Are you worried about money? Are you struggling to make ends meet each month?
If so, you’re not alone. The current cost of living crisis has affected millions of Brits, and this can be terrifying for business owners with lots of monthly expenses.
If you’re dealing with financial anxiety, we’d like to help. There are lots of little things you can do to save money every single day; you just need to be savvy. Here are 11 tips to help you spend less each month.
1. How To Spend Less Each Month: Write Down Your Expenses And Outgoings
Start by writing down all of your monthly expenses and outgoing costs. There are lots of websites and apps that allow you to do this for free, and it won’t take more than an hour or two. Having a clear idea of your expenses will make it easier for you to work out if you are overspending or not – and if you are overspending, it will show you the areas where you are overspending.
2. Reduce The Cost Of Your Commute
A recent study found that the average Brit spends around £160 a month on their commute, which is a fairly significant expense. While it isn’t possible for everyone to reduce the cost of their commute, it is an option for some people. For instance, if you live close to work you could cycle instead of driving (or if you have the option to work remotely, you could do that so that you no longer have to commute at all!).
3. Choose Unbranded Products
Replace branded products in both your home and your business to reduce your outgoing costs. There is rarely much of a difference in quality between branded and unbranded products – the main thing that you are paying for is the label!
4. Ditch The Pricey Drinks
Lots of us treat ourselves to a fancy latte or expresso each day – but this is a significant expense that definitely adds up. So if you want to significantly reduce your spending, consider ditching the pricey drinks and buying a thermos so you can make your own drinks.
5. Make Your Own Lunch
Lunch can be another expense that adds up, but you can reduce this cost by making your own lunches. Sandwiches work well, but you can also meal prep more interesting lunches on Sunday for the week ahead.
6. Try Freecycle
Freecycle is a website where you can get unwanted furniture and other items for free. It is sometimes even possible to get a bicycle on Freecycle!
7. Re-Evaluate Your Bills And Insurance
Most of us stick with the same bill and insurance companies for decades, but it is possible there are better deals out there. So shop around to get a good idea of prices, and then re-evaluate your bills and insurance to see if you are getting the best possible deal.
8. Look At Your Phone Contract
You can also shop around for cheaper phone contracts that suit your budget better.
9. Replace Lightbulbs With Energy Efficient Bulbs
Next time a lightbulb goes out, replace it with an energy efficient bulb. Better for your bills and the environment; a win-win situation!
10. Use Cash Only
Set a weekly cash budget, and then try not to use your card for daily payments. This is a very effective way to reduce your spending, especially if you are prone to impulse spending.
11. Get Deal Savvy
Check out Amazon deals and Groupon to see if you can snag an amazing deal. This could be cheap office supplies for your business, or it could be a discount meal out for you and your friends.