With prices rising at the fastest rate in 40 years, many people are concerned about money right now. The cost of living crisis is happening due to various different factors, exacerbated by the Government’s complete and total mismanagement of the situation, and it’s clear that this is a situation that is going to get worse over the winter months before it gets better.
While it is concerning, there are still some smart ways to make savings during this tough time.
Switch Up Your Supermarket Shop
As reported by Netmums, the average family is now spending nearly £40 more per month for the same amount of food and drink as they were this time last year.
Food is an unavoidable cost, but it is also one where you can usually make some savings by making a few adjustments.
While it might sound obvious, one of the best ways to make savings on your monthly food bill is to shop at a cheaper supermarket. According to Which, who compare how much the UK’s biggest supermarkets charge for a trolley of groceries, in September 2022, the cheapest place to shop was Aldi, followed closely by rival discounter Lidl. When comparing a trolley full of the same groceries, Waitrose was £23.79 more expensive than Aldi, for instance.
Of course, saving money on your groceries isn’t as straightforward as just switching supermarkets. You should also opt for non-brand products, buy in bulk and potentially cut back on some non-essential items.
With the right tips and tricks, you can dramatically reduce the amount you spend on your weekly shop. Check out these 6 IDEAL ways to save money on groceries for a little more on that.
Meal Prep & Home-Cooked Meals
Another food-related way to save money over winter is to make your own packed lunch when heading to work and to do some smart meal prep for the week ahead, too. Making your own meals can help you to make significant savings, stopping you from buying lunch while you are out, or resorting to an excess of fast food and takeaways.
Save On Energy Bills Daily
There are a few ways to save on your energy bills on a daily basis, too. Some simple ways that may save you on your bills include:
- Switching off appliances at the wall: ITV recently reported on a study conducted by British Gas revealed that leaving certain household appliances on standby could be costing some Brits up to £146 more each year. So, start saving by switching off appliances at the mains when not in use and on average you could be saving up to £55 per year of your energy bill.
- Investing in an electricity usage monitor: The device allows you to see how much energy is being used in your home instantly as well as the appliances that are costing the most, meaning you can monitor your energy use more efficiently and, in turn, make cost-effective changes.
- Not overfilling your kettle: Overfilling your kettle means boiling more water than you need to, as such using extra energy and crucially costing more money.
- Cutting your laundry costs – There are a number of ways to cut your laundry costs including reducing the temperature of your washing machine to 30, stopping doing small daily washes, and switching to a best-buy laundry detergent. Oh, and avoid using the tumble dryer, too, which can be a real energy guzzler.
- Turning off lights: Turn your lights off when you’re not using them or when you leave a room.
- Rethinking your cleaning routine: According to Wales Online, “People spend on average eight minutes in the shower which costs between 20-30p and uses 50 litres of water. So those who have a quick shower of about three minutes will spend much less – probably under 10p.” Interesting stuff.8
Read: 8 ways to save money on hot water
Look For Cheaper Insurance Plans
The costs of car and home insurance policies are on the rise. However, there are some steps you can take to ensure you get the best deal out of your policies.
The cost of car insurance, in particular, can be eye-watering sometimes, but it needn’t be that way.
There are ways to save money on car insurance. If you have multiple cars at home, perhaps for those with kids still living with you who are old enough to drive, insurance costs can be high for the family.
To save money, you can arrange multi car insurance that will allow you to save money on every car added to the policy – it can also make it a lot easier to manage your car insurance. You can even arrange this with other members of the family or friends.
Cancel Subscriptions
These days, people often spend a lot of money on various subscription services such as Netflix, Amazing Prime, Disney+, Spotify and subscription boxes. You should seriously consider cutting back on those you don’t use as much, as they can be a major monthly expense.
Delay Purchases
Heading into the winter months when the cost of living will increase, it is a good idea to delay luxury or larger purchases if possible, until inflation stabilises and prices, hopefully, drop somewhat.
When you are thinking about buying something that is non-essential, give yourself 24 hours and then ask yourself if you really need to buy it now.
Read: Budgeting tips to help brits navigate the cost of living crisis
Save On Christmas Festivities
Christmas is an expensive time. According to the Bank of England, we spend, on average, almost £740 more in December than in a typical month, which is an increase of almost a third on our normal spending.
With Christmas just 61 sleeps away, it’s easy to break into a cold sweat and feel a knot of dread in your stomach when you think of all the cash you’ll spend on gifts. It shouldn’t have to be this way, though; a fortune needn’t be spent to show generosity and imagination under the tree for each and every loved one. Let us direct you to our article on ways to save money on your festive shopping for some tips on doing just that.
You might also want to reconsider that extravagant outdoor Christmas light display. While it may look fantastic, it can rack up a fantastically-large energy bill too! If turned on regularly, those twinkling fairy lights and luminous snowmen can increase your energy bills substantially, which is exactly what we’re trying to avoid this winter.
We’ve put together some simple tips to help keep your energy bills cheap and cheerful during the festive season here. Do check it out.
The Bottom Line
Whilst increases in the cost of living are largely out of your control, there are some small steps you can take to reduce the burden a little.
And whilst you’re with us, why not check out these 5 interior adjustments that can significantly reduce your energy bills? You may well find some inspiration in there for your own home!