Even the best budget plans can use a brush up every now and then to make sure we’re getting our revenue and savings as much as possible.
This means we check bank statements and know exactly what we are really spending our money on to see where we can make small changes that add up.
51% of households said the cost of their monthly bills has increased in the past 12 months as more online activity has increased and we have slipped into habits that have changed the way we spend money.
Learning how to cut the cost of dining out, run the finances, and get the most out of grocery stores is high on the money-saving expert lists and is a great place to start with an initial budget plan or review.
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On the subject of matching items
Find out how much data you’re using to see if you’re overpaying
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Eight Things to Remove From Your Budget To Save Money
These tips are a great starting point for a review of household spending in 2021.
Cell phone data
Unlimited data plans are a very attractive option for web surfers who fear the possibility of a huge bill at the end of the month or no data on the way home.
In late 2019, Ofcom’s interactive data showed average mobile data usage of 3.6GB per month, which means the average person is paying more money for unlimited data they don’t use.
When choosing a cellular plan, you can cut costs by finding out how much data you are using and looking at the limited data plans.
Chances are you’re already paying for broadband at home and your office has WiFi, so you’ll have to rely on internet access for most of the day – another reason to cut costs and opt for a limited plan.
And by downloading your music or podcast before your ride, you can limit cell phone streaming and get by on a cheaper tariff.
Take away food
According to a study by the consumer group What? up to 44% more expensive than direct contact with a restaurant.
A survey found that six in ten people used takeaway apps before the pandemic, compared with seven in ten now, and people “frequently had problems with orders” that included “late arrivals, cold food and missing items”.
Which? looked at how much we were spending and said the most expensive single order was a “£ 43.94 Deliveroo takeaway from a burrito and taco restaurant that was 44% (12.29) more than a direct order in the restaurant”.
This begs the question of how much we still need the lockdown habit, which is not always value for money.
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On the subject of matching items
Shipping
A quick look at the shipping cost options for online shopping could reveal a free “click and collect” option.
This can save up to £ 4 in shipping costs and remove the temptation to spend more money to qualify for the free shipping that most online stores offer.
If you become a member of a retail brand that you use regularly, you can also limit the amount of money you spend on delivery. Remember, however, that delivery will still cost you, it can only be cheaper.
Water bottles
The bottled water industry has declined in value after five years of growth but is still a thriving market in the UK.
It’s convenient and a healthier option than carbonated drinks and could be responsible for the £ 1.50 supermarket fee on your bank statement.
Some restaurants charge more than £ 3.50 for a bottle of mineral water, so diners who dine twice a month could save almost £ 100 a year by switching to tap.
New clothing
With apps like Depop and Vinted, you can buy branded clothing “like new” at a fraction of the price.
It depends on where you shop, but the same goes for thrift stores, charities, and eBay.
A general tip is to find a brand that lets you know your size to avoid the pitfalls of non-refundable purchases or to get a unit of measure to find out your exact measurements.
Something you see in stock at full price is likely to be available on Depop for less money in a couple of weeks.
Subscription services
This is another blocking habit that spends hundreds of pounds on subscriptions that we no longer use.
Comparethemarket.com found that households typically spend £ 265 a year on services they don’t need. So this is a great place to start when reviewing your budget after the lockdown.
Overdraft payments
Most banks changed their overdraft fees when the rules changed in 2020.
While you will not be penalized for taking an unarranged overdraft, you will now be charged fees of up to 39.9% EAR for an overdraft.
Fortunately, there are bank accounts that offer free authorized overdrafts up to a certain amount.
Which? The recommended provider First Direct could be a good bet – they currently offer an interest-free overdraft of £ 250 as part of their first account.
The M&S Bank current account has the same offer.
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Branded food
Purchasing basic and budget supermarket assortments can result in significant savings – and you may find that foregoing big brands doesn’t mean compromising on taste.
Which? regularly put big brands like Heinz and Kellogg’s against supermarket own brands and hardly find any differences in taste.
Even replacing an item or two could provide significant savings.
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