Top tips for cutting daily expenses

Price inflation in the UK is soaring. According to Office for National Statistics figures, the Consumer Prices Index (CPI) increased by 6.2% in the 12 months to February 2022. That’s up from 5.5% in January, and the Bank of England predicts it will rise to 8% in Spring 2022.

Inflation means higher prices and lower spending power. Daily expenses like food and fuel will be more difficult to cover, and bills will likely see an increase too. We may also see rents and mortgage rates rise as well.

To help you cope with cost pressures, here are some top tips on how to minimise your daily expenditure to compensate for rising costs.

 

Top tips for cutting daily expenses

 

Plan your weekly food shops

A big shop might seem expensive, but compared to daily supermarket visits, it can actually cost a lot less. That’s because with a weekly food shop you can buy based on a family meal plan and take advantage of bulk buying lower-priced essentials. Compare that to convenience shopping, where all too often, we buy tired, in a hurry, or – God forbid – while hungry!

Instead, plan your meals, make a list, stick to it, and resist the urge to nip to the shops. Your wallet will thank you later.

 

Be savvy with utility usage

Gas and electric rates are being wracked by inflation as post-pandemic supply chain issues and geopolitical uncertainty cause wholesale energy prices to rise exponentially.

All suppliers are expensive right now since Ofgem raised its energy price cap, but there are things you can do to cushion the financial blow.

First, try limiting how much you put the heating on and use electricity around the home, turning off gadgets on standby and making sure all the lights are off when you leave a room. Next, invest in heat-trapping clothing such as thick thermals and jumpers so you get the most of your body heat. Lastly, if you have some money set aside for home improvements, consider installing house insulation if you haven’t already.

 

Top tips for cutting daily expenses

Use discount codes and vouchers

Discount codes and physical vouchers are most often a savvy marketing technique designed to make you buy things you don’t need. However, when used smartly and in moderation, they can benefit your finances on and offline.

If you receive vouchers, make sure you display them somewhere in your home where you’ll spot or remember them – stuck to the fridge by a magnet, for example. When it comes to discount codes, be sure to use a website like VoucherCodes or a free browser extension such as Honey whenever you get to an online checkout.

 

Check and unsubscribe from unwanted subscriptions

Is your account experiencing death by debit? We accrue all sorts of monthly direct debits these days – entertainment subscriptions, memberships and much more. If you’re feeling the pinch though, getting rid of them makes sense, so head to your online banking and check your direct debits for any unwanted transactions, cancelling those that you no longer use or want.

 

How are you combatting inflation? Let us know the ways you’re cutting costs in the comments section below.

 

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