This is a collaborative post.

With the cost of living increasing at the moment and energy bills at prices more than double what they were last year in many cases, you are probably looking to give your family finances a bit of an overhaul.

Here I wanted to share with you some tips on areas you can cut back easily and areas to avoid if you can.

piggy bank with budget written in chalk on a blackboard
Money box

4 Bills you should avoid cutbacks on

Mortgage payments or rent payments should never be cut back unless you really have no choice.

If this is the case rather than simply stopping paying you should speak to your lender or your landlord and ask for their help. Explaining your family finances as they may be able to help.

There may be things they can do such as giving you a mortgage holiday or helping you out by changing the monthly payment date which could help you with cash flow.

Insurance on your home or your family are things which on the whole should not be missed. If you are struggling to pay them you can sometimes change the plan to reduce your payments whilst still being covered.

You need to remember the reason you have these insurances and that if the worst happened you would need this coverage.

If you do not have any family insurance then consider if you could protect your family with an insurance plan today.

Whilst it seems like this is another cost you are struggling to afford it also means you have fewer worries if someone lost their job, became unwell or had an accident.

Energy bills are really high at the moment. You should avoid simply not paying but instead, talk to your provider to see what support they can offer.

If you simply stop paying they can take you to court and this will affect your credit in the future. A phone call can mean they can find ways to help you.

Food is an expense you really should not cut back on. Sure avoid takeaways and expensive foods but you should always eat three meals a day.

If this is proving difficult then food banks can help you to ensure you do not miss out on meals. Also, check you are getting all the benefits and support you may be entitled to. These can make a big difference to your family finances.

money with a calculator on a table

Top 5 bills you can make cutbacks on

Firstly I want to mention council tax. Whilst you are unlikely to be able to reduce the amount you owe for a year, you can usually spread the bill over 12 months instead of the standard 10 months. If you have not done this yet, this could free up a little monthly money.

Insurance and extended warranties are other great places to make savings. Do you still pay £2 a month to cover an appliance you do not even own anymore? Whilst it may only be £2 a month all of this adds up.

Window cleaning is a luxury you may not be able to afford. Again whilst it is only a few pounds a fortnight it is an easy way to cut back and not really notice the difference. Whilst you are at it why not also cancel things like bin cleaning until you have more money?

Internet and mobile phones are quite essential to most of us now but that does not mean you are on the best plan for you.

If you have not checked recently then recommends you give them a call and see if you could be on a cheaper plan, ask them to check what your usage is and compare that with the plan you are on.

Tv packages are great, aren’t they? Do you have a selection of subscriptions you don’t necessarily need?

Think about all those you pay, maybe Amazon Video, Netflix, Sky, Disney Plus etc. they soon add up and if you pay for some you really could cut back on this can soon add up!

Have these tips helped you to focus on making cutbacks in the right areas? Let me know in the comments anywhere else you have made savings or any tips you have.

If you found this helpful please share!

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