How to Cut Down Cost of Living Expenses.

On the Kiran Trivedi blog this week, I let you know how to cut down cost of living expenses so that you can protect your personal finances in the long term.

Life is More Expensive These Days

It seems that life is just more expensive these days doesn’t it, Kiran Trivedi readers? Food prices are higher than they used to be, energy prices are higher than they used to be; even rail fares are due to go up by 3.5% next year. Again.

Rail fares are due to go up by 3.5% next year

It’s simply more expensive to get by than it was ten, or even five years ago. This means that you have less money to go around in the budget, making it much harder to protect your personal finances.

Cutting Down the Cost of Living

The thing is though, that you don’t have to let exorbitant cost of living expenses hold your personal finances hostage. There are plenty of ways to cut down the cost living, including…

• Doing Your Research: It’s time to dust off this old chestnut. I’m always telling you to do your research before you buy, and it’s definitely a way you can cut down cost of living expenses. Before you buy, look at a product, do your research and ask if you are really getting value for money.
  
• Shopping Around: One extremely effective way to cut down the cost of living is to shop around for the cheapest provider. Take energy bills, for example. You pay ridiculous amount with the Big Six, but by switching to a low cost supplier, you can shave hundreds of pounds off of your household energy bill!
  
• Looking at What Package You Have: When it comes to the larger things, like telecoms, look at the kind of package you’re paying for. Are you using every feature you’re paying for? Can you find a package better suited for your needs at a fraction of the cost etc.
  
• Making Lifestyle Adjustments: One of the best ways to cut down the cost of living is to simply make a few lifestyle adjustments; walking to work rather than paying for the bus, making your own lunch rather than shelling out for an expensive sandwich etc.
  
• Using Your Will Power: Another easy way to cut down the cost of living is just to say no every once in a while and refrain from indulging yourself. Help yourself by doing things like leaving the debit card at home, so you’re not tempted to buy things you don’t need, like six out of every ten people in this country already do on a regular basis!

It’s Really Easy to cut down the Cost of Living

These tips may sound basic, Kiran Trivedi, but that’s the entire point of this article. They are. It is really easy to cut down cost of living expenses to protect your personal finances as long as you stop and think!

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Why Are We Paying Too Much for Our Energy Bills

This week on the Kiran Trivedi blog I ask what the recent news that the energy market is over regulated means for your personal finances.

Energy Bills Just Keep on Going Up!

I regularly talk about the impact of energy bills on your personal finances. If you are looking to live on a budget, you’ll have zero chance of success if you don’t think about how much you need to pay for electricity, gas etc. every month.

But as of late, that hasn’t been easy. It seems that energy bills in the UK have been constantly rising over the last few years. This means that not only are energy expenses putting more pressure on your personal finances than ever, but they are harder to predict.

Consequently, this makes it harder to budget for energy expenses, further effecting your personal finances. That’s why I thought you Kiran Trivedi readers would be interested to know that the reason you are paying high energy bills could be because there is too much red tape in the energy market.

Energy Regulation since 2008 Too Aggressive?

According to the BBC, five former regulators went on record last week suggesting that too much regulation could have stopped competition among energy suppliers, in turn keeping energy prices high for households across the UK.

Specifically, they suggested that regulation since 2008 has been too aggressive. This conclusion comes in light of recent Ofgem findings, which suggest that energy suppliers have been able to continue to raise their prices, free from any competitive pressure, even whilst wholesale prices were falling.

Ofgem Responds to Regulator Criticism

Ofgem responded to the criticism, saying it would pay “close attention.” However the regulator went on to deny that things were fine before 2008, but took a turn for the worse when after the date they adopted a more interventionist approach.

A spokesman for Ofgem said: "Many of the current problems with retail competition in the energy market were showing before 2008 and the regulatory and policy environment has changed significantly since then."

Switch to a Low Cost Energy Supplier

So is more regulation the reason your energy bills are so high? Maybe, I’m not sure yet. What I am sure of Kiran Trivedi readers, is that the Big Six energy companies provide poor value formoney. That is why I would suggest that if you’re looking to protect your personal finances, you switch to a low cost energy provider today! 

If you wish to talk to Kiran Trivedi about my articles or just chat about finance, you can contact me here.

