Thanks to my sponsor for these really great tips! I have done all of these things and have saved thousands of dollars over the years.
If saving money is your priority in the coming year, then there are many steps that you can take to significantly reduce your outgoings. This doesn’t mean missing out on anything, it just means doing things a little differently, planning carefully, and looking for the best deals.
Detailed below are five ways you can save money in 2016.
For a family holiday on a budget consider a driving vacation. It’s a fantastic way of experiencing your chosen location in a completely different way and it allows you the freedom to go where you want to without adhering to a specific agenda.
You can even share the driving duties with an older child. It’s the perfect excuse to encourage their driving lessons – you can even help them to find cheaper lessons and free resources to help with the theory test.
Grow your own produce
Growing your own fruits and vegetables, cooking your own creations and freezing the produce can help to significantly reduce the demands on the family budget. It will ensure that there is always food ready to heat up for an evening meal, saving both time and money. It is also an excellent opportunity to get outdoors into the fresh air and it’s a good way to involve the entire family.
If you don’t have a lot of space, try container gardening and plant out vegetables, fruits and seeds in pots and troughs.
Check your insurance policies
People often spend more than they need to on insurance policies. When the time comes for renewal, search online and use the comparison sites to find the most competitive price. Don’t just utilise one comparison portal; research further by comparing the different results in order to get the best deal. Before buying a new policy, have a look and see if you can get cash back on it.
Don’t forget to do the same with all of your other regular outgoings as this could significantly reduce the amount you pay out in direct debits every month.
Look for a new mortgage provider
Changing your mortgage provider can be a big step, especially if you are used to dealing with the same company. However, many families could be spending too much on their mortgage every month if they don’t review it.
There are always new offers becoming available so it’s worth checking at least every 12 months to see what the best deals are.
A new mortgage deal could save more than £100 every month, however, you will need to check the costs involved of doing this to ensure there are no prohibitive charges associated with switching your policy.
Review your phone contract
It can be tempting to sign up for a phone contract, especially with all of the incentives that are offered. However, research shows that it is more cost-effective to buy a smartphone and opt for a pay as you go sim free phone than it is to have a contract.
If you are currently under contract, and it is not due to come to an end soon, contact your phone company and see if you can negotiate a better deal.