Many households are looking to lower their spending right now amidst the cost of living crisis. The rising cost of living is seeing many people feel the squeeze, so what can you do to lower your costs right now to give yourself some breathing room? This post will offer 5 tips for reducing your spending in 2022.
Cancel Subscriptions
A good place to start is by looking at the monthly subscriptions that you have as these can eat significantly into your budget. Often, people will pay for multiple streaming services but only ever really use 1. Therefore, you should be able to cut back by eliminating a subscription or two. Additionally, look at gym memberships, magazine subscriptions, and subscription boxes to see if you could cancel these at least in the short term.
Think Before Making Big Purchases
You also need to be careful when it comes to larger purchases in the current economic situation. Large purchases like a new TV, smartphone or furniture should be considered and discussed to see if now is an ok to make these purchases or they could be pushed back for a year.
Buy Second-Hand
A great way to make savings on a purchase is to buy used and this is becoming a major trend. You can find furniture, clothing, artwork, homeware and more for a fraction of the cost when shopping on second-hand platforms like Etsy, Gumtree and Vinted. In addition to this, buying a used car is smart if you are in need of a car and you can get a lot more for your money. If you want an Audi, for example, then you can find used Audis in London for much more affordable costs compared to buying new.
Keep Track Your Spending
It is always a good idea to keep track of your spending, particularly during a cost-of-living crisis. You need to carefully track your spending and then analyse your regular outgoings to see where your money is going each month and if there are any ways to make savings. There are many apps that can be used to track your spending, which should help you to gain greater control and cut your monthly costs.
Make a List When Grocery Shopping
It is also helpful to create a list when you go grocery shopping. This should help to prevent frivolous spending and stop you from buying things that you already have at home. If you are finding your food shopping to be a lot more expensive, try switching to cheaper brands and/or shop at a cheaper supermarket.
These tips should come in handy and help you to lower your spending during the cost of living crisis and give you some breathing room each month.
