As a result, many people seek to reduce expenses quickly, so they can at least afford the essentials. But what are the best ways to reduce your expenses quickly?
“Our discretionary spending is decreasing month by month, so we need to think even more about how we spend our money,” says Jasmine Birtles of MoneyMagpie.
“If we can look at all aspects of our daily lives and try to cut back a bit in many different areas, that will help us have more money in the future.”
Top tips for saving money
Here is six tips for saving Birtles says it can make a difference immediately:
Using the contents of the freezer and storage cupboard
“One thing I like to do once in a while is use what I have in the kitchen,” says Birtles. “You could have boxes and packages sitting in your closets for years. The same goes for your freezer – lots of people put stuff in there and it sits there for a few years and ends up being inedible. So set a time when you use what’s in the freezer and in the cupboard, and only buy foods that match what you have.
Check that you are not the victim of a scam
It’s important to keep checking your bank account to make sure all transactions are genuine, warns Birtles. Scams are very common and may only involve small amounts that you may not notice being taken from your account each month – but it all adds up.
Cancel unnecessary and unused subscriptions
“Do you use the gym you pay for, do you read the magazines you subscribe to? And subscriptions to things like Netflix and Sky – do you really use them enough to justify what you’re paying, and could you cut back on just one, or get rid of them altogether and just use Freeview? Birtles asks.
Consider vouchers and cashback sites
There are also coupon sites like vouchercodes.co.uk, topvouchercodes.co.uk, hotukdeals.com, vouchercloud.com and myvouchercodes.co.uk, where shoppers can get coupons from a wide variety of well-known brands.
Is it worth canceling home insurance?
Birtles says it can be helpful to visit a comparison site like uswitch.com or gocompare.com as there are many different providers of these services. “It’s entirely possible that you could get a higher quality version of it, if you want to keep the service.”
Think about how much you use your car
With fuel prices so high right now, it might be worth thinking about how often you use your car and whether some trips could at least be made on foot, by bike or by public transport.