subject: 5 Ways To Reduce Your Monthly Outgoings [print this page] If you're a resident in the UK and have your own home, it's likely that you're feeling the pinch at the moment.
Although the global recession may have officially ended in the last quarter of 2009, the whole country is suffering from the disastrous effect that it had on the country's economy and whilst prices are slowly beginning to drop in some areas (unleaded petrol, for example, has dropped to 116.5 pence per litre in August from a high of 121.5 pence per litre in June, according to the AA Fuel Reports), living expenses are still particularly high.
As this is apparent, more and more people are looking at ways in which they can lower their monthly outgoings and if you're one of them, check out these 5 ways that you can save money each month.
1. Drive properly - when you're learning to drive, you're driving in such a way that fuel consumption is particularly low. As soon as you pass your test, however, you tend to become a lot more lax in the way you drive, accelerating harsher and braking harder, both of which lead to a higher fuel consumption and therefore higher fuel spending.
Simply put, watch how you drive and you can watch the pounds stay in your bank account for longer.
2. Walk more - rather than jumping in the car to go to the shop that's only 5 minutes way or the 10 mile journey to your parents on a weekend, consider walking.
Especially at the moment in the summer months, walking is fantastic as the nights are lighter for longer and the weather is warm enough to walk without a coat. Plus, by walking a journey that takes, for instance, 10 miles, it will usually only take you around 1 hour, meaning you'll not only reduce your fuel costs, but you'll also be getting fit and healthy.
3. Increase your insurance excesses - if money is particularly tight at the moment, you could lower the amount of money you pay in insurance premiums by increasing your excesses.
It's not generally recommended to raise your excesses too much, as should you need to make a claim it can become unaffordable, but raising them to a few hundred pounds will often mean your premiums will drop quite significantly.
4. Cut back on the luxuries - a great way to save often a substantial amount of money is to look at your monthly outgoings and split everything into either a necessary or luxury column.
Once you've devised a list, whatever is in your luxury list can usually be put on hold, meaning that the money you could save from Sky TV or getting your hair cut every other week could go towards helping you financially.
5. Shop around - whenever you need to buy anything, whether it's a small amount of groceries or a brand new car, make sure you always shop around, using comparison websites.
Once only available to compare insurances, comparison websites now allow you to compare everything from broadband deals to food items and they can, if used regularly, save you a fortune.
