5 Ways To Cut Costs & Structure Your Spending In Life

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It’s always a good idea to occasionally check that your spending habits are not adversely affecting your life. There are so many different ways you can do this and here we will be looking at finding which of these we would recommend as being the most effective in leaving you with a much fatter bank balance which is never a bad thing.

Structure Your Nights Out To Not Involve Alcohol

Have you ever really scrutinised the bill at a restaurant? If you have, it’s not uncommon to notice that on certain nights then the drinks can come to over half of the whole bill! So if you choose to not drink alcohol then it drastically decreases the cost of eating out. You also can take the car saving a whole bunch of money on a taxi as well.

Cook Your Own Meals

Home cooking is great, it’s healthier and cheaper than pre-prepared food and convenience items. If you cook for yourself you know it’s not got excessive salt, fat and a whole bunch of preservatives. It’s also a fair bit cheaper, fresh ingredients are not that expensive. These facts combined with the experience of providing for your loved ones in a way that shows you value them and makes home cooking the best.

Check You Are On The Right Mortgage

How much are you spending each month on the house? You might not think about it much, the mortgage costs what the mortgage costs, right? Well not really, unless you have just taken out a mortgage there are often ways to change to a better deal, for example if you are moving you can put down a bigger deposit which tends to get you access to better rates as you are seen as a safer bet, if you can get a 20% deposit together just have a look at a quick 80 LTV mortgage comparison to see how much better your offered rates might be.

Consider Older Vehicles

Buying, or even leasing, brand-new vehicles can be the most costly way of getting a car or other vehicle. So it’s worth considering second-hand vehicles as they are cheaper to buy and over time lose a lot less of their value by percentage of the time you own them. There are potentially more costs in repair and upkeep but generally, unless you are buying a considerably older vehicle this is a cost that will be less than the hit of a new vehicle. So unless the prestige of running around in the newest model is important to you it’s not a cost-effective 

Cancel Redundant Direct Debits

Have a quick look at what’s going out of your bank account every month and you may be surprised to see how many direct debits, for small amounts, you may have forgotten about. Gym memberships, premium bank accounts, mobile app subscriptions, etc. You can easily save hundreds, if not thousands, each year by looking to cancel unused subscriptions.

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