During this uncertain time we understand that a lot of people are concerned about their outgoings and with unemployment on the rise, it can be worrying and stressful to not know if you will be able to meet all of your financial commitments each month.
However, things may not be as bleak as you first think and we have come up with a list of ideas, which you may not have thought of, which can help to cut costs:
Review your monthly direct debits or standing orders
You may find that there are direct debits or standing orders on your account which you no longer need or use which can be easily cancelled. This also gives you the opportunity to consider how many of your non-essential monthly payments you still need or want. By removing a few subscriptions you might find that you save more than you think each month.
Put together a weekly budget
By putting together a budget which includes all of your monthly outgoings you’ll easily be able to see what money you should expect to have left, once these costs have gone out. This is an easy way of seeing where you might be wasting money which you wouldn’t have usually noticed. A takeaway coffee here and there soon adds up!
Consider swapping from named brands to own brands
This can apply to almost anything from food to clothing. By swapping brands and comparing the costs, you may find that you are able to get the same quality for a much cheaper price.
Plan your weekly shop
By planning your meals throughout the week you’ll be able to see where you can cut costs by stretching ingredients into different meals. By only visiting the shop once a week it’ll also mean that you’re more likely to resist the urge to pick up other non-essential items you fancy whilst in there!
Talk to your Landlord or Agent
If you think you might struggle to pay your rent then always be upfront about it and keep the chain of communication open. If you speak to your Landlord or your Agent then you stand a much higher chance of being able to come to an agreement which both parties are happy with. From an Agent’s point of view, it is much easier to negotiate a rent reduction on a Tenant’s behalf with a Landlord, if they completely understand the Tenant’s current circumstances and when things are likely to get back to normal.
As always, if you would like any advice please contact our friendly team on 01747 416 516 or email firstname.lastname@example.org