Many of us have additional time during this coronavirus lockdown period to review our bills and expenses to see if we are overspending when savings could be made.
Get your bank statements out for the last three months.
Itemise each expense. Is it a necessity? When was the last time you reviewed your contract?
Could you get a cheaper deal on gas, electricity, insurances, mobile telephone, telephone and broadband/fibre?
Get your shopping receipts out. Did you order too many takeaways? Could you have picked them up rather than delivery? Could you have bought a replacement takeaway from a supermarket and DIY your own?
Do you really need sky, Netflix, now TV, amazon prime? How often do you use each? Could you combine all into one with a multitude of music, tv shows and movie streaming?
Cash withdrawals – how many times did you withdraw cash? Can you remember what you actually spent it on?
Do you ‘batch’ cook? Ready meals versus home made – you could save money.
Set up a separate ‘bills’ bank account and set a budget each month that goes into the account to cover all your essential bills.
In the time of lock down, you may have needed that emergency savings account. Do you have one? Could you have saved at least £10, £20, £50pm and saved it to have funds to fall back on if this ever happens again?
After doing a ‘bills’ review, you may be amazed how much money we all waste. Remember the first rule of management: “Anything that is not monitored usually deteriorates”.