For many of us, we sometimes get blinded by saving money that we don’t look at the simple things in front of us, such as ways to reduce your outgoings. There are some simple and quick ways to reduce your outgoings, freeing up a little bit of cash for whatever you may be
None of these tips will make you rich on their own, they will however soon start to add up over a period of time, saving you money as you go. I always look at the positives, each £10 added to the pot from money saved from an outgoing, is £10 closer to our goal of early retirement.
Regardless of why you are looking to reduce your outgoings, here are some ways to help you get to your target.
3 ways to reduce your outgoings
Cancel your subscriptions
Everyone does this, you sign up for a subscription such as Amazon Prime or Spotify and then for one reason or another you stop using it. If this sounds familiar, head over now and cancel your subscription! So many people forget to cancel subscriptions, however, think how much money is leaking away. If you had 2 subscriptions a month at £10 each, you are wasting £240 a year because you have not cancelled them.
If you have forgotten which things you may have subscribed to, simply check your bank statements and PayPal for the last few months and list down all your outgoings, this will allow you to cancel those that are not being used.
I am not saying cancel all your subscriptions, if you have a subscription to something that you use on a regular basis or it saves you money overall, then keep it. This is all about finding those subscriptions you no longer use.
Use a discount code on online orders
If you planning to do some shopping online, even if it is just your weekly shop, make sure you check to see if there are any discount codes. Even saving just 5% on a shop every time you are online soon starts to add up. You will usually find most discounts include things such as free delivery etc.
Sometimes you will find signing up to sites newsletters will get you a discount code, however, it sometimes mean’s you will end up spammed with emails! You can unsubscribe once you have the discount code.
You will find there will be times where there are no discount codes available, if that is the case then make sure you are getting your cashback. I have been using Quidco for a number of years and have now earned £1977 cashback, you can read more about how to earn cashback here and if you are ready to sign up, head over to Quidco using this link and get a bonus of £5 when you earn your first £5!
Shop with a list
The biggest outgoing in our house, excluding our mortgage, is our shopping bill. Each month our shopping bill including toiletries and household items can easily clear £400 for a family of 4. If this sounds similar to your home, there are plenty of savings to be had with your food bill.
Firstly, always shop with a list.
If you have your meals planned out, firstly check your cupboards for items you can use in the menu for the week, then write your list to add any missing ingredients. Try not to get drawn into items that you might not need but they seem too good to miss out as they are on offer. The likelihood is you are going to end up sticking it in the cupboard or freezer and never actually use it! Here are 5 ways to reduce your food bill.
I hope these tips have inspired you to look at your outgoings and save you a little money in the long run with some simple tweaks to how you shop.
