As the UK’s cost of living continues to soar, it’s no secret that, for many, keeping on top of the household budget is more of a priority than ever. Unfortunately, in today’s economy, it can be difficult to make ends meet – let alone save money.
However, with a few simple tips and tricks, you can keep your budget in check without making too many sacrifices. Regarding groceries, transport, utilities, and more, here are some tips for staying on top of your household budget.
Groceries
One of the biggest impacts on the household budget is the groceries. By planning out your meals for the week, you can avoid wasting food and spending too much money on ingredients that you may not use. Additionally, make sure to take advantage of sales, offers, discounts and coupons when possible.
Another way to save money on groceries is to buy in bulk. This may seem counterintuitive, but if you have the storage space, buying in bulk can actually save you a lot of money in the long run. This is because you’ll be able to take advantage of economies of scale and get discounts on larger purchases. Just make sure that you’re only buying what you will use, or you’ll end up wasting food and money.
If you’re keen to be super smart with your savings, then you should check out the supermarket price comparison website Trolley. Here, you can search for products or brands and find the lowest price in your area. Useful!
Transportation
Another major household expense is transport. However, there are a few ways to reduce this cost, too. Should you live close to co-workers, consider carpooling. Or, should you not be too far from work, why not swap four wheels for two, and start cycling to work? You’ll be doing your bit for the environment, too.
You can also save money on gas by driving efficiently – avoid speeding and braking sharply, and plan out your routes in advance. Every little helps in this respect.
If you don’t have a car, there are ways you can cut the costs of your public transport use, too. As the guys at Which? Money suggest, there are three key ways to reduce your spend on trains and buses: set up alerts for advance tickets, which tend to be significantly cheaper, use a season ticket calculator to ensure you’re getting the best deal, and get a railcard which best suits your needs and budget.
Finally, if you do need to buy a car, try to stick to affordable models that fit your budget. There’s no need to break the bank just because you need wheels. Instead, use a car finance calculator to determine what you can afford when it’s time to buy a car.
Utilities
Another big expense for many people is utilities, and this is even more pertinent in 2022 with energy prices heading up. There are a few ways to reduce these spiralling costs.
Consider first the energy efficiency of your home; unplug appliances when they’re not in use, and install a smart power strip to automatically turn them off when you’re not at home. You could go further, if you have the money to invest initially, and upgrade your heating to a smart thermostat, which could help you save a whopping 31% on your heating costs.
Consider taking a look at your appliances, too, as some are surprisingly inefficient in terms of their energy usage. In such cases, it might be worth replacing them with newer models. In the spirit of energy efficiency, rather than witter on and waste your time, we’ll redirect you to this guide on some key electricity sucking home appliances.
Simple tricks like only filling and boiling the kettle with as much water as you need can save you money too.
Entertainment
The cost of ‘going out’ is going up, too. One of the easiest ways to save money on entertainment is to take advantage of free events in your area. For example, many cities have free concerts or movie screenings in parks during the summer, and fortunately in the UK, we’re blessed with plenty of options for free entry to art galleries and museums. London alone has hundreds of free-to-enter activities and attractions. The same goes for the UK’s other major urban centres.
Another way to save money on entertainment is to create your own fun at home. This could include having game nights with friends, hosting a potluck dinner party, or even just watching a movie marathon. Additionally, there are many free or low-cost streaming services that offer a wide variety of TV shows and movies – you don’t always need to go out to have a good time!
The Bottom Line
Keeping on top of your household budget certainly isn’t easy, but there are some small changes you can make to ensure you’re not overspending or wasting money.
