Some practical tips I’ve used to reduce my monthly spending
In these challenging times, as men, we’re required to step up and make strategic adjustments to keep our households running smoothly. The current cost of living crisis in 2023, marked by high inflation, soaring food and energy prices, and increased fuel costs, is indeed testing our resilience. But sometimes, hardships are there to teach you a lesson and give you an opportunity to reset and clean out old habits. Here’s your survival guide, packed with 10 actionable tips, to keep you sailing steady through the storm.
1. Trim Down on Entertainment Subscriptions
The first rule of budgeting in a crisis is to cut back on non-essential costs. Do you really need subscriptions to Prime, Netflix, Disney+, Sky Movies, and Now TV all at once? Probably not. A smart move would be to pick one or two platforms that offer the most bang for your buck and cancel the rest. For instance, I’ve retained Prime and Netflix while letting go of Disney+ and Sky Movies. That’s a straight £25 saved each month. You can literally find so much more entertaining things to watch on YouTube.
Here’s another non-essential that you can do without. If you’ve got a music subscription that you barely use, it’s time to hit ‘cancel’. I managed to save £10 a month by letting go of Apple Music. Sign up for Spotify Free version or listen to playlists on YouTube.
2. Review Your Mobile Contract
With most of us working from home, there’s hardly a need for hefty data plans. I’ve downgraded my mobile contract to one with lesser data and saved an extra £10 each month.
3. Economize on Utilities
Switching off lights when not in use, limiting the use of heating, and taking quicker showers are simple ways to conserve energy and lower your utility bills. These practices helped me cut my electric and gas usage by £25 a month.
4. Shop Smarter
Switching to budget-friendly supermarkets such as ALDI can significantly reduce your weekly grocery bill. Not to mention, opting for off-brand equivalents can further your savings. This switch helped me save around £120 a month.
5. Charity Shop and Upcycle
It’s not just about being economical; it’s also about being eco-friendly. Shopping at charity shops or upcycling can be a fun, creative, and affordable alternative to buying new.
6. Eat Smart
Eating smaller, healthier portions not only benefits your waistline but also your wallet. This simple change in my diet reduced my food bill. Check out our articles on food and nutrition.
7. Home-Based Fitness
With numerous fitness tutorials available online, who needs a gym membership? I cancelled mine, started working out at home, and managed to save some more. Read our numerous articles on Home Fitness.
8. Go Green on Transport
Consider carpooling or cycling to nearby places. It’s not just a great way to save money on fuel, but it’s also an excellent way to stay fit.
9. DIY Maintenance
Learning to do basic home and vehicle maintenance can save you a fair bit of money. It’s a useful skill that pays off in the long run. Obviously there are things that only professionals can do, but in these times, you need to consider skilling up. Check out our article on how to become a DIY God.
10. Skip the Takeouts and Brews
Homemade meals and coffees can be just as delicious and fulfilling as take-outs, with the added advantage of being significantly cheaper. Cut back on the Maccies or Chinese Takeout. Learn to make your own food at home. Stop buying Costas and Starbucks with a Cinnamon Bun every couple days – you’ll be shocked to discover how much these add up to in a month. I’ve saved an easy £120 a month by doing this. And one last one for free…. this might not go down very well, but consider having one less beer at the pub everytime you go. one less pub beer a week is £200 a year.
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Take Back Control
Facing the Cost of Living Crisis head-on may seem daunting, but with careful planning and a bit of discipline, it’s possible to ride out the storm. Between subscription cancellations, smarter shopping, and simple lifestyle adjustments, I’ve managed to trim about £350 off my monthly expenses. Moreover, by paying off my car and not replacing it immediately, I’ve saved an extra £3600 annually, bringing my total annual savings to an impressive £7600! This crisis has given us an opportunity to reassess our spending habits and improve our financial wellbeing. Remember, it’s not about surviving, but thriving! Good luck out there chaps.
