Home LivingMy 5 biggest tips for saving money during the cost of living crisisThe best 5 ways to save, budget and beat the cost of living crisisWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
Home LivingMy 5 biggest tips for saving money during the cost of living crisisThe best 5 ways to save, budget and beat the cost of living crisisWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
The best 5 ways to save, budget and beat the cost of living crisis
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
(Image credit: micheile dot com / Unsplash)
(Image credit: micheile dot com / Unsplash)
It goes without saying that the cost of living crisis has massively affected the way we spend money. With many everyday and essential prices having risen significantly, it’s getting harder and harder to keep our living costs down and to justify certain purchases.
While I definitely think all of the hacks I’ve found so far can massively reduce your outgoings, I still feel there needs to be more concentration on managing money and saving cash on our household spending. The rising energy bills, high fuel prices and expensive food shops aren’t getting any easier so to help you save extra money on your monthly spending, here are my 5 biggest tips to save, budget and survive the cost of living price hikes.
1. Check your contracts
My first tip is to check your phone, broadband and energy contracts. If your monthly outgoings have gone up substantially, it’s important to check how long your contract is, what you’re paying for and then evaluate whether you think you’re getting your money’s worth from this plan or provider. If you do this and think you could get a better or cheaper deal elsewhere, it might be worth looking into other options and making the switch to keep your costs down.
2. Cancel services you don’t use
The next tip is to cancel services and recurring purchases that you don’t use or can’t afford anymore. This is quite brutal, as these outgoings are typically things you enjoy, like streaming services, music apps and gym memberships. However, with the prices going up, it can be hard to justify spending over £10 a month on streaming apps, especially if you’re not using them to their full potential.
As most of these purchases are direct debits, it’s easy to forget that the money is even leaving your account so make time to sit down and go through them all. You’re going to have to be ruthless here, for example, if you only watched one movie onNetflixin the past month, it might be time to click the cancel button.
Alternatively, if you don’t want to get rid of these subscriptions, use a few of the tricks in myhow to save money on streaming servicesguide or make the most of thebest free streaming services. The great thing about streaming services, music apps and gym memberships is that you can cancel and sign up again at any time, so this is an option for the future.
(Image credit: Mikhail Nilov / Pexels)
(Image credit: Mikhail Nilov / Pexels)
3. Buy cheaper options during your food shop
The cost of living crisis has seen food and drink essentials like bread, milk and oil going up in price significantly. The weekly food shop has become more expensive than ever before, but I’ve found a few hacks that can minimise your spending while still being able to feed yourself and your family.
4. Cut down on your energy, electricity & water usage
Tip number 4 is to try and cut down your energy, electricity and water consumption. I’ve already coveredhow to save money on your energy, water and electricity billsin more detail but I wanted to include it here as well, as these bills are typically the most expensive outgoings every month.
(Image credit: Gustavo Fring / Pexels)
(Image credit: Gustavo Fring / Pexels)
5. Drive smoother to save on petrol
Petrol prices are at a record high, making it harder for people to drive to work, drop their kids off at school and run errands. However, there are a few ways you can save on the cost of petrol and strangely enough, improving your driving skills can help you avoid filling up sooner.
Finally and most importantly, consider whether you actually need to drive or not. If you can walk or if it’s cheaper to get public transport, choose these options over driving to save extra money, especially if you’re a bit strapped for cash this month.
Bonus: Use discount codes
My bonus tip for saving money during the cost of living crisis is to use discount codes. Regardless of what I’m buying or where I’m buying from, I always check if the site has any discount codes available to use. This means I don’t have to pay full price and I can save money on my purchases.
Check outT3 discount codesfor ways to save on tech and lifestyle purchases. If you’re looking for discount codes on even more products, from fashion to homeware and pretty much everything else, our sister siteMy Voucher Codesalso has money off for the UK’s biggest retailers.
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