How To Reduce Your Main Monthly Outgoings

I’ve got plenty of articles that talk about different ways to save money. Most of these are tips to help you stop your daily spending habits. However, I want to cover a different topic today. As the title suggests, it’s all about your main monthly outgoings. 

For me, this includes the following:

• Utility bills
• TV/Phone bill
• Subscriptions
• Rent/mortgage

Now, I want to show you a few ideas to help you reduce these outgoings. As a result, you’ll have less money leaving your account every month. Plus, by lowering these regular payments, you can create a better budget to save more on your daily purchases too. So, let’s begin!

Utility bills

There are two main ways to cut down on your utility bills – be more conscious of your usage and always look to switch providers. 

Firstly, be more energy efficient by switching off lights and closing windows when the heating is on. This saves so much money on your monthly electric and gas bills. Secondly, turn off your taps when you brush your teeth and limit your showers to ten minutes. This will reduce water usage and save so much cash. 

Then, look for other providers at the end of your contract. Threaten to switch to a better provider, and your current one can give you a better deal. This will lead to a cheaper monthly spend for the next year. 

TV/Phone Bills

Simply put, pay for what you use. If you don’t need a landline – because you use your mobile – then don’t pay for one. Or pay for the cheapest contract you can find. With TV, do you really need half the stuff you pay for? You could possibly cancel any TV subscriptions and opt for Freesat instead. 

Subscriptions

Most people are subscribed to Netflix, Amazon Prime, etc. My question is, how many of these subscriptions do you need? Cancel the ones that you don’t get a reasonable amount of usage out of. For the others, look on sites like Signup Offers for special deals. Most subscription services offer a free trial. So, take advantage of this by creating multiple emails to use up your free trials. Cycle through the different services until you’ve used them all up. Right away, this has saved loads of money!

Rent/mortgage

Some of you will pay rent, some will pay a mortgage. It’s hard to lower your rent, the only advice is to perhaps downsize to a smaller home, or find a cheaper place in a slightly worse location. 

With your mortgage, you can lower your monthly payments by saving up and making lump-sum payments. For example, if you save money and make a payment of £1,000, then you have £1,000 less to pay on the loan. In turn, this can reduce your monthly payments and make them more manageable. 

If you lower your monthly expenses, then you reduce the strain on your budget. Now, you will have more money to spend on your daily outgoings or to stash away in a savings account. 

*Collaborative post*