4 simple ways to reduce your cost-of-living expenses

 

If you are one of the many people who have no money left at the end of the month, you are probably interested to find out whether there are ways to cut down on your spending – and the answer is yes.

Here are 4 simple ways to reduce your cost-of-living expenses.

Shop around for insurance

Insurance can be costly, so instead of renewing each year with the same provider, why not spend an hour or two shopping around for alternative quotes? It used to be a bit of a time-consuming headache but – thanks to comparison sites – finding the best deals couldn’t be simpler. All you have to do is enter some basic information online, and they will supply you with a range of quotes from hundreds of insurance providers.

You can use this method for home, car and life insurance or even to find the best mobile phone contracts available. The savings you make could be substantial, so set some time aside and look for the cheapest and best policies available to you.

Reduce the costs associated with your car

There are lots of options when it comes to car-related money saving. As well as shopping around for car insurance and comparing fuel prices before you fill up, an extended warranty can help reduce your maintenance costs. There are several reputable extended car warranty companies offering various levels of cover, so it’s worth looking into.

Another great money-saving option is to switch to an electric vehicle or one with a smaller engine and lower emissions. There may be an initial outlay, but you should pay less tax, need less fuel, and benefit from lower car insurance premiums too.

Buy second hand

From clothes to toys to furniture, more people than ever are buying second-hand goods. The stigma that used to be attached to it has become a distant memory, and it’s fast becoming a very trendy thing to do. Facebook marketplace is a great place to pick up a bargain, or why not try the likes of eBay or one of the many popular apps such as Vinted or Shpock?

Whether you want to save money on designer clothes or fancy upcycling a chest of drawers, buying used items is a great way to get creative and save money at the same time.

Buy in bulk

You will typically pay less for something if you purchase it in larger quantities so, if you have a basement, garage, or spare room, you can’t go wrong with buying in bulk. Things like laundry detergent, shampoo, rice, and cooking oil (to name but a few) can cost a fortune, so if you have the space, buy as much as you can store, and you should see a dramatic shift in your grocery bills.

Refilling smaller containers when you need it will save you lots of trips to the grocery store and could save you hundreds when you add up your cost savings over a year.

 

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