How to save money every month

In previous posts I've talked about slashing your supermarket spending and meal planning.  This time I have a question for you:  Do you know how much you spend regularly each month?

No? Well then it is time to make a full list of your spends!

I am talking about all of your regular outgoings, including mortgage or rent, council tax, water rates, gas, electric, TV costs, phone charges, insurances (home, buildings, car and personal), school lunch money, swimming lessons, fuel and any subscriptions you may have.

If you do your banking online, then you can print off a list of standing orders and direct debits, otherwise pop into your bank and ask them to do it for you the next time you are passing.

Keep a month's receipts

If you to keep your receipts for one month’s shopping in one place, you can come up with a complete list of expenditure.  Don’t forget those lattes on the way to work or those children’s magazines we all buy when we give in to pester power (or is that just me?).  So make sure you get receipts for everything including fuel.

Then make a list at the end of a month breaking it all down in to categories, including food, fun, and well, frivolous.

Here are some areas to make savings.

Insurance

Don’t let any of your policies renew automatically, go online and make sure you utilise price comparison sites such as www.moneysupermarket.com and www.confused.com to make sure you are obtaining the best deals.  If you don’t want to change your supplier, then get on the phone to them and let them know the quotes you have been offered.  I did this with our AA car breakdown cover this year and for the cost of a phone call saved £85.

If you do want to change suppliers then use a cashback site such as www.quidco.co.uk  which works by paying you a proportion of your online spending.  

Utilities

When was the last time you checked if you could get cheaper gas or electric, or even compared your broadband or mobile deals?  There are some great websites such as uSwitch and Incahoot, which can help with this.  You often don't need to change supplier.  Our telephone supplier matched the best deal I could get online.

Direct debits

When you look through your direct debits, make sure you cancel any thing that you do not use such as a gym you haven’t used in a year or a film company subscription (it might be better value to just sign up for Sky movies).  Do you need the full package you are paying for your TV viewing?

Other savings

Do you regularly buy a magazine?  If so why not subscribe to it, you can often save over 60 per cent by doing so.  Take a flask of milky coffee with you to work instead of buying a skinny latte!

Further reading

We have a regular weekly voucher deals post and as always Money saving expert has some great tips.