Household expenses are something no homeowner can avoid. With the cost of living crisis in full swing and everything costing money, it’s important to try and spend less on expenditures each month where possible. With the average UK household spending around £588 per week, which equates to £2,548 a month, not everyone can maintain such a high figure or the current expenditures they have outgoing. If it’s something that a household is looking to do this year, then here are some tips on how to spend less on costly expenses.
Set a monthly budget for the household
Firstly, set a monthly budget for the household. That can be the downfall for many who are struggling with their expenditures. With a budget in place, it can give more clarity on how much the household is spending per month. From the energy bills to socialising and general entertainment expenses, take a look at it all.
Set a monthly budget that works and isn’t going to be too hard to maintain. It’s better to give the household expenditures a little wiggle room where possible.
Buy used cars over new cars
Buying a used car over a new car is a great way to help save money. With used car dealers, you’re likely to come across some steals when it comes to vehicles on offer. For some, buying a new car is just a waste of money and the investment spent is likely to be lost within a matter of years.
With a used car, the owner spends a lot less in having to buy it, whether that’s outright or with a deposit and financial payment plan in place.
Re-assess current subscriptions and outgoings
In order to help manage the expectations of the household and the money that’s coming in, reassess the current subscriptions and outgoings.
It’s likely that some subscriptions are no longer needed and in fact, it’s costing more money each month that could be saved instead.
Pay off debts quickly
Debt is a challenge to pay off when it starts to spin out of control. Try to consolidate the debt where possible and when it gets too much, cut the chord on any credit card spending and borrowing so that control can be regained.
Consolidating debts can help keep it all in one place so that it can be paid off more efficiently and with fewer fees too. It’s more important to save money, than it is to owe money to others.
Pay attention to gas, electricity and water usage
Spending less on costly gas, electricity and water usage is essential because it can lead to savings on bills. In this current crisis, saving money on these energy bills can be helpful. Try to monitor water usage, turn off lights when leaving a room and reduce the usage of heating where possible.
To spend less is a lot easier said than done. However, with a few tips like the ones above, in place, it can be done within any household.
This is a contributed post.
