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Reducing Your Outgoings: What Can You Do?

2020 has been a tough year for money for many of us. No matter how organised you may have been at the start of the year, no matter how closely you may have stuck to your original budget and no matter how much in savings you may have had stored away, the coronavirus and Covid-19 pandemic has turned many of our finances upside down. Why? Well, many people have lost their jobs due to companies collapsing. Many people have been made redundant. Many people have had to accept shorter working hours or a lower salary for the same amount of work. This really has been a difficult and unexpected turn of events to deal with, so if you’re looking for a way to reduce your outgoings to get by and stay out of debt, chances are you’re not alone. Countless other people are looking for ways to save. The good news is that there are a host of ways you can reduce your outgoings and keep a little extra that can be put towards the essentials or that can help to clear any outstanding debts. Here are a few that you might want to consider!

Change Your Insurance Policies

Most of us have insurance policies of some sort or another. That could be car insurance, home insurance, contents insurance, life insurance and much more. If any of your policies have a renewal date coming up, it’s a good time to start browsing the market for alternative, cheaper policies. These will come at a lower cost and could provide exactly the same cover. All too many people simply renew their policy for the sake of ease and because they know what’s being covered. But using just a little time to compare policies and cut prices could save you a whole lot of money. Make sure you fill out all of your forms correctly. Remember that by noting simple facts, such as no claims history, can save you a lot on the policies that are offered to you through a no claims discount.

Switch to Unbranded Foods and Toiletries

Many of us shop branded foods and toiletries on a regular basis. But are they really that much better than unbranded options. Often, formulas and ingredients lists are pretty similar, but the unbranded alternatives are a whole lot cheaper. If you’re in doubt, why not try tests such as blind taste tests for food and comparing branded and unbranded toiletries in comparison to one another. Chances are, you won’t be able to tell the difference in the products, but will definitely be able to tell the difference in price and savings if you make the switch.

Cut Luxuries

Cutting luxuries is essential sometimes. Luxuries don’t always have to be lavish. They can simply be small and simple items that are non essential. Review your spending and cut out anything that you don’t really need but is costing you enough to impact your finances.

These are just a few suggestions that could get the ball rolling when it comes to reducing your outgoings. Hopefully, they can come in handy and really make a difference for you!

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