Welcome to another awesome contributed post!
I have been asking all week about how your “inner chimp” might be running the show when it comes to spending on stuff you LOVE to spend on. By identifying our weaknesses and our triggers, we can stop the impulse in its tracks (most of the time).
The problem is, there’s more to it than overspending on shoes and clothes. Unfortunately, the mundane stuff also needs addressing. These are not the areas we think about addressing first, because they are the hardest in all honesty. It involved making some pretty drastic lifestyle changes. Have a read a see what you think. If might not be these three, but decide what your 3 biggest expenses are, and see what you can do to reduce them.
You might surprise yourself!
If you are looking to generally improve your financial situation, then there are a number of areas in your life where you should probably begin with first. In fact, it is worth paying attention to these for some time before you move onto anything else, as these are generally the kinds of things which hold people back and stop them from being able to live the life they want in financial terms. In this article, we are going to look at what these are, as well as discuss how you might be able to improve the effect that they have on your finances.
Let’s take a look at three main expenditures of your life which might prove to need the most attention.
How you get around makes a huge difference to your purse, and it also says a lot about your attitude towards money. Let’s assume that, like most people, you generally use your own personal car to get around. This is for many the most convenient way of traveling, but it can be the most expensive as well (unless you train it in to London, then you’ll probably find driving cheaper!!).
Once you have paid for the fuel, insurance, tax, and any replacements that occasionally need doing, you suddenly find that you have spent quite a lot of money on just getting around. However, there are always ways to reduce these costs, and it is worth remembering that if you are struggling to make ends meet. See websites like cheapautoinsurance.co.uk for ideas on how to reduce your insurance costs. Moneysupermarket and Comparethemarket are also other alternatives. Do your research and shop around! Its worth noting that adding named drivers on (like your mum or dad) may reduce your costs.
For cheaper tax, consider going for a more efficient vehicle. Older cars tend to have higher tax burdens. Smaller cars with smaller engines cost much less (it’ll also be cheaper in petrol!).
It might sound like your dad talking, but learning to drive as efficiently as possible is a great way to save on fuel consumption. Keeping your boot empty from heavy clutter will also work wonders!
Voucher sites like groupon are great ways of looking out for bargains like cheap MOTs and services. Put yourself on these mailing lists, and when the time comes to sort yours out, you never know when an offer might surface! Regular servicing will keep your car in good running order and ultimately reduce your costs.
If you use the train, just make sure you’ve explored all the ways you can save. Could work pay for your transport? Are you entitled to any rail cards? It seems obvious, but its worth checking!
Whether you are renting or paying a mortgage, it’s likely that this constitutes a large proportion of your money each month. Anything you can do to improve this will undoubtedly help you in the long run, so it’s a good idea to take a look and see whether you could be improving what you are paying for your home.
If you are paying rent, you might consider moving to a cheaper area in order to find somewhere that could cost you less. Don’t be afraid to negotiate with your landlord/lady. They may consider a small monthly discount and this is money back in your pocket!
For those paying off a mortgage, there is always the option of going for a lower costing mortgage in the first place. Seek the help of a good broker, and see what your options are. Look out for low interest deals rather than how much the monthly repayment will be. This way, you’re not paying more than you need to.
Fixing your mortgage costs for a few years could also save you some moolah, so its worth exploring! If possible, avoid interest-only mortgages. Yes they save you money per month, but you will never pay off the mortgage as a whole, so you’ll always be in debt. Repayment is key.
If you’re not sure if you’ll be eligible for a mortgage, or even what the options are why not take a look at which.co.uk for more advice and guidance?
Whether you are someone who adores food, or you just see it as a necessity, it costs you all the same. This one is simple to remedy however – you just need to make sure that you plan your meals ahead, and shop around for the lowest prices in your local area. As long as you do that, you will find that you are able to keep the grocery bill down, and that will make a huge difference to your life in general.
If food is something you would like more guidance around, my friend Nicola over at the Frugal Cottage has a brilliant course you could try that covers all things food and being frugal! She has lots of ideas to help you reduce your food spend, so its well worth giving it a go.
I hope that was useful!
Now OVER TO YOU!
What are your 3 biggest expenditures, and what are you going to do to reduce them? Comment below or come over to my free and private FACEBOOK GROUP! I look forward to seeing you there.
Until next time,
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