Richard Lishman considers how you could help reduce your outgoings.
You may have heard the proverb ‘Look after the pennies and the pounds will look after themselves’, but is this something that you have applied to both your business and your personal life?
It’s easy to become complacent about your monthly outgoings, but by exploring different options and thinking smart about saving, you’ll be surprised at how much you could save and what this money could mean for you.
Perhaps one of the biggest mistakes that people commonly make is not shopping around when it comes to their energy bills. According to one source, an estimated 43 per cent of British people don’t explore the available alternatives when it comes to their energy suppliers, meaning that millions are missing out on some significant savings in both the short- and long-term.
The reasoning behind this figure is simple – a lot of people take the approach that ‘if it ain’t broke, don’t fix it’. However, that means that they miss out on some interesting offers that can supply them with the exact same amount of energy but with a much smaller price tag. This doesn’t just apply to gas, electric and water either – switching bank accounts can also bring the same benefits, especially if you’re savvy and keep an eye on what’s out there.
Likewise, insurance policies and similar protective measures are also worth shopping around for. Insurance companies are just as likely to give discounts to new customers or for certain businesses, so keeping on top of these and shifting policies where necessary can fast become a financially rewarding move.
For many of us, once we’ve signed a contract that’s the end of the story. But are you getting the best deal for what you’re actually receiving?
Say your current mobile phone contract includes unlimited data. If you’re only using a small amount of data, this is an unnecessary expenditure, and you should go to your provider and make a switch that better suits your habits.
Look into the way you use the services you pay for and make amends – it’s very easy to make some considerable savings this way, especially if you are realistic about your habits and make the necessary changes.
A trip to the coffee shop on the way to practice may feel like a well-deserved part of your day – but are there cheaper alternatives? According to one source, the average British person spends as much as £303 on coffee per year – a significant amount that can easily be reduced by thinking outside the box.
For example, have you tried a local shop with lower prices? This way you don’t have to give up the luxury of your coffee but you can save money while supporting a local business. These small measures are definitely a case of saving pennies to begin with, but all savings are worth taking, especially in uncertain times.
We’ve all been through a difficult time lately, and this means that our savings are becoming more important than ever. By streamlining your investments, analysing your contracts and habits closely and seeking expert advice, you’d be surprised how many pennies you can quickly start saving, leaving you with more pounds to look after themselves.