Simple and Easy Money Saving Techniques

June 21, 2018 10:00 am Published by Debt Free Life

When debt gets bad enough, there is very little you can do on your own to address it. You are far from helpless; you can contact us to organise a formal debt solution. However, when you are entering debt which has yet to get out of control, there are individual steps you can take to free up cash to put towards paying off your debts. In this blog, we will cover some simple tricks you can use to release more money to satisfy your creditors.

Remember, however, that there is no shame in having lost control of your debts. However, things will not get better on their own. If you are facing severe and crippling debt, get in contact with our team today on 0800 808 5124 and let our advisers offer a plan to get you back in the clear.

Three Methods of Freeing up Money for Creditors

While there are hundreds of small actions you can take to free up some pennies, in this blog, we will cover three of the easiest ones here:

  • Make your own lunches
  • End unnecessary subscription services
  • Stop micro-spending

Three Methods of Freeing up Money for Creditors

A lot of these sound so minuscule that they will have no effect, but when you calculate the costs over an extended period of time, the reality starts to add up.

Let’s consider lunches, for example. If you spend £4 a day and work five days, that is £20 a week. £20 a week is £80 a month. £80 a month is £960 a year. It is not particularly challenging to get the cost of lunches down to only £1 a day, freeing up an extra £60 a month to put towards your bills. As you can see, when you watch the pennies the pounds will look after themselves!

Now, having established the importance of watching every penny, let’s get more specific.

Making Your Own Lunches

As we calculated above, spending £3, £4, or in some cases £5 or £6 every day on food from cafes or fast food restaurants can add up very quickly. However, shopping cleverly in supermarkets and taking it with you can save you a significant amount of money and, depending on what you make, is often healthier.

Making a sandwich every day is one option. However, this can prove to be more difficult if you tend to rush about in the morning; especially if you have children, you have to get ready for school. One of the most straightforward methods is to do one big cook on Sunday and leave it in the fridge, ready to be dished out into Tupperware every day before work.

Making Your Own Lunches

While this method is effective, it can become a bit mundane to be eating the same thing every single day. However, if you make something that is freeze-able, you can simply make two meals, freeze them, and take them out the night before work. In this way, you can keep things interesting while slashing the cost of your lunch!

Watch Unnecessary Subscriptions

In the world we live in, it feels like half of our money comes out of our account automatically to cover things like streaming services, the gym, our mobile phone, and so on. Every now and again it is a good idea to have a check through everything that you are paying for in order to make sure all of them are absolutely necessary.

For example, it is not unusual to join a gym and, despite having the best of intentions, never actually go. If this is the case, end the subscription! This could easily save you £20 a month.

What about all of the streaming services out there? Netflix, Now TV, Amazon Prime and so on. If you find yourselves not actually making use of one of them, just get rid of it. There is no harm done; you can get it back the minute you want to watch something. But if this is three months down the line, that is £30 saved.

Lastly, in terms of your mobile phone, consider downgrading your contract when it ends. For example, let’s say you are paying £40 a month for an iPhone. When the contract is up, do you desperately need a new one? If the phone is working just fine, consider ending the contract and signing up for a handset-free service like Giff Gaff. This way, you can pay about £25-30 less a month while keeping a perfectly functional phone.

Put an End to Micro-Spending!

Micro-spending involves the little costs every day that add up to a much higher sum. For example, buying snacks, coffees, pints, and so on. They seem like insignificant costs at the time, but over weeks and months they add up to a significant portion of your budget.

Put an End to Micro-Spending!

One rather extreme method to address this habit is to leave your bank card at home when you leave for work. Take precisely the amount of money you need for the day with you and leave everything else at home. Those sweeties you would be tempted into buying at lunch? No longer possible! That £2 coffee you would typically pick up en route to work? Just wait until you get there!

Again, this seems particularly tight and mean, but it can free up some precious pounds to keep your creditors paid and happy. If you follow all three of these tactics, you could potentially save well over £100 a month, which can all go to keeping your bills in check.

Do You Need Help with Debt?

While some people can take measures to address debt themselves, for many people it has just gone too far, and outside intervention is needed. That is where we come in to lend a helping hand. If debt is increasingly taking over your life, and you can’t seem to make any progress, it is time to bring in debt free life.

To speak to our advisers about your formal debt solution, give us a call now on 0800 808 5124.

If you would prefer that we gave you a call, fill in our debt calculator, and one of our team will be more than happy to give you a call and see what we can do to get you back in the clear.

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