November 16, 2018

Three Things You’re Probably Overspending On

Note: This post has been contributed.
Regardless of how big or small your budget is, the important thing is how well you manage your money. And most of us are guilty of overpending on some things- socialising, clothes, technology and other luxuries probably spring to mind. But there are others that you might not even realise you’re overspending on, here are a few examples.
Food and drink
Take a look through your bank statement and add up everything you’ve spent on food and drink. Groceries, coffee and drinks when you’ve been out, sandwiches and work lunches, takeaways and naughty treats like cakes and donuts. Chances are, you’ll be surprised at just how much it comes to. As humans, we’re programmed to love food, and we live in a world where it’s just so accessible. But overspending on it can be bad for our waistlines as well as our wallets. It makes much more sense to plan carefully, and make as much of our food at home as possible. Create a weekly dinner menu, and then shop based on this so you know exactly what to buy. Leftovers make great lunches, whether it’s a portion of bolognese or lasange heated up in the microwave the next day, or leftover chicken or meat thrown into a tasty sandwich with some salad. Stock up the pantry with long life ingredients so you always have a few staple items for meals on hand- tins, jars, sauces, seasonings, breakfast cereals and grains are all examples. When you make your own food you save money and can control what goes into it, making it easier to live more healthily too. Buy a flask and take your own coffee to work, and spend a little time on a weekend planning for the week ahead so you know what to buy.
Bills and insurances
When it comes to bills, it’s easy to think that they cost what they cost. However, the simple act of switching tariffs or companies could save you literally hundreds over the course of the year. Do your research, use a price comparison site to find the best deals and give the company a call. Search sites like to see if you can bring down things like your car insurance. Another way to save money on your bills is to use less energy and water too, small lifestyle changes can all mak a big difference. Switch your bulbs to LED varieties, and turn off the tap while you’re brushing your teeth. It doesnt need to be extreme!
Digital subscriptions
Digital subscriptions can be really handy. You have Amazon Prime for your shopping, Spotify for your music and Netflix for your tv. You have magazine subscriptions, website subscriptions and more which can allow you to access the things that you want online. However, most of us don’t use them as much as we should- and therefore are wasting money by having them. It’s nice to have the luxury of having them there ‘just in case’ but try cancelling them. If you don’t miss them after a week or so then save your money!