Check what subscriptions you are currently paying for. Are there gym memberships you pay for monthly but don't get full use out of? What subscription boxes are you paying for that you don't use any more? Then look at the ones that you use, but could perhaps manage without for a while. Whilst I pay for Netflix and Spotify and I use both regularly, I wouldn't hesitate to cancel them if I was struggling to find that money each month, or needed that money for something more important.
Last year I paid for an online exercise app, which surprise surprise I don't now use! I thought it was a one off payment, but no.....there it was in my recurring payments in Paypal. I cancelled that pretty quickly!! So a top tip is check Paypal for recurring payments!!
Do the same for direct debits as you did with subscriptions. Some will be essential like your water, utilities and other bills. Are there others there that you don't need? When I was really short of money I cut the direct debits back to the bare minimum. I also found it more flexible to pay some bills when I knew the money was there rather than paying by direct debit, but if you do this still keep on top of the bills.
Have No Spend Days
See if you can go a day without spending any money at all, then try to see how many days you can do in a week! Including all those coffees, sandwiches and snacks! It is surprising what you can cut out when you are going for a no spend day!
Pay Off your Debts
Firstly always pay the minimum on your debts to avoid charges being added. Pay off your debts as quickly as you can, without leaving you short for your daily living. Pay the debts that have the highest interest rate first and take advantage of balance transfer rates if you are able to.
If you are struggling to pay your debts then please seek help from your providers or Citizens Advice.
**If you are struggling to pay your debts then please seek help from your providers or seek financial advice from Citizens Advice.**
Hi, I am Teresa. I am mum to two gorgeous children and I work from home. This blog is about my journey working from home. I hope to be able to help others who are looking for an additional income, or are looking for ways to save money.