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Five Tips for Saving Money on Your Lunch at Work

You may not think so, but if you buy a fancy lunch every day at work, it really adds up, which is why on the Kiran Trivedi blog this week, I’ve provided five tips that you can use to save money on your lunch at work.

The Cost of Lunch Really Does Add Up

OK, you probably think I’m being petty now. What will you pay for a sandwich at your favourite supermarket? A few pounds? OK, it’s a few pounds now, but think about it. £2 a day, five days a week. That’s a tenner a week. That’s around £40 a month. All of a sudden, that’s a chunk of household budget gone for the month.

The thing is, that it’s so easy to protect your personal finances form the mounting cost of expensive lunches at work. All you need to do is make your own. Do that and watch, as the pain expensive lunches inflict on your personal finances suddenly just disappears.

Drive down the Cost of Your Work-Lunch

I’ve been doing this for a long time, Kiran Trivedi readers. I know all the tips and tricks you can use to make your own lunch for as little as possible. In my experience, here at the top five ways to make your own work-lunch on the cheap…

1. Invest in a Flask: Invest in a flask, and the world’s your oyster. All of a sudden, you have enough tea to last you the whole days for pennies a go.
2. Buy Cheap Ingredients: Despite what most people think, it really doesn’t matter whether you buy brand name foods or not. Why not try buying budget mayo for your sandwich? It costs less and tastes exactly the same.
3. Make Something Filling: You need your lunch to fill you up enough, so you don’t have to sneak down to the local corner shop for an expensive chocolate bar mid-afternoon. That’s why I’d suggest that you always make something with carbs i.e. a sandwich, pasta dish. Carbs are really filling and are great long term energy sources.
4. Buy in Bulk: Why not look at your budget, wait for when you’ve got the most spare cash, and buy your ingredients in bulk when they’re at their cheapest? Good tip; wait until your desired lunch ingredients are on special offer!
5. Do Your Research: Once again Kiran Trivedi readers, you need to do your research. Look around at different supermarket website and see who is offering your desired lunch at the lowest price.

If you remember anything from this article, Kiran Trivedi readers, let it be that if you want to protect your personal finances, you need to make your own lunch for work!

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Several Ways for Small Businesses to Save Money

Owning a small business can be a serious drain on your personal finances, which is why on the Kiran Trivedi blog, I wanted to share several ways for small businesses to save money.

When You’re a Small Business Owner, Every Little Helps

You’re really putting yourself out there when you start a small business. You don’t have the security and the safety net that comes with working for someone else. Yes, you reap all the rewards, but all the financial risk falls on you as well.

If your company goes bust, you’re the only one who’s going to suffer financially. This is why, to ensure the stability of your own personal finances, you need to find ways to save the money you spend on the business. As some famous adverts have said; every little helps!

Kiran Trivedi’s Top Money Saving Tips for Small Businesses

In fact, there are a thousand ways to cut down the bill of running a small business, including…

• Buying Office Supplies in Bulk: Office supply retailers, as normal chains do, often have special offers for customers who buy in bulk, which cuts down the significant cost of office supplies.
• Embracing Online Marketing: Don’t waste cash on a flashy ad campaign. Rather, set up a blog and social media accounts and use them to effectively market yourself to your target audience for free! You can even monetise your blog and your YouTube page and bring some extra revenue in!
• Turning Things Off: Do you know how much electricity you use when you leave an electrical device or a light on overnight? A laptop constantly left on for a year, for example, will add around £50 to your electricity bill. Get in the habit of turning everything off before you leave and save a serious amount of cash!
• Using the Government to Your Advantage: There are a thousand ways the government try to help small businesses grow i.e. tax credits for certain industries. It’s in their interest to make sure small businesses succeed. Use this to trim down your company’s expenditure.
• Reducing Employee Turnover: A study by experts at Oxford University published earlier this year revealed that the cost of replacing an employee can be over £30,000. Don’t end up letting this drive down your bottom line; treat your employees with respect!

Once Again, Say it with me People, Do Your Research!

All it really takes is some common sense to save money as a small business owner. Best advice I can give you? It’s the advice I always give you here on the Kiran Trivedi blog. If you want to save money as a small business owner, do your research!

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