Review those utility bills, where can you go which is cheaper? Or can some be cut out for now, such as Sky TV?
Do you want to instantly start saving money? Is money and the fear of debt becoming a stressor for you? Then it’s time for a finance review! I love to do these with my clients, so I thought I would do a quick whistle stop tour in this article. So, read on to find out how to review your finances and start saving money today.
- Cancel Subscriptions!
When was the last time you reviewed your subscriptions? Have a look at your monthly direct debits and subscriptions to see what you could put on hold or cut out altogether. You’d be surprised at what you can live without! Or what you had even forgotten about. This is the best way to instantly start saving money.
By looking at those yearly, monthly subscriptions, you can really make a difference.
- Cancel Memberships/ Services
Cancel anything you no longer use, like memberships and services. Again, adopt the method above. You can always re-join at a later date, but you will be surprised on what you can go without. These all add up, so really have a think about whether it’s needed or not.
- Look at Discounts
Look into discounts and privileges. Before you order anything online, check if there is an online voucher you can use. If you have seen something you would like on discount, take action whilst it’s cheaper.
- Comparison Websites
We’ve all seen the adverts, but have we really utilised these amazing sites? Before you renew anything, always go on a comparison website to see if you could get it cheaper. From car insurance, to home insurance and utilities- my bet is, you can get a better deal each year!
So, don’t just blindly renew- check what else is out there. If you want to stick with the company, you could always phone them up and quote what you can get elsewhere, chances are they may budge and honour that pricing.
- Delayed Payments and Payment Terms
The method of only paying for something when it’s due can help with cash flow.
However, you can also look at payment terms for certain bulky services or products. If you manage to save a lump of money, it would be handy to pay items off sooner, as sometimes the interest can end up costing such a huge amount. Therefore, before you embark on a big purchase, check the terms to see if early payments can be made. Or you may want to see if you can take longer to pay, with less monthly outgoings as this may suit you better.
Another thing you should see, is if it is a repeat purchase, if you can get any discount for it.
- Review Current Spending
Have a look at your current spending. Print off a statement and highlight items in red which you could be saving on- such as coffees out! To instantly save money, cut down on luxury items such as this, and only pay for what you need. By highlighting what you can cut down on, you can physically see where you waste money and you will be more likely change those bad spending habits.
Then going forwards, look into making a budget, where you allocate a certain amount for coffees etc, then stick to this.
- Cut Down on Luxuries
An area which is easy to cut down for now, is on cleaning and maintenance. What can you do yourself? Yes, this may take time up for now, but it will help you to save money quicker.
- Bulk Buying
Buying certain items in bulk can really help to save money. For example, if you buy a larger laundry detergent, you can always keep this in the garage then dispense into a smaller container for your kitchen or utility room. If you can create a re-fill station in your home, then buying in bulk certainly does work out cheaper.
- Collect Your Payments
Are you owed money? Make sure you collect the payments which are owed for your products and services. Use software, such as QuickBooks or Xero to see what outstanding invoices from your clients are in place. You can then remind these late payers with a friendly reminder email sent straight from the software.
By using software like this, you can also easily manage your business incomings and outgoings.
- Invest in a Decent Accountant or Bookkeeper
Here at McCarthy Browne, we want to see your business thrive financially. We offer bespoke financial services which suit your needs, as well as consultancy services. We want you to save money!
We can show you where you can claim back tax, as well as how to adjust your pricing to see your business thrive in the long run.
To discuss any debts you may have, or to invest in a decent accountant who will keep your finances in check, get in touch today.