Does your money seem to just drip away every month leaving you wondering where it’s all gone? You probably find yourself thinking about the next payday and hoping it’s soon!
To stop the money draining away from your wallet you need to plug the leak! Here are some money consuming activities you need to look at, and how you can stop them from eating all your hard earned cash.
Membership and subscriptions
Remember that gym you signed up for in January – how many times have you gone this year? What about that magazine that gets delivered every month but you can’t remember the last time you read a single page? Well, it’s time to cut them off! Signing up to subscriptions and memberships is easy, often all it takes is a few clicks and that’s it, you’re in. But the danger with rolling contracts is that you often forget to cut them off when you don’t use them. You could soon find that you are wasting hundreds of pounds every year on memberships that go unused. Review all of your recurring payments and cancel any that you don’t genuinely need.
Eating out, grabbing a takeaway or even just buying too many groceries is a major money drain. Every year we throw away around 15 million tonnes of food, which is a crazy amount of unnecessary wastage! Stop buying too many groceries – those 2 for 1 deals are great, but only if you are actually going to use the produce, if not there’s a high chance that you are paying extra money for no good reason. Make sure you are storing your food correctly and make use of your freezer to stop your food from going off too quickly.
Outdated Mobile phone plans
Where would we be without our phones? It seems like we run our life off them, so it’s no surprise that mobile phones are considered to be a daily essential, but when is the last time you checked your phone usage? If you’ve been in a long term contract you should have a look at the benefits of switching to a different plan – you might find out that you can get more data or more call time for a cheaper price. Phone up your service provider and see what they can offer you – if you’ve been a good customer they are likely to want to keep you. They might not offer you a discount, but they may increase your call package instead.
This one’s a biggie – make sure you are getting the best rate for your energy consumption and cut down on the usage! First up, have a look at switching your supplier, it can literally save you hundreds each year. Also, make sure you are using energy only when you really need it. Know how your thermostat timer works, and how you can change it to better suit you – there is no point in heating an empty home! Also be mindful about your electricity usage – turn off anything that you are not using – think lights, electronics and check your plug sockets too!
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