Looking to save money? Who isn’t? We’ve compiled a list of our top ten tips to hopefully give you a bit of extra cash per month.
The NHS found the average smoker who quits saves around £128 each month. That’s an annual saving of £1,500! Stopping smoking is a difficult task but thinking about what you could put that extra money towards could serve as considerable motivation. For more guidance on how to cash in on this saving, contact your local NHS stop smoking services.
In 2019, it was reported that around 400,000 people in England and Scotland are in the wrong council band. In the financial year of 2018/19 nearly a third of people who challenged this got it successfully changed. That’s 11,910 people who have saved hundreds of pounds a year.
One success story involved a man, and his 25 neighbours, being moved from band C to B. This saved them £25 a month and they all received £200 back in overpayments.
Having a loyalty card is an easy way to get rewarded for your weekly shop. On average you get £1 to £4 for every £100 you spend with the card. If you are really savvy with the loyalty scheme you could save up to £400 a year.
For example, Iceland runs a program where customers load savings onto their bonus card. For every £20 on the card Iceland will reward you with a bonus of £1. Say your family shop normally costs £100 a week and you load £100 on to your bonus card.
Within 48 hours Iceland will have awarded you a £5 bonus. If you continue to do this, and stick to spending £100 a week, you will have saved up £250 of bonuses by week 50.
Often there is very little difference between luxury brands and own-brand products. Research from Money Saving Expert found that you could save 30% a year without noticing the difference. If your family spends £100 a week on their weekly shop, a 30% cut every week would save you £1,500 a year.
Reusable coffee cups could save you up to £130 a year if you’re a regular coffee drinker. There’s now a variety of environmentally friendly cups at competitive prices so you don’t even have to splash out on the initial purchase. Save the planet and your money!
If you are paying large interest on your debt it makes sense to transfer it all onto one credit card with a 0% balance transfer deal. These credit cards won’t charge any interest for a set period giving you the chance to repay any money owed at no extra cost. However, the interest does tend to skyrocket at the end of the set period so you will need to have paid off the full balance before this happens.
The importance of budgeting cannot be understated when it comes to saving money. When you make a budget, you can prioritise the important things and you know you need to have money for.
If we don’t have a budget plan, then we’re much more likely to make impulse purchases on things we can’t afford or don’t really need. Overspending and not knowing how much money you have coming in can lead to a major debt spiral. Thankfully there are now plenty of budget apps which make your finances easy to keep track of. If Joe Biden looked at your budget what would he think you valued?
Paying with cash often makes you appreciate the cost of what you’re purchasing and it would be very difficult to overspend on what you’ve budgeted for the day or night.
Selling unwanted items is now easier than ever. You can now put things on Facebook Marketplace for free! This differs from eBay which takes a 10% share of the final sale price. Next time you’re making a purchase, think about the items you already have. Potentially, you could make savings on all new purchases.
Remember ‘Orange Wednesdays’? The popular deal used to offer all Orange customers two for one cinema tickets every Wednesday. Since Orange merged with EE, the deal is being sponsored by comparethemarket.com, who are offering two for one cinema tickets for all customers every Tuesdays and Wednesdays.
Saving money can be difficult but if you’ve already made cutbacks and can’t see where else you can go, it might be time to look at alternative debt solutions. For example, an IVA could be just what you need to stop your creditors from taking legal action against you.
To find out more information about this, get in touch with our experienced specialists today.