How to Lower Your Monthly Budget

Before you even get to your ‘spare money’ you also have to cover your insurance and costs of living like fees and charges.

Many financial institutions such as BOQ have a range of online tools that help you to compare transaction accounts, savings accounts, insurance products and mortgage options to ensure you’re getting the best deal you can.

Here are a few more things you can do to lower your monthly budget.

Shop Around

Playing compare and contrast isn’t just a good idea for your banking arrangements. Also look into your insurance premiums and data plans. If you don’t have the time to research all of your options, try one of the services that do this for you. Many of these costs are no longer luxury items, so if you’re going to get them, make sure you’re getting the best deal for yourself that you can. Negotiate and be tough; play one company off against the other – and don’t forget to ask for a multi-product discount.

Switch Off Those Lights

You may laugh, but turning off and unplugging appliances does actually make a difference to your electricity or gas bill. It’s almost spring, so instead of just shunting your heater into a corner of the room, unplug it, roll up the cord and pack it away. Then ask yourself; is there any other appliance you can do this for? Does the toaster need to be plugged in the whole day? Hair straighteners? Even your phone charger – could you plug this into your car’s socket, and charge it there for much lower cost while you drive?

BYO and DIY

Brown bag your lunch; this is estimated to save people around $250 a month. Bringing your own coffee in a travel mug and avoiding paying for bottled water can add another $100 a month. With these two tips, you’re up around $350 a month already. Cook your own dinners as well. If you work appalling hours and really don’t have time during the week, get out that crock pot and casserole away your weekend; freeze the hot pots for those late work nights and you’ll find yourself both healthier and wealthier for it.

Living costs are at record highs and everyone is trying hard to cut costs. The best way keep a handle on your monthly budget is to ensure you’re doing the little things that altogether make the biggest difference. Are you on the best value mobile phone plan? How about your broadband? Are there ways you can cut your energy use? Water bill? Vehicle use? If you look closely enough, you’ll find it isn’t hard to lower your monthly budget. No matter how tight a ship you run, there are always savings to be made.

Do you have any hints and tips for reducing the monthly budget? Let others in on your secrets in the comments box below.