The coronavirus pandemic has caused the nation to enter another economic recession, which means that most people aren’t in a stable financial situation. As such, everyone is having to look for different ways to save money where they can. Unfortunately, this is easier said than done. Monthly bills take a significant chunk out of our budgets and unforeseen costs can sometimes obliterate our disposable income. Being on furlough or made redundant does not help things, either. As such, we decided to write this article today to help people who are struggling to make ends meet by providing them with some helpful tips and tricks for saving money. These small changes are fully implementable and can make a big difference to your monthly budget. Keep reading to find out what they are.

Avoid Branded Products

If you want to save yourself a significant amount of money on your weekly shopping trip to the supermarket, we recommend avoiding any products that are branded. Most people don’t realise that they are paying extra money simply for the brand name. For example, you can spend £4.99 on a box of Lemsip with ten sachets. Meanwhile, supermarkets like Tesco offer this exact same product for £2.05. The only difference between the two boxes is that one is specially branded. It’s easier than ever before to get your hands on unbranded products, so if you are looking for a simple way to save yourself several pounds every shopping trip, this is perfect. Supermarkets like Lidl and Aldi almost exclusively sell unbranded products, which makes them worth a visit. Of course, there’s nothing wrong with purchasing items from a specific brand that you really like – just avoid doing this across the board.

Switch Your Phone Tariff

Having a smartphone is essential in our digitally orientated society. We simply can’t leave the house without a mobile device, as we have become reliant on them to provide us with better security, communication, and navigation. However, smartphones are expensive. Not only do they cost a lot of money to procure, but they also require signing up with a mobile network provider and settling upon a monthly tariff. If you have a whole family and each member has a mobile, then you are probably struggling to pay the phone bill. Luckily, there are different ways to reduce how much your smartphone costs each month. For starters, you can change your mobile network provider to a company which provides you with better value for money. There are lots of customer reviews and comparison websites online that can help you to find the best match for you. We also recommend reviewing your current tariff. Whilst contract agreements are a convenient option, they are not quite as cost-effective as SIM only deals in the long-term. The best SIM only deals are only £5 a month and you are not tied-in to your contract, so people who are looking to save money on their phone bills should consider switching over. Do some research to find the best SIM only deal for you.

Reduce Energy Usage

Using less energy is important because it can help us to save the environment. But that’s not all it can do. People can also save money by cutting down on their energy usage. It makes sense. After all, the less gas, water, and electricity you use, the less money you have to pay your energy provider each month. But how does one reduce their energy usage? Well, there are several methods for doing so. For starters, it is important to ensure that your home is properly insulated. Check no draughts are coming through the windows or doors and that the roof is fully sealed. Installing thermal curtains might also help to improve the thermal efficiency of your home. Next, try to conserve water where you can. Avoid taking extended showers, flush the toilet less frequently, and use a dishwasher instead of a washing-up bowl wherever possible. Finally, let’s talk about using less electricity. Most importantly, you must always turn off appliances at the plug after you have finished using them. Electronic devices on standby can guzzle a huge amount of energy. You should also turn off the lights in every room after you have left it. We recommend installing a smart reader in your home, too. These can help you to track your energy usage and see where you are expending electricity unnecessarily. Wherever possible, it is worth purchasing energy-efficient appliances, like environmentally friendly washing machines or LED lightbulbs. These little changes to your lifestyle should help you to save a large amount of money.

Resist Impulse Buying

Most people struggle with impulse spending. They see something in the shops, they like the look of it, and they purchase it. There is nothing wrong with this – until it begins to have a detrimental impact on your financial situation. But how can you resist the urge to buy on impulse? Especially when your impulse buying seems to get much worse whenever you are stressed about money? Well, there are a few tips and tricks for stopping this bad habit. First and foremost, always stick to your list when you go shopping. This will prevent you from buying things you don’t need. It’s also a good idea to force yourself to wait before purchasing an item. Give yourself a week – and if you still want the product after that period, you can go back and buy it. As most unnecessary purchases are done on a whim, you will likely forget about anything you don’t particularly want or need. We also recommend only buying items that you can definitely return, so you can go back on any mistakes you might have made with your spending. Keep this advice in mind next time you feel the urge to buy something on impulse, and you should be able to save yourself some money.

Create a Realistic Budget

If you aren’t able to stick to your monthly budget, this is probably because it is unrealistic. Setting yourself up to fail means you likely won’t stick to your spending goals and throw all your hard work out of the window. That’s why you need to create a realistic budget that helps you to save money without also depriving yourself. So, we recommend making room in your budget for occasional treats, like meals out with friends and a new item of clothing. When drafting your spending plan, it’s also a good idea to make room for unprecedented expenses, like emergency car repairs. We think it’s always better to overestimate than underestimate costs, as you can be prepared for anything that way. To become a successful saver, you should track your spending, too. Becoming aware of your spending habits will prevent you from going on shopping sprees. Don’t worry, though, because we’ve all been there. One purchase just seems to come after the other, especially when you are out with friends. But hopefully by tracking your payments, this means you will be a little more careful and save money.

We hope this advice has been helpful. Don’t beat yourself up about overspending because everybody does it. Just try to build a healthier relationship between you and your wallet by implementing these small changes in your life.

LEAVE A REPLY

Please enter your comment!
Please enter your name here