5 Money Saving Hacks On Your Monthly Expenses

For many of us, a monthly budget is something that keeps us on track financially, but sometimes it’s easy for those pennies budgeted to turn into pounds and for the amount owed in the overdraft to creep up.

This is why it’s so important we look into ways of cutting costs while still enjoying a high standard of living – and it’s easier to do than you might think! Before we begin detailing the five money saving hacks, that you can use to cut down the cost of monthly expenses, it’s a good idea to take some time to note down what you are spending money on each month.

You could look at your account and categorise your spending or use an app such as Spending Tracker that allows you to see at a glance where your money has gone. It might shock you. Once that’s done, take a look at these helpful hacks:

1. Writing shopping lists

Heading to the supermarket to do the weekly shop with an empty stomach is a big no-no. In fact, women will apparently spend 18% more on food when they are hungry according to a study by the University of Zaragoza but whatever gender, it’s a good idea to fill up before you head out. Writing a clear shopping list is also a good idea, and checking the cupboards thoroughly before you go can help cut down the costs of food each month.

2. Swapping suppliers

According to the Money Advice Service, just by switching your broadband supplier you could save around £69. It’s the same story when it comes to energy suppliers, if you take some time to find a better deal you could save a fair few pennies that could either go into a high interest savings account or be used for something fun that month. It’s the easiest way of cutting down those quarterly bills.

3. Cancel unnecessary subscriptions

While you might have signed up to the gym in January with the best intentions, if you haven’t been for the past couple of months and have no desire to go anytime soon it might be time to cancel that membership and save the money each month. Subscription boxes and magazines are other monthly expenses that could be cut out if they are not necessary.

4. Find ways to use less

This hack applies to the energy and water you use in your home; you might have already switched suppliers but you can save even more money if you take care to use less electricity or water in your home. Turn off lights and plugs when they are not in use, fix that dripping tap in the bathroom and try to resist switching the heating on if the temperature dips a little. You’ll notice your bills come down and if you pay by direct debit each month this cost will also reduce.

5. Use cash only

It’s so easy to whip out your card to make payments, but only taking out cash can make you reconsider purchases and only purchase necessary items or at least factor in treats carefully. It will prevent you from accidentally spending £30 in the beauty store when you just went in for some shampoo or £7 in the coffee shop when you picked up snacks you didn’t need to go with your drink.

Try out these money saving hacks and add up how much you’ve saved as a result over the month!