How do you live on £1000 per month? Cost of living can vary from one area to the next. It can also vary from one person to another. You could easily lower your expenses, bills, and costs so that you can live below this magical number. It is possible to live on £1,000 per month even with a lot of responsibilities.
You will need to think creatively. You may also need to make lifestyle and reductions. If you are interested in learning more and willing to make big lifestyle changes to lower down monthly spending, I have many ideas for you.
Here’s How to Grow and Live on £1000 per Month
Slash, Reduce, and Cut Down
You will need to carefully examine your outgoing income in order to learn how to live with less than £1000 per month. May be you are paying more than necessary in some areas. You might be paying more for services that you don’t need. You might be charged hidden fees or direct debits that you haven’t cancelled. Living on less than £1000 is only possible by cutting down.
You will also need to have a budget and a system for keeping track of your outgoings and incomings. This can be done manually with a spreadsheet. A budgeting app is another option.
Which Thing to Narrow Down? – To Survive on £1000 Budget
Let’s look at some common reasons that can lead to extra monthly expenses. Take a look on grocery or shopping bills. Do you buy branded items? Are you willing to shop elsewhere if it’s cheaper? Perhaps you are the type of person who purchases food with a full stomach. To draw the most out of your financial reach, you might consider starting eshop online.
What are you giving out for energy bills? Is your tariff the most affordable as you require? Is there a way to reduce the amount of energy you use? Do not worry to look at other energy suppliers or ask your supplier for assistance. Octopus Energy offers some amazing deals, including £50 cashback. They have been my supplier for several months, and I am very pleased with their customer support. My tariff is also significantly cheaper than the one I had previously. They even covered the exit fees of my previous supplier.
Are you currently enrolled in any contracts that you can cancel? Consider the services that you actually need and not what you want. This can include phone or entertainment contracts.
Cut down Travel Budget
Take a look at your travel budget. Are you able to afford your car anymore? Consider cheaper option or a public transport if its cheap. Or you can also look for car sharing scheme. You can also cycle to get your things done. A few suggestions to get you start on saving.
Reduce your Living Costs and Rent
Living costs will be a major cash drain on monthly basis for many people. Rent is the main source of most of these expenses. Are you paying fair rent? Is it worth sharing a room with someone you know to reduce rentals? To cut down on rental costs, many people, particularly those who are students or graduates, prefer to share spaces. You might also consider moving to a more affordable area if that is an option. This is not an option for everyone, depending on your family and work arrangements. If this is an option for you, it may be a great way to save money over the long-term.
If you are looking for low-cost rental, you might also consider joining a house or flat sharing scheme. You should also look into rental or housing opportunities that include certain bills. This is a fantastic way to save money on a monthly basis. You should be cautious when shopping for rent prices that are lower. You may have to pay higher rent fees to get less quality housing. If you rent from a reliable agency and request a tour of the property before you start, you should be able to get a good deal. If you are already renting and would like to share it with a mate, get permission from your landlord and show your property well!
Hunting for Coupons and Cashbacks
There are other ways to cut your daily costs. You may be already looking into coupons and vouchers if you are looking how to live on £1,000. There are many sites for coupons and apps for cashback rewards. It’s not a stigma to be able to save some money on your regular grocery, and entertainment.
It’s worth signing up to coupon sites or downloading apps like Groupon and Wowcher on smartphone if you are struggling to save extra . You’ll often be able to save 10% on groceries, and other items that you otherwise pay full. Quidco is a great place to start looking at cashback sites. It’s possible to get credit back on large purchases such as energy bills, groceries, and accessories. Although it can take some time to build up a decent cash stash through these options, it is still worth the effort.
Can I Live On £1,000 per Month?
It is simple to learn how to Live On £1000 a Month. It can be difficult to do this without practice and time. However, It will vary with how much money you are willing to give up each month and whether you have other responsibilities that require more cash. You may be surprised at how much you can save if you put these ideas to use.