Five things that you could save money on this year

With finances strained for many households it has become increasingly important for everyone to try and save some money on their outgoings. The past year has been very challenging in terms of finances, with soaring living costs, tight credit conditions, and huge job losses towards the latter part of last year. Sadly, this year promises to be no better according to some industry experts, and in fact some have predicted that due to the recession, the ongoing effects of the global credit crunch, and continuing job losses this coming year could be even more challenging than the last.

Saving money on your monthly outgoings is therefore vital if you want to try and weather the financial storm more effectively, and there are a number of changes that you can make in order to cut back on the amount that you have to pay out each month. Of course, you may need to put in a little effort to make these changes, but by being proactive and taking some simple steps you could find that you make a big difference to your monthly outgoings, which will make it easier for you to cope in this challenging and turbulent financial climate.

There are many different changes that you can make to reduce what you pay out based on your situation and circumstances, and below you will find a list o ten simple changes that could help you to make savings on a monthly basis.

1 Consolidate your debts: If you have a range of high interest debts you may find that you end up paying a fortune each month on repayments, not to mention the hassle of dealing with a range of different creditors. By using a low interest loan to consolidate these debts you could save yourself the hassle of dealing with different creditors and you could save yourself some money on your monthly outgoings.

2 Switch your energy provider: As most of us know the cost of energy usage soared last year, with two increases in usage costs. If you feel that you are still paying too much for your energy then consider switching to another provider, as you may find that there is a big difference in price. Also, if you are not doing so already consider switching to direct debit payments and opting for dual fuel from the same provider, as this could also help you to make savings.

3 Switch to a water meter: If you are currently paying a lot on your water bills and there are not many people in the home then you may find that switching to a water meter could help to cut your bills. For those that do not tend to use as much water as the average household water bills can be higher than they need to be, so look into switching. Also, be more efficient about your water usage, and try not to waste water unnecessarily.

4 Change your shopping habits: There are a number of changes that you can make when it comes to your shopping habits to save you money. If you tend to go shopping practically every day switch to a weekly shop. Plan your family meals in advance so that you know what you need to get rather than just choosing when you get there, and always go armed with a list that you then stick to. Don’t be tempted to pop items into the trolley if you do not have them on your list, and avoid shopping on an empty stomach as this can result in you buying items that you don’t need simply through temptation. Also, consider switching from a main supermarket to a discount one for at least part of your shop, as this can help you to make big savings.

5 Change your car and home insurance provider: The cost of insurance cover, such as home and car insurance, can be high, and you may find that you are paying over the odds on your cover. Take the time to compare prices from other providers to see if you can save money, as the cost of cover car vary considerably from one provider to another, and you could enjoy making significant savings by switching provider without having to compromise on the level of cover that you have.

Making small changes such as these can help you to really build up your savings each month, and the money will really come in useful in the current financial climate. With price comparison sites and other resources available to help you to make changes such as switching providers you will find that you can cut your monthly outgoings in next to no time, comparing prices, services, and products from the comfort and privacy of your own home.