Ten Ways To Cut Your Monthly Expenses

Forget pricey gym memberships and queuing for sweaty treadmills. It’s free to go running, power-walking or just walking the dog in our fantastic open spaces, parks and countryside. Evidence shows that walking or running through nature is good for us and boosts mental health. If you prefer to exercise indoors, dust off that old Wii Fit, or look on YouTube for free yoga and Pilates videos to follow in the privacy of your own living room.

How far do you reckon you could cycle? Ten miles? Many of us live less than 10 miles from work, yet we either drive or cram onto packed, expensive public transport. By ditching the travelcard and commuting on two wheels (even an electric bike to take the pain out of hills), you’ll save money and really feel the health benefits.

Do you buy bottled water? You will pay between 50p and £1 for a litre. Did you know that one litre of Thames Water costs 0.097p? Lobby group Tapwater.org says that the average British consumer guzzles £25,000 of bottled water and similar drinks in their lifetime. Considering UK tap water is among the safest in the world, and there is no plastic wastage, it seems madness to drink anything else. Freshly-drawn tap water generally tastes better too, so fill up your bottle from the mains.

Most of us love a warm, frothy cappuccino in the morning. But we probably don’t love the monthly price tag of about £44 for takeaway coffee, that’s for sure. With the price of a latte averaging £2.20, you could give it up for a month and with the savings buy a perfectly respectable coffee maker for less than £50 and a flask. Fresh coffee at a fraction of the price.

The best way to avoid food waste is by loving your leftovers. See the remnants of a roast chicken as next week’s sandwiches, and potential stock to make soup or risotto. Leftover veg can be stirred through couscous to make healthy salads, and bread crusts whizzed in the blender make delicious crunchy breadcrumbs for fish or chops.

Have you ever just paid a large restaurant bill and felt that, actually, you could have cooked a better, cheaper meal at home? While you might not want to invest in all the ingredients and time to create an authentic Thai, it’s much cheaper to buy a beautiful steak and cook it yourself. Serve with your favourite veg and an indulgent patisserie pudding. If you usually socialise in restaurants you could do it at home instead. Suggest everybody brings one course and some wine - a decent bottle of supermarket Chateauneuf-du-Pape could be even cheaper than a restaurant’s house wine.

Alcoholic drinks can easily leave you £276 out of pocket each month, possibly more, if you count drinking at home and going out. If you need to make some swift savings, say no to the swift halves.

You love your labels, but you don’t need to pay full price. Charity shops usually have a designer rail – sometimes you can find new, unsold pieces donated by the manufacturer at a fraction of the boutique price. You can look on eBay and Gumtree for designer bargains, and if you want a beautiful dress for a one-off occasion, you could even rent one.

Save with your smartphone using apps such as Shopitize and Checkoutsmart. Buy the featured offers in the shops, photograph the barcodes and receipts and cashback is credited to your account. Savings soon repay your efforts.

According to the Competition and Markets Authority, “around 70% of the domestic customers of the six largest energy firms are still on the more expensive ‘default’ standard variable tariff (SVT).” If you’re one of the millions who have never switched utilities suppliers, you could save a substantial monthly chunk. Check out USwitch.com for the right deal and choose an online account with Direct Debit payments to make the best savings.