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Get budget ready: 4 ways to save on your monthly costs in 2021

nicola working from home during the pandemic, on a google hangout with the team

We’d all like to have a little more money in our pocket at the end of the month, and next year will be no different. As we head towards 2021 it’s never been more important to get your finances in order and start looking at ways you can save a little more money. Maybe you’re trying to pay off your debts quicker, build up that house deposit or perhaps you just want more financial breathing room, by taking a fresh look at your monthly expenses and finding ways to cut as many costs as possible, you and your family will start 2021 in the best financial position possible. 

Read on for how you can get budget ready. With 4 ways you can save money on your monthly costs in 2021.

Upgrade your lighting

One of the biggest monthly outgoings facing families is their rising utility bills. Lighting our homes, in particular, can be incredibly expensive, especially if you’re still using incandescent and traditional energy-saving bulbs. More people than ever are switching to LED bulbs as a way to light their homes more efficiently and effectively. LED lights require less energy to power, which means you’ll be saving money on your electricity bill instantly. They all last longer than traditional bulbs, so you’ll save money on longevity too. 

Remember – ensuring all lights and electrical devices are switched off when not in use will also save you money. So get into good habits now, and get the whole family on board.

Track your spending habits

Are you someone who wonders where all their money goes? If so, taking a look at your expenses and tracking your spending habits could be a real eye-opener for you. Start by looking at your accounts and you’ll soon notice those little habits that are effectively draining your bank account each month. Small expenses such as coffees and weekly takeaways quickly add up, so be ruthless and be willing to cut back!

Re-evaluate your subscriptions

A new year is coming, and you’ll find that your tastes and needs have probably changed as 2020 draws to a close. Going through all your subscriptions and cancelling the ones you no longer want or use will save you money and give you more financial breathing room. £5.99 may not seem like a great deal, but if you have numerous subscriptions and you’re not even using them, then it’s money that could be better spent elsewhere. Magazines, streaming services, even online gaming sites, be ruthless!

And finally, reduce your insurance premiums

If you’re someone who relies on their car to get them from A to B, then you’ll know how expensive insurance premiums can be. So, finding ways to keep your insurance payments as low as possible can release more of your money and give you money to spend elsewhere where needed. Fitting your vehicle with more security measures, parking in well-lit areas, taking a defensive driving course or having another, experienced driver on your policy can certainly help keep your premiums low. Just remember to shop around for a better deal when your policy is due for renewal. 

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