Reducing Spending Factsheet
These tips have been developed to help you consider ways to cut your spending in the short and longer-term.
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Go through your direct debits and standing orders on your bank statement – is there any subscriptions, memberships or charitable giving that you could stop?
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Council Tax - Enquire if there are any reductions you may be eligible for, particularly if your income has decreased. Ask if you can spread your 10 monthly payments over 12.
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Is it possible to amend/cancel/reduce subscriptions like SKY, BT, Netflix etc.
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Likewise, can you change your mobile phone contract, ask for a reduction, or if you are at the end of your contract move onto a PAYG sim.
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If you’re not going to be using your car(s) for a while is it possible to SORN it, speak to your insurance company (obviously if it’s parked on the street you’ll need to keep it taxed & insured).
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Speak to credit card companies and ask if there’s a possibility of a freeze on repayments, can they stop interest for a while.
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If you’re a smoker perhaps you’ve been thinking about reducing the cost. GP’s can offer free help with stopping smoking.
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if it’s viable to change bank accounts-less interest.
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Use budgeting Apps
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If you’re pregnant or have a child under four you may be entitled to help with basic foods like milk & fruit see Gov.uk Healthy Start Scheme
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Help with appliances that are rented.
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Looking at food shopping. Ie. Completing meal lists. Buying non-brands etc
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Can you change to a cheaper gym?
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Look at applying for payment holidays on mortgages, credit cards, personal loans & catalogues
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Check that you are receiving any benefits that you are entitled to
Don’t be tempted to take out additional loans to pay your debts
There are a number of websites with invaluable information concerning debt help and benefit advice:
https://forums.moneysavingexpert.com/
https://www.turn2us.org.uk
https://www.communitymoneyadvice.com/freedom-from-debt/useful-guides