Unassuming Ways To Reduce Monthly Spending (Without Limiting Yourself Too Much)

Slash your monthly spending without feeling deprived.

These unassuming strategies below will help you achieve significant savings while still maintaining a comfortable lifestyle.

Say goodbye to financial stress and hello to a more prosperous future.

Cancel unwanted subscriptions

Analyse your bank statements and identify those sneaky subscriptions that quietly eat away at your budget.

Cancel unused or unnecessary subscriptions, such as streaming services or memberships, that you no longer enjoy or utilise.

Negotiate all your bills

Negotiation isn’t just reserved for big-ticket purchases.

Put your bargaining skills to work and reach out to service providers (like broadband, insurance, phone bill etc) and tell them you got a better offer elsewhere, and leave if they don’t match the competitor’s offer. 80% of the time, they will reduce  the price to keep the customer.

Often, a simple phone call can lead to lowered rates or better deals, leaving more money in your pocket.

Whether it’s car insurance or house insurance, it’s always worth looking elsewhere to see if you can be quoted a cheaper price. There are plenty of reputable price comparison sites you can use and switching providers doesn’t have to be an arduous process. You can even ring your own providers and ask whether they would consider a discounted price if you have been a loyal customer.

Meal plan before grocery shopping

Create a weekly meal plan, make a detailed shopping list, and stick to it.

By knowing exactly what you need, you’ll avoid impulse purchases and wastage, resulting in reduced grocery bills.

Swap pricy brands with generic counterparts

It’s the easiest switch you can make.

You’ll often find that generic options offer comparable quality at a significantly lower cost. Give them a chance and watch your savings grow.

Use digital coupons and cashback apps

Embrace technology to unlock extra savings. Download coupon apps or use cashback platforms that offer discounts and cashback on your regular purchases. These small savings accumulate over time and make a noticeable difference in your monthly expenses.

Reduce energy consumption

By making simple switches, you can create big savings on your utility bills. This might look like replacing light bulbs with LEDs or unplugging appliances that aren’t in use. The Energy Saving Trust has some great recommendations you can follow.

Studies have shown that draught-proofing gaps can save you up to £125 a year, for example. Smart thermostats with programmable features can also help you save energy and money.

Learn common DIY repairs

Learn common household repairs on YouTube, like how to assemble furniture, fit a shelf, and install weatherstripping around drafty windows.

Explore your creativity and resourcefulness by tackling simple repairs or home improvement projects on your own. Learning basic DIY skills can save you from hiring professionals and paying their hefty fees.

Plus, it’s a fun and rewarding experience.

Automate your savings

Create a budget and stick to it. Learn more about budget planning here.

Make saving effortless by setting up automatic transfers from your checking account to your savings account every month. By treating savings as a regular expense, you’ll watch your nest egg grow without even thinking about it.

Consolidate your debts

If you’re carrying high balances on multiple credit cards, they’re probably costing you a lot in interest payments, and they’re likely lowering your credit score.

Using a personal loan to pay off your credit cards, a process known as debt consolidation, can let you simplify multiple bills into one, reduce your interest charges and improve your credit score.

Many choose alternative saving methods to boost their credit score, which may be beneficial to you if you’re saving up for a property or something else.

When you use a personal loan to pay off your credit card debt, your credit utilisation ratio will drop and your credit score will rise accordingly. But you must be careful not to rack up new charges on your credit card that you can’t pay back or you’ll end up worse off than before.

Save on clothing, shoes, and beauty products

It’s easy to waste money on clothes, shoes, and the like, but no one wants to look cheap.

Luckily, second-hand is huge and there are so many providers to choose from with Vinted marketplace being my favourite.

Buy vintage clothes – websites like Idee Vintage are a godsend for finding unique vintage and designer clothes that were made to last.

Consider additional revenue streams

While a well-paid job is vital, it’s not the only way to earn money. Millennial women have greater wealth growth opportunities than any other generation. 

There are many other ways to generate funds on the side. Potential solutions range from starting a side hustle to renting out a room for short-term vacation rentals. Either way, it is always a positive outcome when you no longer rely 100% on your job for financial stability. If nothing else, it brings peace of mind.