Which outgoings should you reduce this autumn to save money?

With energy prices on the rise and colder months ahead, it’s no surprise that many people are feeling added pressure around their finances. According to personal finance expert and head of money at Plum, Rajan Lakhani, the autumn period often brings higher costs as households spend more on heating, food, and even small comforts like hot drinks.

“The key is to stay mindful of your spending and make use of the technology that can help you manage it,” he explains. Lakhani emphasises that the most important step is to start small as gradual changes can build momentum over time.

To help you prepare for the season, we spoke with those in the finance industry who shared their top tips for navigating the months ahead.

Do a budget

“The best thing anyone can do if they’re looking to cut back in autumn or anytime of the year is to do a budget,” says Rebecca Routledge, head of content at Money Wellness.

“There are tons of free budget planners that you can use online. For example on Money Wellness, if you put all your details in there like your income, any benefits you get and all your expenses, you can really see what you’re spending on and you can see where there are areas you might be able to cut back on.

You can’t cut back on your rent or essential bills, but you might find things such as old subscriptions that you’re paying for but don’t use.”

Be aware of energy bills

“We’re now moving into autumn and colder temperatures are arriving which means energy usage is set to increase,” says Lakhani. “Energy prices have risen yet again so it’s really important to make sure that you’re on a competitive tariff.

“There are many tariffs available and they are well below the price cap so do shop around if you’re already on a fixed deal and check your prices are still competitive. When comparing, if you do think about transferring to a different provider, remember to take into account any exit fees as well because once you take them in, the new deal actually might be more expensive.”

Take steps to reduce heating and energy using

“There are certain things you can do to save a bit of money on your energy bills,” Routledge says. “For example, if you make sure that you are switching appliances off at the wall rather than leaving them on standby, the average household is going to save £45 a year.

On their own, they might not make a massive difference, but if you start incorporating all these little energy-saving measures into your routine, it is going to add up to quite significant savings.”

Lakhani adds: “When it comes to energy, there are steps to reduce your heating and energy usage. For example, you could layer up rather than putting the heating on full blast or use natural light to warm the home during the day. You could also turn the thermostat down slightly or make sure lights and appliances are turned off when the room or item isn’t being used.”

He does note however that this may not be applicable for older and vulnerable people.

Install a water meter

Lakhani says water can add significant amounts to bills so people should make sure they are maintaining their system and having a water meter installed.

“Having a water meter could mean big reductions in your bills as you only pay for what you use, rather than an estimated bill,” he explains.

“It is important here to call your provider and ask for a risk calculator to see whether this would be worthwhile, as you actually could already be getting a lower bill.”

Try saving challenges

Routledge points out in autumn there are challenges happening that could help save money, such as Sober October.

“The average household spends nearly £70 a month on alcohol, so if you do something like Sober October, that’s £70 back in your pocket and for the average household,” she says.

“Autumn can also be a time when people tend to overspend for a number of reasons, with events like Black Friday,” Routledge adds. “Around this time everyone can get into a bit of a spending frenzy when they see all these bargains. At this time, it’s good to take a breath. We’d always tell people it’s only a bargain if you were going to buy it anyway.”