Easy ways to reduce your living expenses

Life seems to be dominated by costs and expenses, particularly as you get older. Each phase of life almost certainly comes with added costs and more responsibility, not all of which is wanted. If you aren’t careful, living expenses can spiral out of control and this can dramatically impact your mental health and ability to enjoy life. So, what are some ways you can reduce your living expenses without making yourself miserable?

Make a budget

Making a budget is the first step that you should take to understand where your money is going and how you can save on unnecessary expenditure. Setting daily or weekly spending limits will help you think more about where to avoid wasting money and ensure that you don’t overspend.

If you factor in allowances for specific treats or simply give yourself a certain amount of money to spend on what you want, you can still have a sense of freedom and you won’t feel guilty for treating yourself. But, importantly, you will still be aware of your financial standing.

Do your research

Living expenses like energy bills and car repairs are often so monotonous or technical that you accept any price thrown your way and take the hit. Doing your own research and scouting around for the best deals can have a dramatic impact on the total of your living expenses. For example, if you take your car to the garage and you need a few new tyres, why not look online for cheap tyres and you may save yourself a bit of money.

Be aware of the little things

It is more commonly the little purchases that add up to drain your money away. A takeaway coffee or lavish lunch every day, or a few times a week, can quickly turn into hundreds of pounds a month. If you can find the will power to say no or find a cheaper alternative, your bank balance will be a lot kinder to you and may help you to save money for something more meaningful.

Make it a challenge

People often respond better when they challenge themselves or they set a particular goal. If you set yourself a target to save x amount of money a week or month, you will be surprised how much motivation you feel. Once you get into a habit, you can start to save some serious money and you will feel a lot better about your financial situation. It can also be motivating to set your sights on a specific purchase because then you know what all your hard work and perseverance will get you.

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