Revamp Your Budget: Five Places You’re Probably Overspending

On the surface, you might think your spending is pretty good. You don’t going out all the time, you don’t go on big shopping sprees or treat yourself to lots of luxuries. However, if most of us look at our budget, it’s easy to spot areas where we’re spending well over the odds. Often, making a few simple changes can save you lots of money, and when it’s so hard earned, rather it be in your pocket than wasted on something you’re unaware of! Here are five places in your budget to assess.

Groceries

It’s no secret that most of us overspend on groceries. We buy things we don’t need, and we let too much fresh food go to waste. We spend money on big brands when many times, the less expensive brand is just as good. Save yourself money by writing a weekly food menu, and from there work out the ingredients you will need to buy for these specific meals. It stops you from being sucked in by deals you don’t need and buying ingredients with no plan of how you’re going to use them, leaving them to go bad in the fridge. Another way most of us can save money on food is to limit takeaways. It’s nice to have hot tasty food delivered when you’ve had a busy day but not only is it unhealthy but expensive too. If you’re guilty of buying your lunch every day at work and stopping at coffee shops every day, bringing your own food and drinks with you could save you a small fortune.

Socializing

It’s easy to overspend when you’re out socializing. Rounds of drinks for friends, restaurant food, taxis and even money spent on things like clothes to wear to go out in can all really add up. Set yourself a budget for socializing and stick with it. Explore less expensive venues, or hosts evenings at home which will be less expensive. Seeing friends is so important, but you don’t have to break the bank every time you go out. See if there are vouchers and coupons for restaurants, or start the evening at home having a few drinks before heading to the bar later on. You’ll save money overall.

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Utility bills

You might feel like utility bills are pretty fixed, and there’s not all that much you can do about them. However, this simply isn’t the case. Different companies will give you different rates so it’s always worth checking. Price comparison sites will allow you to quickly and easily check for the best prices and you can easily make the switch once you’ve found the cheapest company. Gas and electricity, phone bills, water and internet bills are all utilities that are worth running comparisons on to make sure you’re not spending too much.

Travel and transport

If you own a car, are you getting the very best price on your insurance? Companies like Insurance Doctor can help you check, sometimes saving you as much as fifty percent. One mistake lots of people make is accepting their insurance renewal quote each year without checking if they’re getting the best deal. Another way you could save on travel and transport is to walk or cycle more instead of using public transport or driving. As well as save money you’ll also benefit your health too. If you already have another car in your household, for example owned by your partner, then decide if you need one too. Could you share a vehicle? Could you survive without a car if you only ever drive short journeys? You’ll save yourself on tax, insurance and repairs costs. If you use public transport a lot then check if a season or monthly pass would work out cheaper than daily fares.

Debt

It’s expensive being in debt. Every month that you carry a balance on a loan, credit card or store card, interest is being added. So not only do you end up paying for the original amount that you borrowed, but it could end up being hundreds (in some case, thousands) on top. One of the very best things you can do for your finances is get out of debt. Sell things you don’t need to raise money, take on extra shifts at work and if you have a side hustle then you could do this in your spare time. Freelancing sites always have work available and you can take on as much as you can to earn some extra cash. Cut back luxuries for a while and save all the money you can to pay off your debt.

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