Helpful Tips

3 Simple Ways To Slash Your Biggest Monthly Expenses

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Managing your finances is always tough, especially when you’ve got kids and a house to pay for, and sometimes it feels like your bank account is always empty. The idea of saving money seems impossible when you haven’t got any to spare and it always feels like you’re just struggling to make ends meet. If you’re in that situation, you need to start budgeting your money properly and that means getting rid of any luxuries and unnecessary spending. But a lot of people find that, even if they do that, they’re still coming up short each month. That’s usually because they’re spending too much on their essential costs like house running costs, travel or food. The good news is, there is a way to cut back on those big monthly costs and save yourself a lot of money. These are some of the biggest monthly expenses that you can easily save money on.

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Mortgage

If you’re struggling with your mortgage repayments, you might be able to reduce your monthly payment by refinancing. It all depends on how long you’ve been paying it off for and what the rates are like at the minute but if you can refinance the house at a lower interest rate, it could save you a lot of money every month. It doesn’t always work but it’s worth looking into what mortgage deals are available at the moment. Just make sure that you’re not extending the mortgage by too many years, otherwise, you’ll be stuck paying it off forever.

Car Costs

The running costs of a car can be quite high, especially if you’ve got an older one that breaks down all of the time. You could save yourself money on repairs if you buy a brand new one, but if your financial situation isn’t great then that’s not really an option. However, you could rent a new car instead of buying one and you might save yourself a lot of money. For example, you can get a Vauxhall Corsa 4 Year Personal Contract Hire Offer for a reasonable monthly payment and then once the term is up, you can rent another brand new car. You won’t have to deal with the repair costs and a newer car is going to be more fuel efficient so you’ll save money there as well.

Food

Food is the most basic essential there is and so many people waste money on it. The easiest way to save money on your food is to switch to a cheaper supermarket. Places like Lidl or Aldi sell the same stuff for half the price and the quality is just as good if not better. You should also make an effort to be less wasteful with your food by buying only what you need, planning your meals can help with this. Lastly, you should download a great app called Olio; food that shops are going to throw out is collected by volunteers and listed, and you can collect it absolutely free from people nearby. You can’t get everything you need from there but you can save a bit of money by picking up some of your food for free.

If you make these changes and slash your biggest monthly expenses, you’ll have a lot more money to play with.

This is a collaborative post

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