Every time I go shopping, it costs me just a little bit more. Or so it seems. It used to be that I could budget for around £50 per week on my groceries, but now my weekly shop costs around £80 if I'm careful - and I can assure you I am not extravagant! No shopping at Waitrose for me! So aside from eating nothing and living in a tent at the bottom of a field, is it possible to slash expenditure and save money during the recession?
Stop Wasting Money!
First and foremost, the best way to save money is to look in great detail at where you are spending your hard earned cash. If you are thrifty, you probably don't waste money on takeaway dinners, nights out and gym membership, but such saints are few and far between and even I splash out on gym membership once per month. So, in order to discover where you are frittering your money away, you should pull together bank statements and analyse them closely.
Identify Unnecessary Spending
There are some expenses you can afford to cut. Gym membership is a luxury you probably don't need - I don't need mine really, but I justify it with the fact that I swim train and therefore need use of a decent pool that isn't packed full of ten year olds every evening. But if all you do is jog for ten minutes on a treadmill whilst checking out the gym bunnies, cancel your membership and start running outdoors. The scenery isn't as pleasant, but you will burn up more calories shivering in sub zero temperatures.
Save Money On The Bills
One area in which you can always save money is by re-mortgaging to a cheaper deal and switching utility suppliers. Lots of us are very lazy and stick with our existing mortgage lender for years, even though the payments keep going up. If you are locked into a deal, it will cost you money to move to a different lender, but do the sums and you might find it is cheaper to move even when a redemption penalty is factored in. You can also save money by switching gas, electricity, broadband and telephone providers so shop around and use a price comparison website to secure a better deal.
Credit Cards Maxed Out?
Credit card debt is a massive problem for many families. Interest rates on large balances can be hideous and when half of your income is going on debt repayments, you know you are in serious trouble. In this instance, it can be worth consolidating lots of smaller debts into one single debt - the overall repayment will probably be less, although you may end up paying more in the long run.
Don't Panic!
If you feel like you are drowning in debt, don't panic. By adopting a few money saving techniques such as switching utility providers and cancelling unnecessary monthly payments, you can save a considerable amount of money. Hopefully this will be enough to help you turn a corner!
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