Coming up with a budget and sticking to it is an effective way of making sure that your outgoings don’t exceed your income – and it’s a good way to go about working out where you can start to cut back.

Once you know where your money’s going (1), you’ll be able to see at a glance what you can do without day by day and month by month… and you’ll likely find that there are lots of expenses you can go without for the time being if you do need to regain financial control.

Part of the problem these days is that spending money is incredibly easy. Because we’re so used to just waving our bank cards at tills and cash registers and because we have easy access to online shopping at all times, our money can go without us even really noticing. Sometimes it doesn’t even feel like we’re even spending money at all, thanks to contactless payment.

To help you claw back some cash so you can start saving, here are some top tips from the team here at Fresh Start. You might well be surprised by how much money you could squirrel away just by making a few little changes to your lifestyle here and there.

#1 Check your subscriptions

It’s very easy to sign up to something and then forget all about it and you may well be paying out for monthly subscriptions and payments that you’re simply getting no use from. Check your online banking for the likes of streaming services, gyms, magazine subscriptions and so on to see what you can go without.

#2 Cook once, eat twice

Batch cooking is a great way of saving money on food (important given how high prices have climbed of late) and you’ll enjoy having a fridge full of healthy ready-to-eat meals every few days, freeing up your time in the evenings to do something else.

#3 Delete your shopping apps

If you know you shop too much, deleting any apps from your phone can help you steer clear of the path of temptation. Using social media apps can also see you spend more than you’d like, since there are lots of ads just waiting to draw you in, so be mindful of how much you use your phone in general.

#4 Have no-spend days

Set yourself the challenge of having a couple of no-spend days a week to help you save some cash. Leaving your bank card at home when you go out can help you achieve this, as can taking homemade food and drink with you when you go out.

#5 Give yourself 24 hours before big purchases

If you’re weighing up a big purchase and can’t make up your mind, take some time out and give yourself 24 hours before you splash the cash. You may find that, upon reflection, you don’t want to spend the money after all.

If you are struggling with debt at the moment because of cost of living challenges, get in touch with us today to see how we, as a debt management company, can provide you with support.

References:
1. https://www.which.co.uk/money/money-saving-tips/budgeting/how-to-budget-a6s3E6b5TtM6