The Cost Of Living: 7 Ways To Slash Your Household Outgoings This Year

Household Outgoings

The cost of living has never been higher, and as a result, millions of people in the UK and around the world are trying to find ways to cut back on their monthly household outgoings. Doing so can often feel easier said than done, but there are options available to help anyone make the most of their income.

A big part of reducing your household outgoings is eliminating waste. It can be easy to be wasteful when shopping, whether by buying more than you can use or buying unnecessary items. Likewise, you can be unintentionally wasteful when using your household utilities without even realising you’re doing it. Eliminating waste and finding smart solutions to problems can be invaluable to help you save this year.

Invest In Heated Blankets

As energy prices soar, heating is one of the biggest concerns for many people at the moment. Heating the home is essential over the winter, but looking for ways to reduce how often you need to put the heating on can still be valuable. Heated blankets can be a great option, helping you stay warm and toasty in bed, at your desk or on the sofa. They also cost a fraction of the price of putting your heating on.

Prep Your Weekly Meals In Advance

Household Outgoings

Another big cost for many households is food. It can be tempting after a long day at work or school to order in a takeaway rather than cooking up something fresh. Many Britons are in the habit of buying at least one takeaway per week to save themselves the time and effort of cooking. Over time this can add a hefty amount to your monthly outgoings, particularly when factoring in minimum orders and delivery charges.

Prepping your meals in advance can take away the temptation to order food in – as well as being a much healthier option. Cooking a big batch of food all at once and freezing several portions can save you time, money and effort.

Switch To An Electric Car

While the initial investment of a new electric car can be high, the monthly savings you’ll benefit from immediately and over time are substantial. Electric cars are cheaper on tax, fuelling and maintenance, so you will see an immediate reduction in your monthly outgoings. Switching to an electric vehicle can feel like a big change, so it is vital to understand the ins and outs of electric car ownership. ElectriX have some excellent articles explaining different aspects of electric vehicle ownership, including options like how to charge smarter at home.

Do Your Grocery Shopping Online

Impulse buying is a big issue for many shoppers. Supermarkets are designed to draw customers’ eyes to items they don’t necessarily need, so shopping online can help. By doing an online shop, you can search for the things you need without getting distracted by displays and offers. No matter how you shop, it is best to avoid shopping hungry, which can increase the chances of impulse purchasing.

Switch From Branded To Generic

Most branded products we buy are similar, if not identical, to generic alternatives. Shops like Lidl and Aldi offer quality own-brand alternatives at a fraction of the cost of big brand names. Most supermarkets also offer their own brand or budget brand lines that can rival big brands for quality. Consider switching out your priciest items with generic ones to try them out and save big.

Unplug Anything You Don’t Use

Even switched off at the wall, some electronics can use energy while plugged in. This is bad for your energy bills as well as for the environment. Try to make a habit of switching off and unplugging any electronic device after using it to ensure you aren’t paying more for your electricity than you need to. There are some things that should never be unplugged when not in use, however, so be sure to know the difference before you try this tip.

Cancel Some Streaming Subscription Services

On their own, many subscription services feel like great value. You can stream TV and movies from many platforms for an average of £10 per month per platform, but if you have more than one, this cost will quickly mount up. In addition, many people subscribe to platforms to watch a certain show, planning to cancel afterwards, then forgetting to do so.

Consider making a list of the different subscriptions you use, noting down the cost of each. Then over the course of a month or so, make a note each time you use each one. If you find there are platforms that you use rarely or never, consider cancelling them to save month each month.

Conclusion

When trying to reduce your household outgoings, it is important to look at the whole as well as the smaller details. Big savings can be made by making simple changes without compromising your quality of life. Avoiding waste is crucial, as is ensuring you’re not paying more for bills than you need to be.

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Last Updated on 7 months by Lavania Oluban

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