Trim some pounds: Some suggestions could literally save you thousands of pounds over the coming year
As the cost of living soars, millions of households are experiencing an unprecedented and uncomfortable financial squeeze.
Making savings to offset rising energy and food bills is therefore very much the order of the day.
Today, assisted by award-winning money journalists Rachel Rickard Straus and Toby Walne, I come up with 50 ways to counter the cost of living crisis. Some suggestions could literally save you thousands of pounds over the coming year.
Not all our ideas will be for you, but you should find something that will help you trim a few pounds off your spending, boost your household income or protect your assets from unnecessary tax.
1 Cancel those direct debits for unused services
Households spend on average £500 a year on subscriptions, according to Barclaycard Payments. So, if there are streaming services, gym memberships or food subscription services you are not getting good use out of, now is the time to ditch them – or to make a note to ditch them ahead of renewal.
The best way forward is to trawl through your bank statements and credit card bills to remind yourself of everything you are paying for. Make sure you terminate your subscription with the provider before cancelling any direct debits as this can be treated as a default on a payment and impair your credit score.
My rule on subscriptions is simple. If more magazines over a subscription period are left unread rather than eagerly devoured upon receipt, I don’t renew. Runner’s World bit the dust as a result of this policy.
A gym membership was also killed off after I realised I was simply using my local gym as a place to change and go for a run outside. Only occasionally would I jump on a fixed bike and pedal away furiously or indulge in a post-run session in the steam room.
2 Share film subscriptions with your household
Make sure you are not doubling up on subscription services in your household. If more than one person has the same subscription, you may be able to share and save some money in the process.
For example, a subscription to music streaming service Spotify costs £9.99 a month, but a ‘duo’ subscription for two people costs £13.99 or for a family with up to six users – £16.99 a month.
Similarly, a Netflix plan for one person costs £5.99, but two people can use it for £9.99 …….