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Try these 3 tips to fight household budget inflation

Try these 3 tips to fight household budget inflation
Here in the UK, inflation remains at a 40-year high and shows no signs of easing. That means that most Britons are already at, or near to, the point where some painful cost-cutting decisions are necessary.
The trouble is, it's not at all simple to decide where to cut back on spending without drastically altering your standard of living.
Fortunately, there are some tried-and-true ways to cut household costs that most people can try that should help. Some are well-known, and others are less so. Here are three great tips to contain household costs in the face of record inflation.

Find opportunities to save on necessities

One of the problems with cutting household costs is that there are some things—like food—that you can't go without. And, there are other things that, while not strictly necessities, make life easier or more pleasant. Choosing among those things for savings opportunities isn't much fun. Instead of going without, then, why not try to meet your needs via a sharing app?
Popular apps like Olio can help you to find household items that other people are willing to part with for free. Browsing through the listings could help you meet your needs without spending anything at all. And they, as well as apps like Too Good To Go, also allow people to list food items that they can't use to help fight food waste. You can use those apps to cut your monthly food bills by a significant sum. And, if that's not enough, chain grocers like Lidl offer last-chance 5kg produce boxes for just £1.50. They're a great way to eat healthy meals while slashing your monthly bills.

Save on technology and entertainment

Like it or not, it's difficult to get by in the modern world without a certain amount of technology, and the spending that comes with it. A perfect example is a smartphone. They're used for communication, navigation, and even point-of-sale transactions these days, and that means they're not something the average person can do without. You can, however, cut monthly spending on their service plans. Today, comparison sites can help you get the latest smartphones, like the Apple iPhone 14 or the Samsung Galaxy S23 on various contract deals that may save you a small fortune.
And another place where you can save is on your monthly entertainment costs. To start, take a look at how many streaming services you're now paying for. If it's more than one or two, consider creating a rotation schedule.
Cancel all but one of them and make plans to watch everything you can (on the one you keep) each month before re-upping to a different service. Sure, you may not be able to see your favourite shows the moment they're available, but you'll still get to see everything you love for less money. And try out free services like Freeview to fill in your entertainment gaps. Chances are, you won't end up feeling like you're missing a thing that way.

Explore opportunities to lower fixed household expenses

Like it or not, housing—and the costs that go with it—make up a big part of the average Briton's monthly budget. And after paying for energy, taxes, and tv licences, there's often not much left for anything else. That makes finding ways to keep those costs as low as possible. To get started, check to see if you're eligible for a Council Tax Reduction. If you are, that could help keep some extra money in your pocket. Then, consider having a free water metre installed, so you can save money by controlling your water usage.
If that's not enough savings, you'll want to tackle your home's energy usage next. Although you can begin by looking for lower energy rates from a new supplier, cheaper rates are hard to come by right now. So, you'll have to come at things from a usage standpoint. Start by lowering your home's thermostat a degree or two, if you're able. Then, try turning off radiators—if you have them—in rooms you're not using. For even more savings, consider buying and installing thick blackout curtains, which will help keep heat in at night when you need it most. Plus, they'll keep the heat out in the summer, too.

Your savings will add up (eventually)

Although it may seem that the tips covered here won't save you much, you may be surprised at the effect they'll have on your monthly finances. After all, they trim some of the costliest parts of the average household's budget. And because they target the specific types of spending most affected by inflation right now, they'll help more than you might think. At the end of the day, though, you must realise that every bit of savings, no matter how small, counts. Together, they add up as the months go by and will help see you through the present situation and leave you in better financial shape when things improve.

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