It’s no secret that the cost of living has shot up dramatically. Paired with inflation? Well, you can confidently expect some of your monthly expenditures to go up.
You are not alone in wondering how you can combat this. For many of us this financial crisis paints a bleak future. But there may be four seemingly inconsequential ways that you can stay on top of this…
Here is our roundup of easy ways to balance the books:
1. Careful where you buy your fuel (& How you drive!)
Fuel cost these days is akin to daylight robbery. Get more bang for your buck by refueling at supermarket pumps instead of a standalone branded petrol station. Supermarket pumps generally charge a few pence less than a branded pump. Bonus: Combine this with any rewards schemes or loyalty programmes you could save a pretty penny while simultaneously building up future cashback and discounts. Future you will thank you just as much as present you.
At the same time, changing your driving behaviour slightly will bump up your average MPG to save even more money. Here are some of the top tips to maximise fuel efficiency.
- The lighter the car, the higher the fuel efficiency. Declutter the car and put in half a tank of fuel instead of a full tank when refuelling.
- Drive economically. This involves driving on eco and going easy on the pedals.
- Stay on top of tyre pressure. Maintaining tyre pressure is key to maintaining high fuel efficiency.
You can find more tips to improve fuel efficiency on auto sites (great article here). By saving on fuel costs and increasing your fuel efficiency, you are guaranteed to save hundreds over the course of the year.
2. Check your insurance policies
Unbeknownst to you, you may be burning money on insurance policies that you neither need or use. It is worthwhile spending time to dig into exactly what policies you can cover in one fell swoop. Some bank accounts offer cover for a multitude of things for a small fee. Makes it easier to confidently decline when a mobile phone provider tries to shove an expensive insurance policy down your throat, right? Especially when you know your bank can give you the same coverage and then some for an even smaller fee!
Do your research here as not all policies are the same. Pick one that you know you will actually make the most of. Of course, if after a period of time you notice you are not benefitting as much as you thought you would then it might be worth switching back to a free account instead.
Be aware of those sneaky insurance add-ons when purchasing appliances, household items and even miscellaneous goods. Sometimes you get to the checkout and are shown a little package for breakdown cover that you more than likely will not need if you are generally careful with your belongings. Bear in mind that very few insurance policies cover theft and accidental damage. To put it into perspective: more often than not, purchasing extra cover is about as helpful as flushing money down your toilet.
Of course, if you are certain that you would benefit from the insurance then by all means go ahead. But for the average person this is rarely the case.
3. Pay for what you use
Broadband and mobile phone providers are exceptional at convincing you that you absolutely need shiny little extras on your packages. The worst thing you can do is believe them.
If it helps, most salespeople do this to pad the commission that they’ll make from your purchase. So no, Linda from EE does not necessarily have your best interests in mind when she insists that you need to have the unlimited data, text and calls package with streaming service add-ons and international minutes. Do not be tempted.
Consider even tiny add-ons that you may be paying for like voicemail, anonymous caller reject, blocking and barring services on a landline that only receives spam calls anyway.
The best thing that you can do is download the app for your mobile phone provider and check exactly how much data you actually use and therefore need before settling on your next contract. You might find you only use about an average of 5GB of data per month like a lot of people. Use Uswitch to compare all the deals out there. For the ultimate jackpot try to purchase through Quidco for cashback and see if you can combine it with student discount (if you are eligible).
4. Always switch your providers
In fact, we always recommend that you switch your providers. Every year there will be something up for renewal. Maybe the car insurance or the broadband package. Stay on top of your annual and bi-annual contracts (insurance, phone, broadband, tv etc.). Do not bother staying with the same provider, always switch and use cashback platforms when you do so. More on cashback platforms here. This year alone, we managed to save £500 for switching car insurers, with an additional £100 in cashback from Quidco. Not to mention £150 for switching to Virgin on a heavily discounted deal reserved only for new customers.
Final words
We promise hundreds in savings this year if you follow all the tips above. There is more to come and we are always researching and testing the money savings tricks out there to help you save the most. To keep up with our work, consider subscribing to our weekly newsletter below.
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