Reducing Spending Factsheet

These tips have been developed to help you consider ways to cut your spending in the short and longer-term.
  1. Go through your direct debits and standing orders on your bank statement – is there any subscriptions, memberships or charitable giving that you could stop?
  2. Council Tax - Enquire if there are any reductions you may be eligible for, particularly if your income has decreased. Ask if you can spread your 10 monthly payments over 12.
  3. Is it possible to amend/cancel/reduce subscriptions like SKY, BT, Netflix etc.
  4. Likewise, can you change your mobile phone contract, ask for a reduction, or if you are at the end of your contract move onto a PAYG sim.
  5. If you’re not going to be using your car(s) for a while is it possible to SORN it, speak to your insurance company (obviously if it’s parked on the street you’ll need to keep it taxed & insured).
  6. Speak to credit card companies and ask if there’s a possibility of a freeze on repayments, can they stop interest for a while.
  7. If you’re a smoker perhaps you’ve been thinking about reducing the cost. GP’s can offer free help with stopping smoking.
  8.   if it’s viable to change bank accounts-less interest.
  9.  Use budgeting Apps
  10.  If you’re pregnant or have a child under four you may be entitled to help with basic foods like milk & fruit see Healthy Start Scheme
  11.  Help with appliances that are rented.
  12.  Looking at food shopping.  Ie. Completing meal lists. Buying non-brands etc
  13.  Can you change to a cheaper gym?
  14. Look at applying for payment holidays on mortgages, credit cards, personal loans & catalogues
  15. Check that you are receiving any benefits that you are entitled to 

Don’t be tempted to take out additional loans to pay your debts
There are a number of websites with invaluable information concerning debt help and benefit advice:
go back to self help page