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Published on August 8th, 2014 | by Pete


Tips for Saving on Your Monthly Outgoings

Monthly outgoings can add up very quickly and can become a real financial strain if you don’t keep on top of them. Most people could save a significant amount of money each month just by thinking about where their money is going and cutting down on any unnecessary spending. With this in mind, here are some handy tips for cutting down on your monthly outgoings.

Cancel Any Unused Memberships

Unused memberships are one of the biggest culprits when it comes to overspending each month. Gym memberships are particularly bad for this since people will often tell themselves that they’ll start going next week but sadly next week never comes. Unless you’re going to the gym regularly then you should cancel your membership immediately. This classic scene from Friends might come to mind but in truth most gyms don’t make it too difficult for you to cancel your membership.

Of course, it’s not just gym memberships that go unused. Online streaming services such as Netflix, Spotify and iTunes can also make a big dent in your wallet when you add up the total cost. Cancelling these services is very simple and can make a big difference to your total monthly outlay.

Reduce Your Energy Consumption

Energy bills are always going to make up a significant amount of your monthly spending but you can reduce them greatly just by being more conscious of your energy consumption. Small changes like turning off any lights in rooms that aren’t being used, turning off unused appliances such as TVs and games systems, and cutting down on the amount of hot water you use can all go a long way to cutting down the cost of energy bills. Energy Saving Trust have a great guide on energy saving if you’d like more tips.

Negotiate a Better Mobile Phone Contract

If you have a mobile phone on contract then there’s a good chance you’re paying more for it than you should. The best time to negotiate a new mobile phone contract is when it’s coming to an end. Most network providers will offer you a significant discount to keep you on their service so you should negotiate hard to get the best price possible.

Switch to a Cheaper Internet Service Provider

Most homes now have broadband internet, usually as part of a TV and phone package. The cost of these services vary quite a bit and there’s a good chance you could be getting a better deal then you currently have. Virgin Media are known for providing very reasonable broadband packages. Click the link to check out Virgin Media’s superfast fibre optic broadband service.

Cut Down on any Unnecessary Shopping

Most people would be surprised at how much they spend in a given month on unnecessary items. Food shopping in particular, is something where you can save a good amount of money. For example, instead of getting all brand names, you can switch to the economy versions of the same products, which will help cut down your shopping bill quite significantly.

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One Response to Tips for Saving on Your Monthly Outgoings

  1. Thomas @ says:

    Hi Pete, have you ever considered crypto currencies as a good way to save? Or if not, how about invest? Great article by the way.

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