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It’s hard to get ahead with your finances right now. Here are five tips to help reduce your monthly outgoings to get started.

Inflation is still at an alarming rate, and interest rates are going up. This is having a knock-on effect on our monthly budgets. We need to find more money that we don’t have.

There are steps that you can take to reduce your monthly outgoings. This can help a little, although, you may need to find a way to add income as well.

Consider consolidating your debt

Taking out a loan to pay off another loan isn’t something I would usually recommend, but this is something I have done in the past. I took out a loan to cover all my individual ones. It meant a lower interest rate on the total amount, a lower monthly payment, and one single payment to make.

Before, I was spending hundreds of dollars on separate loans, from credit cards to overdrafts. I had no idea when I would be able to clear them making minimum payments. It started to take its toll on me.

With the consolidation loan, I saw a definite end date and was able to reduce my monthly payment by more than $200.

It is important to change how you use your credit cards when you consolidate your debt to reduce your monthly outgoings. I cut up one card and reduce the credit limit on another. The credit card I did have was just for emergencies only. I have now changed the way I use credit cards completely.

Monthly outgoings saved: $200

Cut out unnecessary direct payments

I’ve managed to stop five direct debits that would usually go out without me thinking. They were all to cover on various appliances, including the tablets and laptops.

I wouldn’t usually scrap cover unless I had it somewhere else, but I now prefer the one-off payments for extra coverage outside of warranty.

One of the ways they get you is through subscription services. How often have you had a payment go out of PayPal without really considering it? Are you really using that gym membership? What about Netflix and Hulu? Do you really need them? It’s time to cut down on all of them. You can still enjoy TV one streamer at a time.

Monthly outgoings saved: $55.

Save money on your energy bills

When my ex-husband left, one of the first things I did was to see how I could save money on my utility bills. I didn’t need the air con on as much as he did, so I could change that. I could reduce the temperatures that the house would get to before the heating turned on in the winter to save money.

I also looked at a benefit that was available. My income was low enough to take advantage of it. My income has since gone up, so once this initial round runs out, I’ll lose it, but it’s been good for a couple of years.

IMonthly outgoings saved: $45 at least

Reduce your monthly outgoings on your groceries

I’ll admit that I’ve always taken advantage of reward points. It means I pay a little more for groceries, but I love the savings I make at Christmas and Thanksgiving.

That being said, I don’t do all my shopping at the big places anymore. I found a local vegetable box that is much cheaper—you get the veggies and fruits they can’t sell in store for some reason—and Iopt for the FlashFoods App a lot.

I’ve also started getting the meal kits, which I’ve explained before have changed how much I spend.

Monthly outgoings saved: about $50-$75

Start walking more

I will admit that I’m not good at this. I sometimes walk to the local store since it is just across the road, but I do click and collect so I need my car for it once a week. I don’t really drive very much, though. I work from home and my kids get the bus to school.

That being said, this is a great way to reduce your monthly outgoings. You’ll spend less on gas, and you will save on the wear and tear of your car. You could also reduce your insurance rates if you go under a specific mileage count.

You can reduce your monthly outgoings considerably by making some slight changes. The debt consolidation was a big one for me, but just small changes each month have added up for yearly savings.

I managed to save about $350. It isn’t a lot with how inflation is hitting, but this is just a start.

MORE: Why your emergency fund is an essential part of budgeting

Do you need help changing your budget? Get in touch to find out how I can help you.