We’re all looking at ways we can cut down our unnecessary spending this year. We’ve put together a list of 5 things you can do to cut down your spending this year.
Overbuying food
It’s quite easy to fall into a pattern where you are just ‘popping into the shop’ to get something for dinner every night, however, you are wasting more food than you think, and therefore, wasting money!
Try and set aside some time every week to go through your cupboards and make a meal plan that uses up some things you have in your fridge, freezer and pantry. Putting 15 minutes into this task will save you a good chunk of money each month. You can track how much you are currently spending on your grocery shops by categorising your transactions in Moneyhub.
Supermarket shopping
While we're discussing this, it's important to recognise that branded products aren't necessarily superior. Common items like bread, chopped tomatoes, baked beans, pasta, and juice often contain identical ingredients, whether you opt for the branded or supermarket's own version. Take a moment to inspect the packaging – it might lead to some cost savings for you.
Impulse buying
This is a big one for a lot of people. They will see something and pop it in their basket because they like or want it, not thinking about how it'll affect them financially.
If you see something you think you might want to purchase, write it down in your notes and go away and think about it. If, a week later, you’re still thinking about it, then go ahead and purchase (obviously making sure it’s not going to negatively affect your finances). You might even find it cheaper online!
Just remember, just because its on sale doesn’t mean you have to buy it.
Gifting
Throughout the year, we all have gifts we need to think about whether it’s for family, friends or coworkers. The most important rule is to never prioritise gifts over your financial commitments. You can find out when your bills are due to be taken from your account by checking out Regular Payments in Moneyhub.
Just because you can afford the long list of gifts your family may have written, it doesn’t mean you need to buy it all. Avoid buying everything that’s been asked for, as it can lead to unrealistic expectations in the future.
It's common to mindlessly buy gifts without much thought. Consider having an open discussion with your family, friends, and coworkers about curbing unnecessary purchases – you might find that others appreciate the conversation! Instead of buying presents for everyone, perhaps explore the idea of transitioning to a Secret Santa arrangement, even for birthdays. This can add a touch of excitement while reducing the financial burden on everyone. If you find yourself with extra funds, consider paying off your credit card, contributing to a family holiday, or adding to your emergency savings.
Dining out / Takeaways
Many of us often find it convenient to dine out or order takeaway. Embracing meal planning can alleviate the stress of the common question, "What's for dinner?"
Eliminating these habits completely may not suit everyone. Be sure to incorporate dining out or ordering takeaway into your meal plan, so you don't feel like you're entirely missing out.
Let us know over on our socials if any of these tips resonate with you!