3 tips for beating the cost of living

26 September 2023

Financial wellness

Living in a world with rising costs can be challenging, but it’s not all doom and gloom! We've got three tips to help you beat the cost of living and keep your hard-earned money where it belongs – in your pocket. Let's dive right in and discover some great ways to save big.

Tip 1: Tackle your big bills slowly

You might be tempted to cut back on all your expenses at once, but here's a more manageable approach: focus on the biggest bills first. Take a moment to work out what your significant monthly expenses are, like your energy, internet, or phone bills. Now, commit to dealing with one of these bills each day (or week if you prefer). 

The key here is research. Look for better deals and offers from other providers. Armed with this information, give your current provider a friendly call and ask them if they can match the offer. You'll be surprised how often they're willing to do so! But if they can't, don't fret. You can consider switching to the new provider offering a better deal. 

Remember, a simple phone call can save you a bundle, and that's more money to spend on the things you love. 

Tip 2: Uncover hidden savings gems

Saving money can be like a treasure hunt, and we're here to help you discover some hidden gems in your bank statements. Heaps of banking apps now come with nifty category trackers, making it easier to see where your money goes each month. 

Dive into your past two months' statements and be on the lookout for sneaky expenses you might have forgotten about. Subscriptions are notorious culprits, with online apps, streaming services, or old gym memberships lurking in the shadows. Identify the subscriptions you genuinely use and love, and bid farewell to the rest. 

Every dollar you save through this process is a step closer to your financial goals – and more funds for all the exciting things in life! 

Tip 3: Smarten up your eating and shopping habits

Eating out or splurging on groceries can take a toll on your wallet, but here's the good news: you don't have to give them up entirely. Instead, let's make it a journey of gradual improvement. 

If takeaways and dining out are your weakness, start by reducing the frequency each month. Seek out more budget-friendly restaurants or consider cutting back on expensive drinks during meals. Small changes can lead to big savings over time, and you'll still get to enjoy those special treats occasionally. 

As for groceries, planning is the key! Make a weekly meal plan, create a shopping list, and stick to it. This will help you resist those impulse buys that can add up quickly. And don't forget to explore comparison apps or challenge yourself to find the best deals in your local shops over a month. Pro tip: Have you considered shopping at different places for different items? Check comparison apps and find where’s cheapest to buy each item – the extra effort will pay off. 

Beating the rising cost of living doesn't have to be a chore. With these three tips, you'll be well on your way to saving big and achieving your financial goals. So, take that first step, have some fun along the way, and watch as your wallet thanks you for the extra padding!