together to save money.

Be cautious of add-ons or extras that may not be essential to your broadband service. For example, you may not need unlimited data if you have low data usage. Removing these unnecessary extras can reduce your bill.

Lastly, paying your broadband bill annually instead of monthly can sometimes result in discounts from providers. If you have the financial means to pay upfront, this can be a great way to save money in the long run.

Mobile Phone

Firstly, to save money on your mobile phone, shop around to find the best deal. There are many mobile phone providers to choose from, each offering different plans and deals. Take the time to compare providers to find the best deal for your needs. Consider whether you need unlimited data, talk, and text or if a lower-cost plan would suffice.

Another option is to choose a SIM-only plan. If you’re happy with your current phone and don’t need an upgrade, switching to a SIM-only plan can be a more affordable option. These plans typically offer lower monthly costs as they don’t include the cost of a new phone. This is what we do in our household. Get a free sim here with GiffGaff!

If you’re happy with your current provider but feel you’re paying too much, give them a call and try negotiating for a lower rate. They may be willing to offer you a discount or promotional deal to keep you as a customer.

Purchasing a refurbished phone can be a more affordable option than buying a brand-new phone. Refurbished phones are often in excellent condition and come with a warranty.

Using Wi-Fi instead of your mobile data can help you save money on your data usage. Be sure to connect to a secure network to protect your personal information.

Be cautious of add-ons or extras that may not be essential to your phone service. For example, you may not need international calling if you only make local calls. Removing these unnecessary extras can reduce your bill.

Food Bills

Your weekly shopping bill can be reduced significantly if you stop buying the top brands and replace them with the Supermarket brand.

Rather than buying ready meals, try and cook fresh batches of food that can be frozen easily. Spaghetti bolognese is great for this and can be bulked up by adding chopped-up vegetables and split red lentils.

Don’t buy bottled water, drink from the tap. Stop buying fizzy drinks and use squash instead if you don’t like plain water.

Stop buying takeaways every week. Make a batch of curry and freeze it.

If you have your shopping delivered, consider taking out a delivery saver plan, this is what I do and I save a lot of money this way.

Turn off Power

One simple and effective way to save money on your monthly energy bill is by turning things off when they’re not in use. Many electronic devices, appliances, and lights consume energy even when they’re not actively being used. By turning them off completely or unplugging them when not in use, you can cut down on monthly outgoings.

This habit can be applied to everything from turning off the lights when you leave a room to shut down your computer when you’re not using it. By making a conscious effort to turn things off, you can significantly reduce your energy usage and save money on your monthly bills.

Final Word

Small changes can make a big difference when it comes to saving money on your monthly bills. By being aware of what you’re doing that wastes money or energy, and making conscious efforts to change those habits, you can achieve a healthier bank balance. So, take the time to evaluate your expenses, make some simple changes around your home, and enjoy the benefits of a more financially sound lifestyle.

6 Ways To Cut Down On Monthly Outgoings

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