- Cancel all unnecessary subscriptions, including magazines, newspapers and additional TV channels, etc. You may well be shocked when you sit down and count up what you will save by doing so.
- Check out ‘Go Compare‘ or some other comparison website and see where you could make savings on all your necessary monthly subscriptions, e.g. pet insurance, house insurance, car insurance, internet packages, etc.
Hubby and myself sat down a few months ago and totalled all our monthly outgoings. We cancelled all unnecessary subscriptions and changed a few ‘necessary’ subscriptions onto better deals. We saved over £500 in the process. To say we were pleasantly shocked and surprised was an understatement!!! Paying less doesn’t mean receiving a lesser service… in fact, we cut our internet bill by half and have a far better and faster internet package than previously and that’s just for starters! We also saved on mobile phone subscriptions, car insurance, pet insurance, and utility bills as well.
- If you are fortunate enough to have savings, you may wish to consider paying off outstanding debts, e.g. car, credit card, bank loan, etc. You won’t get any government assistance, i.e. Universal Credit if you find yourself out of work and have savings in excess of £16,000 anyway, so you may as well put your savings to good use. Sure, paying off outstanding debts will reduce your savings (which aren’t earning any interest at the moment anyway) but at the same time it will save you a fortune on monthly outgoings—something which makes all the difference when you are living on a reduced budget every month!
Please note: Remember to cancel monthly Direct Debits linked to cancelled subscriptions or else you could spend ages trying to get your money back!
Other ‘small’ ways to save money
- Don’t leave any unnecessary lights switched on in the house. Switch lights off behind you if no-one else is in the room.
- Don’t leave appliances on stand-by and you could make a saving in excess of £35 on average per year. That may not sound like much, but it’s better in your pocket than that of your energy provider.
- Don’t overfill the kettle! Boil just what you need and you could save upward of £40 per year on average.
- Have a ‘magazine’ or ‘book swap’ with friends. It’s a good way to get rid of unwanted ‘read’ magazines / books plus you will gain new reading material into the bargain.
- If you enjoy reading, check out 100’s of free ebooks available online. You can download these onto your computer. Just google “free ebooks”. Or log onto Amazon and search for Kindle freebies. You’ll be surprised what you can download for free. Always check for the locked padlock icon on your web browser however, or you may download a virus from a dubious site. Just saying.
- Sell unwanted goods on Ebay. It’s a good way to get rid of unwanted clutter whilst making some money at the same time.
- If you’ve been made redundant, update your C.V. and cover letter and adapt both appropriately when applying for jobs. The current work climate is difficult, but don’t lose heart because there is still work out there. Sooner or later, you will find employment if you keep applying. Meantime, whereas you may not be able to invest money as you would like, you can invest your free time well which could pay great dividends in the future. Perhaps you could consider voluntary work, or learning a new skill(s). There are plenty of free courses online (as well as government funded courses) which will look good on your C.V. and help to stand you out from the crowd. These are ways to take your life back and invest in your future. Invest your time well.
These are all practical ways to help you save money, etc. Perhaps you have other ideas not mentioned in this post. Please feel free to drop me a comment below. I’d love to hear from you.
One last thing….
…. be kind to yourself
Just because you may have fallen on difficult times doesn’t mean you shouldn’t be kind to yourself. Taking care of yourself is a way of looking after your mental health and well-being which in turn will help you stay strong during difficult times. Check out my blog post Feeling the post Christmas / Hogmanay blues? for lots of inexpensive ways to take care of yourself and get January off to a good start.