Imagine having extra income each month, particularly when facing the high costs of managing Type 1 Diabetes. We understand that diabetes care can be expensive, so we’ve designed a simple 30-minute exercise to help you save more and stress less. Taking charge of your finances can enhance your mental well-being and provide you with valuable peace of mind.

How to Budget for Your Diabetes Needs

Living with Type 1 Diabetes means regularly purchasing a wide array of supplies. From test strips, lancets, wipes and kit bags, to more expensive essentials like Insulin pumps, Dexcom sensors and Freestyle Libre devices,  the expenses can quickly accumulate. At Type One Style, we’re committed to helping you stay positive and take control of your finances. That’s why we want to show you how to save up to £200 each month—equating to £2,400 a year. These savings can make a substantial impact on your budget.

Why Is Budgeting Important?

Most of us have never made a personal budget before, so it’s no surprise that we often feel like we’re just getting by month to month. Living with diabetes means your monthly costs can get out of hand quickly. However, creating a budget not only helps you keep track of your expenses, but it may also reduce money-related stress.

Managing our finances each month can be challenging enough as it is! With over 90% of us having never created a personal budget, it’s no wonder many of us feel like we’re navigating our finances without a clear plan.

Improving our mental well-being begins with getting a handle on our finances. By establishing a personal budget that includes both diabetes-related costs and regular living expenses, you can track all your outgoings and make more informed financial decisions for a more secure future.

Six Steps to Create Your Personal Budget and Save £200 a Month

Step 1: Gather Your Financial Records

Start by collecting all your bills, bank statements, loan documents—everything you’ve spent money on in the last 3-6 months. You need a clear picture of where every penny is going.

Step 2: Calculate Your Monthly Income

Add up all your sources of income. For most people, this is their monthly paycheck. Write this number down—it’s the total amount of money you have to work with each month.

Step 3: List Your Fixed Expenses

These are the costs that stay the same each month, like rent, car payments, and yes, your diabetes supplies (like Dexcom or Omnipod). Make a list of all these fixed expenses.

Step 4: List Your Variable Expenses

These are the costs that can change month to month—like groceries, eating out, or buying clothes. Write down everything you typically spend money on.

Step 5: Do the Math

Now, add up all your expenses and subtract them from your income. If the result is a positive number, great—you’ve got extra cash! If it’s negative, it’s time to start cutting back.

Step 6: Cut Costs and Save Big

Here’s where the magic happens. Take a look at where you can save money:

• Food Shopping: If you’re spending £200 a month on food, try cutting it to £150. That’s £50 saved each month or £650 a year!
• Utilities: When did you last switch your electric, gas, or water providers? Many people save up to £300 a year just by switching.
• Phone Bill: Call your provider and ask for a better deal. You could save £10 a month—another £120 a year in your pocket.
• Internet: Switch to a cheaper provider and save another £120 a year.
• Clothing and Socializing: If you spend £200 a month on clothes and nights out, try cutting it to £100. That’s £1,200 a year saved.
• Takeaways: If you order one takeaway pizza a month, you’re spending £180 a year. By buying a supermarket pizza for £3 instead, you save £144 a year.

If all of the above applies to you, don't worry. Your quality of life won't change very much, if at all. But, you'll be £2,384 a year better off. And you can spend that money on things that’ll make you very happy.

That's £198 a month you've just unlocked. If you got a promotion at work and pay 20% income tax, you'd need to earn an extra £3,000 a year to take home the same money.

By following these simple steps to create a personal budget, you can unlock significant savings—up to £200 a month—that can help cover the ongoing costs of managing Type One Diabetes. Here’s how:

• Take Control of Your Finances: Gaining control over your money reduces the stress of unexpected expenses.
• Save Without Sacrificing Quality of Life: These savings come from small adjustments that won’t drastically change your lifestyle.
• Use the Extra Cash Wisely: Whether it’s for essential diabetes supplies, treating yourself, or building a financial cushion, the choice is yours.

Save Even More with Type One Style Patches

Managing the costs of diabetes supplies can be overwhelming, but there's an additional way to save money beyond just cutting expenses. By using Type One Style patches, you can extend the life of your CGM and reduce the need for costly replacements.

Our patches are specifically designed to keep your device secure for 21+ days. This means you won’t have to worry about your pump or CGM coming off early, as our patches will ensure security for your devices full wear-time.  

Type One Style patches significantly reduce the likelihood of losing or damaging your sensors, which can lead to considerable savings. In fact, users typically save up to six times the cost of the patch by minimizing the frequency of CGM replacements. Here’s how it works:

• Reduce Financial Loss: CGMs can be expensive to replace, and every time one falls off before its intended lifespan, it can cost you money. Our patches help prevent this by ensuring your device stays securely attached, even in challenging conditions like swimming or exercising.
• High Value at Low Cost: Each patch costs less than a cup of coffee but offers protection that saves you hundreds annually. With just one patch per sensor, you avoid the hidden costs of frequent replacements.
• Peace of Mind: By using our patches, you can focus on living your life without the constant worry of your CGM falling off. This added security allows you to manage your diabetes more effectively, reducing stress and potential disruptions in your glucose control.

Not only do Type One Style patches provide financial savings, but they also offer comfort, confidence, and a sense of community. Trusted by the Type 1 Diabetes community and recommended by medical professionals, our patches are hypoallergenic, skin-safe, and come in a variety of designs to suit your personal style.

By incorporating these patches into your routine, you're not just cutting costs—you're making a smart investment in your health and well-being. So, while you're working on your budget and finding ways to save, consider the additional benefits that Type One Style patches can offer. They’re more than just a product; they’re a reliable partner in your diabetes management journey.

Here are some resources, free templates, and further reading for the topic:

1. Creating a Budget with a Personal Budget Spreadsheet (bankofamerica.com)
2. Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more
3. Budget Planner | Free online budget planning tool | MoneyHelper
4. How to budget - Which?
5. How to Make a Personal Budget in 8 Easy Steps | 2022 | Bungalow