8 easy-to-cut changes to your budget to save money

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Even the best-developed budget plans can be updated from time to time to ensure that our income and savings go as far as possible.

It means looking at bank statements and understanding what we’re really spending our money on to see where we can make small changes that add up.

51% of households said they had seen the cost of their monthly bills increase in the past 12 months as online activity increased and we developed habits that changed the way we spend.

Learning how to cut the cost of restaurant meals, sort out finances, and get the most out of grocery stores are all at the top of expert lists when it comes to saving money and are great places to start. for an initial budget plan or budget review.



Find out how much data you’re using to see if you’re overpaying

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These tips are a good starting point for a review of household spending in 2021.

Cell phone data

Unlimited data plans are a very attractive option for internet users who dread the possibility of a huge bill at the end of the month or of running out of data on a commute to work.

At the end of 2019, Ofcom’s interactive data showed that mobile data usage averaged 3.6 GB per month, meaning the average person pays more money for unlimited data than they do. do not use.

When you choose a cell phone plan, you can cut costs by finding out how much data you are using and looking at limited data plans.

Chances are you are already paying for broadband at home and your work office has wifi, so for most of the day you are sorted out for internet access – another reason to keep costs down and to opt for a limited plan.

And by downloading your music or podcast before your trip, you can limit mobile phone streaming and get by on a cheaper plan.

Takeaway food

Ordering takeout through a food delivery app can be up to 44% more expensive than dealing directly with a restaurant, according to research by consumer group Which ?.

A survey found that six in 10 people used take-out apps before the pandemic, up from seven in 10 today and that people “often have problems with orders” involving “late arrival, cold food and items. missing “.

Which? looked at how much we were spending and said the most expensive order was “£ 43.94 to take away Deliveroo to a burrito and taco restaurant, which costs 44% (£ 12.29) more than ordering directly from the restaurant “,

This calls into question how much we still need the foreclosure habit which is not always profitable.



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Shipping cost

A quick review of delivery charge options for online purchases might reveal a free “click and collect” option.

This can save up to £ 4 on delivery costs and eliminates the temptation to spend more money to qualify for the free delivery offered by most online stores.

Becoming a member of a retail brand that you use regularly is another way to limit the amount of money you spend on delivery, but it’s important to remember that delivery will cost you anyway, it could. be more profitable.

Bottles of water

The bottled water industry has seen a decline in value after five years of growth, but it is still a thriving market in the UK.

It’s a convenient and healthier option than soft drinks and could be the reason for the £ 1.50 supermarket charge on your bank statement.

Some restaurants charge over £ 3.50 for a bottle of mineral water, so fortnightly diners could save almost £ 100 a year by switching to the tap.

New clothes

Apps like Depop and Vinted let you buy “like new” designer clothes for a fraction of the price.

It depends on where you shop, but the same goes for used clothing stores, charity stores, and eBay.

A common tip is to look for a brand where you know your size to avoid the trap of non-refundable purchases or get a measurement to know your exact measurements.

Something you see in the store for a full price will likely be on Depop in a few weeks for less money.

Subscription Services

It’s another lockdown habit that sees hundreds of dollars spent on subscriptions that we no longer use.

Comparethemarket.com has found that households typically spend £ 265 per year on services they don’t need, so this is a great place to start if you’re revising your budget after foreclosure.

Overdraft payments

Most banks changed their overdraft fees when regulations changed in 2020.

Although you will not be penalized for an overdraft that is not arranged, you will now see a fee of up to 39.9% EAR for an overdraft.

Fortunately, there are bank accounts that offer free authorized overdrafts up to a certain amount.

Which? Recommended provider First Direct could be a good bet – they are currently offering an interest-free overdraft of £ 250 as part of their 1st account.

The M&S Bank current account has the same agreement.

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Brand foods

Buying basic and budget supermarket lines can generate significant savings – and you might find that avoiding big brands doesn’t mean compromising on taste.

Which? regularly pit big brands, such as Heinz and Kellogg’s, against supermarket brands and find very little difference in taste.

Even replacing one or two items could save a lot of money.

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