5 ways to cut costs without sacrifice
Some of these things get missed when thinking about ways to free up additional disposable income. Times are hard right now, so consider these 5 ways to cut costs without sacrificing a good time!
1. Do a quick subscription clear-out
Open your banking app and scroll through your payments. How many subscriptions are coming out each month? Do you have any duplicates? If so, cancel those pronto and anything you’re no longer using or loving. Another option is to look for a downgrade - sometimes this means an ad based tier so why not give it a go and if it doesn't drive you round the bend to listen to an occasional ad, it's money saved.
2. Compare and switch to better deals
Loyalty rarely pays when it comes to bills and it's sadly often new customers that get the best deals. Use comparison sites like Uswitch and Money Saving Expert to check if you’re overpaying for gas, electricity, broadband, insurance, or your phone contract. A simple switch could save you hundreds a year.
Tip: use Cashback sites like TopCashback to compare switches, as they often provide chunky cashback as a reward for comparing with them. This link will get you a £10-25 sign up bonus, once you've earned £10 in cashback.
3. Ask for a better price (seriously!)
If switching feels like too much right now, pick up the phone instead. Call your provider and ask what deals are available. Mention competitor prices and don’t be afraid to negotiate because many companies would rather discount your bill than lose you as a customer.
4. Identify areas of overspending
Download three months worth of transactions and add them to a spreadsheet (or to the statement upload section of the FinCollective app) and review, category by category. You’ll quickly see where you’re overspending, whether it’s food, shopping, subscriptions, or just those little £5 card taps.
Highlighting problem spending habits is the first step to fixing them and picking one at a time to focus on, consistently reducing overspending in those areas will result in considerable savings in the long-run.
5. Get organised and be intentional
Small changes can make a big difference, such as meal planning to cut those mid-week top-up shops down, buying own-brand groceries, and building sinking funds to give yourself a limit in each area of spending, can lower your overall expenditure without making life feel restrictive.
You don't need to run with all of these at once. Pick just one tip to start with today, and build from there. You’ll be surprised how quickly those small savings add up over time.
Sign up to FinCollective today and start tracking your finances in a meaningful way.