Whether you find yourself running out of money long before the end of the month or you want to put something aside for a family vacation or other treat, cutting back on your regular outgoings makes it easier to put a little aside on a regular basis.
Spending less doesn’t necessarily mean you have to go without the things you love and enjoy. The following tips will show you just how easy cutting back can be.
Unsubscribe from marketing emails sent out from the stores you most often frequent. These are the places where it is likely you spend the most money, and it’s much harder to resist and overcome the fear of missing out on things if you are constantly being bombarded with special offers.
You should also implement the 24-hour rule where you wait at least a full day and night before making any non-essential purchase. Cutting down on impulse buys which you may later regret or find to be less useful than you expected is an excellent way of cutting down on your overall spending.
Refinance the family car
While it’s not uncommon for householders to save money by arranging to refinance their home loans, fewer people consider refinancing the loan on their cars, even though this can be a very straightforward way to save money.
Auto refinance is especially worthwhile if you purchased your car some time ago when interest rates were higher, and they have fallen since. Another reason to refinance is if your credit score has improved, allowing you to take advantage of lower interest rates. Either way, with a new finance package in place you’ll lower your monthly payments and pay less interest overall.
Plan your meals in advance
Almost everyone has had the experience of going out to shop for food, having a vague plan of what you want to purchase but then getting distracted by special offers and price cuts which lead you to buy items you never originally considered.
Although you may be taking advantage of reductions, shopping in this way can end up costing you more as you often have to make matching purchases to complete meals or end up with items that go unused and have to be thrown out.
The best way to avoid such issues is to make a plan at the beginning of each week of exactly what meals you will prepare for the seven days ahead. You then go out and shop only those specific items, buying in bulk whenever you can so you have sufficient left over for further meals in the future.
Search out free fun activities
Cutting back on the family budget doesn’t mean you have to go without any entertainment. If you look at your local newspaper or website or visit your local library, it’s highly likely that you’ll find lots of exciting family-orientated events in your local area that either don’t cost anything at all or are extremely cheap. From lunchtime music performances to community theatre shows, you can enjoy a wide range of entertainment options at an affordable price.