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How to trim your expenditure

The image is of scissors cutting bank notes. It is meant to depict cutting spending.
© The Open University

There are so many ways to save money. Here are a few of the more common ideas from personal finance experts.

Paying some bills by direct debit may save you money, for example utility bills. (But check this carefully as some bills such as household and car insurance may cost more if paid monthly by direct debit.)
Think about remortgaging. Saving 1% on a £100,000 mortgage saves up to £83 a month.
Shop around when it’s time to renew insurance premiums. Premiums are often increased each year, relying on customers not bothering to switch to another company. Also check that you’re not paying for any ‘extras’ you didn’t ask for or want.
If you’re paying high interest on your credit cards, look for 0% deals on balance transfers but check for transfer fees.
Switch suppliers of gas, electricity, telephone or internet connection. Consider a water meter. There are major savings to be had in these areas. OFGEM have created a website to help you find the best deal on your energy suppliers.
Reconsider being a member of a gym, and pay as you go instead – this can save money depending on how often you go.
Think about whether a branded item is really value for money.
Cut down on the number of takeaway meals you have – cutting from two to one a week would typically save over £250 a year.
Call your mobile phone supplier and ask them if there’s a better tariff to suit your needs.
Buying in bulk for items such as contact lenses saves a lot of money.
Taking packed lunches to work can save lunch costs.
Buy fresh fruit and vegetables in season. Check whether a local market is cheaper than the supermarket.
Turn off lights, don’t leave stand-by buttons on and turn down the thermostat to save large amounts on energy bills (and help the environment) each year.
Make a shopping list and stick to it. Try to use money-off coupons from papers and magazines where possible.
Think carefully about buying extended warranties – it may be better simply to put aside some money in case of a problem.
If you have internet access, look for price comparison websites to find the best deals.

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Tools for family and friends

Practical strategies

Respect the older person’s right to make decisions about their care for as long as possible.

Involve the older person’s social and healthcare networks when making decisions.

Discuss decisions with other family members.

Make sure that your contact details are correct and notify other partners-in-care if they change.

Appoint a substitute contact person for emergencies.

Show respect for the older person’s right to privacy.

Promote wellbeing by including the older person in family and social events outside of those hosted by their care facility.

Engage a carer to assist the older person to attend social events and outings.

Help maintain the older person’s social, cultural and spiritual/religious connections within the community.

Report any incidents where family, friends or staff are not acting in the best interests of the older person.

High street shopping in your kitchen

The emergence of online shopping provides the convenience and ability to shop around in a global marketplace, allowing those consumers who have access to the internet the chance to find the best deals. Its increasing popularity is shown by the fact that in 2011 64% of all adults in the UK used the internet to buy or order goods and services – the highest proportion for all countries surveyed (OECD, 2012).

It can also be argued that the convenience of paying online can lead to spending even more. Consumers can shop around the clock without the need to leave the comfort of their own home and may be more likely to make impulse purchases. Such technological changes in the way we buy goods and services are not new, and the shift from using cash to using cheques, and then from cheques to debit/credit cards had similar effects.

The transformation that the internet is bringing to our shopping habits was vividly demonstrated by the results of the Christmas shopping period in 2013. The UK stores that delivered the most impressive results for sales – John Lewis, House of Fraser and Next – all have huge and highly effective internet shopping systems. Additionally those supermarkets that performed strongly over the same period tended to be those that offer a good online shopping capability.

Shopping online does expose us to the risk of being defrauded by rogue sites posing as genuine online retailers, as you will see next.

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