Budgeting

It may seem like a time-consuming task to shop around for better deals for things like utility bills, mobile phone contracts or car insurance, however in the long run, taking a little bit of time out of your day to find a cheaper alternative could save you hundreds of pounds in the long run.

You can use comparison sites to shop around for the cheapest deals, or sometimes speaking directly with providers might be the best option and provide you with the cheapest quotes.

Keep your eye out for deals and offers also, which making switching over even more cost-effective.

Many people have costly subscriptions for gyms, streaming services, food boxes or magazines, yet they rarely use them. Because they come out as a direct debit each month you may not notice these costs but over the course of a year, they can be extortionate, and not worth it given the amount of use they get.

Ask yourself if you really need it – even if you do occasionally use these subscriptions, if you’re struggling with overspending, they may be a luxury that you simple can’t afford. Once your finances are back on track, you can resubscribe to them.

By planning your meals in advance and knowing what you are going to eat for that week can help you spend less. It’s tempting to buy on the go; however, this is the more expensive way to food shop. Bulk cooking is also very cost effective. Cooking staple dishes like spaghetti bolognese, chilli con carne, tuna pasta are great family dishes and can be stored in the freezer ready for you if you are running low of fresh produce.

Buying lunch out everyday for work can quickly skyrocket your food costs for the month and isn’t good value for money; its much more cost effective to make a sandwich at home, or even eat leftovers from the night before.

And never go food shopping when hungry – it is easy to buy items you simply don’t need.

We can all be creatures of habit, however when trying to stick to a budget sometimes things have got to give and changing your spending habits is necessary.

• Set yourself spending limits such as a food shop. Figure out how much you can afford to spend in one go and budget it as you go around the store. Also writing a list is a great idea and helps to stop you from buying unnecessary items and therefore not overspend.
• Know the difference between a want and need. For example, those new trainers you’ve spotted are a want, whereas using that money to put towards groceries for the week is a need.
• Switch to own brand products. There really isn’t any difference between well-known brand products and own-supermarket products, essentially just the packaging it comes in, so its beneficial to make that switch.
• Instead of buying items brand new, you can find some amazing finds in charity shops, or try places such as Facebook Marketplace, Depop or Shpock to buy clothes, furniture or electronics at a discounted rate that would otherwise cost a lot buying from a high street retailer.