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31 Jan 2024
Budget management 101: Clever ways to save money on bills
Anna Dearden
Home sector specialist

Whether you’re saving up for something special or you’re feeling the financial squeeze, knowing what budget management can be undeniably tricky. After all, we’ve all been there, right? 

But, with SpotDif, saving money on your bills doesn’t mean you have to miss out. Read on for our top tips on cutting down on your expenditure without feeling like you’re sacrificing.

1. Set up automatic payments

When you have lots of different payments going out at different times, it’s easy to miss one here and there. If you pay all your bills manually, you may end up having to fork out for late payment fees when the occasional payment slips through the net. 

By setting up direct debits, you can have peace of mind knowing the money will go out without you having to do anything, reducing the risk of fees and extra interest. You can also use automatic payments to set aside a certain amount in your savings account —  ideal for those saving up for a specific event or purchase. 

2. Track your spending habits

Do you know where your money goes? Multiple bills from different providers can get confusing. By keeping a close eye on your expenditure, and writing down what goes out and when, you can manage your finances more effectively. You’ll be able to identify the essential expenses that are non-negotiable and may spot areas to cut down on. 

For example, do you have a streaming subscription you don’t use anymore? Cancelling it could open up a fantastic opportunity to free up some cash, all without feeling like you’re missing out. Besides, it doesn’t have to be all or nothing! If you have the most expensive on-demand TV package with hundreds of channels you don’t use — but a few you love — consider switching to a less expensive package that still allows you to enjoy the shows you want.

Likewise, perhaps you don’t get through the data on your mobile package each month. If this is the case, you may be able to switch your contract to lower the cost. 

3. Speak to your service providers

This leads us nicely to the next point. A great place to start with managing your budget is to consider contacting your service providers. This way, you can see where you can trim costs. Your internet provider, energy company, or phone network provider may be able to help you find a more affordable deal with them. After all, they want to keep you as a customer, so it's in their best interest. You really have nothing to lose with this money-saving tip!

4. Make use of discounts and rewards programmes

Often, service providers will offer rewards points or discounts to sweeten the deal. If the offer presented makes sense for your lifestyle, it can be a great way to save money. You might be able to find deals that grant you a discount on your fuel, food shopping, or other regular expenses. 

Just remember to think about how it applies to your day-to-day life. If accessing a discount at the supermarket requires driving out of your local area, for instance, it likely won’t be worth it. But if you can enjoy money off at the local supermarket you shop at already, then it’s a worthwhile perk.

5. Make small changes at home

Do you leave the lights on when you leave a room or keep the tap running while you clean your teeth? Don’t worry, we all do it. But while these small actions seem insignificant, they could be adding to your bills. Try being extra vigilant about switching off unnecessary lights or appliances, and you might just notice it reduces your energy bill over time.

6. Take your time to shop around

When it comes to bills, it can be tempting to go with the first quote you’re given. But by taking a bit of time to explore your options, you may find you can get a better deal with another provider, whether it’s on your broadband, energy bill, or phone contract. 

Sometimes, you may find that switching providers will save you money down the line but also involves an upfront cancellation fee. In this case, it’s best to weigh up the long-term benefits. 

Save money with SpotDif

Many of us are experiencing challenges as the cost of living increases. Fortunately, however, there are ways to reduce your bills and manage your expenses more effectively. At SpotDif, we’re here to help you find great products and services at the best price possible. From home improvements to pensions and private healthcare, we’ll browse deals from top providers across the UK, so you don’t have to — saving you time and money.

Explore our price comparison deals today. 

Anna Dearden
Home sector specialist
I'm driven by curiosity, and constantly seeking to unravel and explore the ever-evolving trends in the realms of lifestyle, finance, and well-being.
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