January is always a tough month financially, ever more so with Brexit hanging over our heads, and rising living costs putting a dampener on our spirits. It can be easy to miss the increase in living costs at first, but when you sit down and start to calculate your outgoings it can be shocking to discover that you’re paying out far more than you were even just a few months ago.

I have a few practical and sustainable ideas to help reduce your day to day costs without impacting on your every day life.

1. Cut the cost of your energy bill

I think we are all guilty of getting complacent when it comes to our energy providers, never wanting to go through the hassle of switching, or spend hours on the phone getting quotes and prices. Using comparison websites you can check prices across a whole range of providers and have the results within minutes. It’s fast, easy, and you can save up to £300 a year on average by switching. Even better, your new supplier will take care of the formalities so it couldn’t be any more stress free!

2. Switch to a Sim-only mobile phone

Although it’s tempting to go for a monthly contract phone, especially when you receive a top of the range mobile, or a “free upgrade” in your contract, it’s actually costing us over £600 a year on average. If you already have a mobile phone, when your contract ends switch to a Sim-only deal where you can expect to pay a fraction of the cost for the exact same service, minus the new upgrade.

3. Cancel your gym membership

This may be controversial, especially with January being the most popular time for people to join a gym, but ask yourself, do I really get my moneys worth? If you’re using the gym every day then the answer may be yes, but most of us can go weeks, even months, without finding the time to get to the gym and we are literally throwing hundreds of pounds down the drain. Instead go for a run (it’s free!) or buy a home work out DVD for £10 and do that instead. For those who feel they rely on their gym membership, shop around and consider downgrading to a smaller gym or switching for a new customer package.

4. Downgrade your TV package

Ask yourself, do you really need all of those TV channels? With services such as Amazon Prime and Netflix, you’re better off cancelling your TV package, sticking with Freeview, and subscribing to an online service to suit your needs. You can save yourself hundreds!

5. Meal Plan

One of our biggest shopping downfalls comes from a failure to meal plan. If you go to the supermarket without a list, you will spend more, it’s as simple as that. Make a shopping list, plan your meals, stretch your budget as far as possible, and be strict about what you throw in the trolley. You can save over £1000 a year just by saving £20 a week on your shopping bill. It’s a no brainer!

You can read more advice and tips here. 

** This is a collaborative post **