With Christmas on the way, everyone is feeling the pinch and sometimes the pinch becomes too much and something simply has to be done. The best way to improve cash flow and stop that pinch is to tackle the biggest outgoings you have and see if you can make them smaller or more manageable in some way. It is quite likely for most people that their biggest outgoing is their housing or accommodation costs in the form of rent or a mortgage so this is where to start.
Rising Rent Debts
It has recently been reported that the biggest debt in the UK is rent arrears with the number of tenants falling behind with rent payments more than doubling in the past six years. For more on this recent news see the full article online here or get in touch with Money Advice Trust who carried out the research. With such startling figures it makes sense to check your rent payments out. Could you make them smaller or apply for help such as housing benefits?
Another high contender for our money is transport costs and with petrol and public transport prices rising in tandem it can be hard to know which is the best option to take. If you choose public transport, research all of the different forms of transport to see which one works out cheapest. Sometimes trains can work out cheaper than buses if you have regular traveller cards or similar so ask around at your local travel information point.
If you drive, look out for special offers on petrol from the supermarkets. Often they give out vouchers for 5p off each litre when you spend over a certain amount on your weekly grocery shop. It makes sense for them to have both bits of your business and it makes sense for you to save the 5p, so look out for adverts on TV and in the papers and shop where the best deals are!
On supermarkets, food is the last of the big three outgoings, again is essential for every day life and something that has to be bought so how can you possibly reduce it’s cost? The answer is simple, shop around. Convenience makes us lazy and we usually buy all of our groceries from one store instead of going to a number of different shops where we might get better deals. Check out local markets and smaller, independent retailers as well as the big chains, they might surprise you!
So ensure that you don’t start contributing to those shocking figures by taking action to reduce your key three costs today. Save yourself from rent arrears and maybe even start some savings for the next Christmas pinch!